Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0933%/8h= −102.2% APRpaid last 24h −0.158%

Price spread now: Gate against Phoenix+0.012%7-day average −0.211% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$610.611% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.757%−$76 on $10k

Price spread, last 7 days−0.188%−$19 · spread now +0.012%, 7d avg −0.211%

Together, before fees−0.945%−$94 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.223% dearer against Phoenix than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.211%): +$22 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.757% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.3267	0.1033	pay 0.0129% / 1h	20m 57s	$1.8M	$2.5M	10x
Short	Gate NEAR_USDT	4.3272	0.0100	get 0.0100% / 8h	2h 20m	$32.8M	$60.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee GatebpOrdersPrice spread, now +0.012%Rate

Funding earned: −$195.97
Price spread: +0.012% → −0.211%: $22.28
Slippage, 4 orders: −$39.11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$234.8
Costs to cover: 0.611%
Break-even: never at this rate

Slippage from Phoenix: live order book, 3 min ago; Gate: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 3 min ago	0.93 bp	12.3 bp −$12	51.3 bp −$513	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.81 bp	21.1 bp −$21	21.8 bp −$218	36.5 bp −$3,652	54.4 bp −$27.2K

NEAR on 45 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya NEARRUSDPERP	−0.0171%	1h	4.3272	+0.011%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3222	−0.103%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3198	−0.159%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.292%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3260	−0.016%	$114K	$497K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3310	+0.099%	$216.4M	$420.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3350	+0.192%	$60.8M	$287.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3050	−0.502%	$245K	−$0	10x	as long as short
Gate NEAR_USDTshort	+0.0100%	8h	4.3272	+0.012%	$32.8M	$60.2M	75x
MEXC NEAR_USDT	+0.0100%	8h	4.3350	+0.192%	$77.7M	$144.8M	200x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3390	+0.284%	$52.3M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3350	+0.192%	$71.7M	$127.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3280	+0.030%	—	$143.5M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3197	−0.161%	$8.4M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3029	−0.551%	$259K	$956K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3062	−0.473%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3279	+0.028%	$265K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3260	−0.016%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3320	+0.122%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3390	+0.284%	$467K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3250	−0.039%	$3.6M	$8.3M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3350	+0.192%	$265.3M	$1.08B	75x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.3258	−0.020%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3260	−0.016%	$201K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3270	+0.007%	$13.4M	$31.7M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.3310	+0.099%	$2.3M	$16.0M	50x	as long as short
Kalshi KXNEARPERP	+0.0298%	8h	4.3251	−0.037%	$939K	$24.6M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0312% / S −0.0198%	1h	4.3202	−0.150%	$234K	—	100x	as long as short
Aster NEARUSDT	+0.0333%	8h	4.3310	+0.099%	$2.8M	$5.3M	50x	as long as short
ApeX Omni NEARUSDT	+0.0346%	1h	4.3030	−0.548%	$165K	$795K	50x	as long as short
Nado NEAR-PERP	+0.0390%	1h	4.3271	+0.009%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0520%	1h	4.3353	+0.198%	$3.7M	$19.6M	25x	as long as short
SoDEX NEAR-USD	+0.0581%	1h	4.3255	−0.028%	$6K	$52K	10x	as long as short
Hyperliquid NEAR	+0.0665%	1h	4.3340	+0.169%	$355.1M	$309.3M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0680%	1h	4.3299	+0.074%	$1.3M	$6.6M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0731%	1h	4.3241	−0.060%	$7.4M	$38.8M	50x	as long as short
01 Exchange NEARUSD	+0.0744%	1h	4.3306	+0.090%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.3280	+0.030%	$224K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.3264	−0.007%	$396K	$1.3M	10x	as long as short
Lighter NEAR	+0.0936%	1h	4.3320	+0.122%	$16.9M	$25.1M	15x	as long as short
Phoenix NEARlong	+0.1033%	1h	4.3267	long leg	$1.8M	$2.5M	10x
Lighter RH NEAR	+0.1112%	1h	4.3316	+0.113%	$1.5M	$7.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1162%	1h	4.3273	+0.014%	$1.9M	$11.2M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.3257	−0.024%	$691K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1366%	1h	4.3020	−0.571%	$5K	$12K	10x	as long as short