Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h −0.024%

Price spread now: HTX against Phoenix−0.410%7-day average +0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 3 days (all we have)+0.364%+$36 · spread now −0.410%, 7d avg +0.069%

Together, before fees+0.234%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and HTX is 0.479% cheaper against Phoenix than usual: you would sell low and buy high (−$48 if the spread goes back to its 7-day average of +0.069%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.3900	0.0592	pay 0.0074% / 1h	54m 55s	$1.8M	$2.7M	10x
Short	HTX NEAR-USDT	4.3720	0.0100	get 0.0100% / 8h	5h 54m	$456K	$3.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.410%Rate

Funding earned: −$103.36
Price spread: −0.410% → +0.069%: −$47.91
Slippage, 4 orders: −$35.06
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$205.33
Costs to cover: 0.541%
Break-even: never at this rate

Slippage from Phoenix: live order book, 9 min ago; HTX: live order book, 4 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, 9 min ago	0.92 bp	5.3 bp −$5	11.4 bp −$114	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	9.16 bp	18.1 bp −$18	81.3 bp −$813	doesn't fit	doesn't fit

NEAR on 44 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	4.3584	−0.720%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.3617	−0.645%	$2.2M	$14.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3618	−0.642%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3641	−0.590%	$539K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3573	−0.744%	$197K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.672%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3620	−0.638%	$114K	$488K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3659	−0.549%	$412K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3750	−0.341%	$265.4M	$1.07B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3726	−0.396%	$220.7M	$416.6M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3640	−0.592%	$62.2M	$288.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3657	−0.554%	$249K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3720	−0.410%	$31.5M	$61.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3720	−0.410%	$76.0M	$139.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3730	−0.387%	$54.0M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3700	−0.456%	$71.8M	$126.0M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3720	−0.410%	—	$144.1M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3808	−0.210%	$8.4M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3645	−0.581%	$267K	$993K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3657	−0.553%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3610	−0.661%	$194K	$777K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3636	−0.601%	$204K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3603	−0.677%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3670	−0.524%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3625	−0.626%	$5K	$51K	10x	as long as short
HTX NEAR-USDTshort	+0.0100%	8h	4.3720	−0.410%	$456K	$3.9M	75x
Phemex NEARUSDT	+0.0100%	8h	4.3650	−0.569%	$3.8M	$8.1M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3651	−0.566%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3692	−0.475%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3628	−0.619%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0189%	8h	4.3718	−0.414%	$3.0M	$5.5M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0278%	1h	4.3618	−0.642%	$1.9M	$4.3M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0243%	1h	4.3565	−0.763%	$255K	—	100x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3659	−0.549%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.3680	−0.501%	$208K	$1.7M	10x	as long as short
Nado NEAR-PERP	+0.0411%	1h	4.3583	−0.722%	$1.9M	$3.0M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0548%	1h	4.3700	−0.456%	$1.4M	$6.4M	20x	as long as short
Phoenix NEARlong	+0.0592%	1h	4.3900	long leg	$1.8M	$2.7M	10x
Kraken Futures PF_NEARUSD	+0.0706%	1h	4.3652	−0.565%	$8.1M	$41.0M	50x	as long as short
Hyperliquid NEAR	+0.0756%	1h	4.3735	−0.376%	$368.2M	$306.3M	10x	as long as short
Lighter RH NEAR	+0.0816%	1h	4.3698	−0.460%	$1.6M	$6.9M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.3664	−0.538%	$550K	$1.3M	10x	as long as short
Lighter NEAR	+0.0944%	1h	4.3754	−0.334%	$17.5M	$25.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1691%	1h	4.3645	−0.581%	$5K	$12K	10x	as long as short