Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0399%/8h= −43.7% APRpaid last 24h −0.156%

Price spread now: KuCoin against Phoenix+0.260%7-day average −0.185% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$590.594% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.733%−$73 on $10k

Price spread, last 7 days−0.423%−$42 · spread now +0.260%, 7d avg −0.185%

Together, before fees−1.157%−$116 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.445% dearer against Phoenix than usual: you sell high and buy low (spread +0.260% now, against its 7-day average of −0.185%): +$44 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.2669	0.0499	pay 0.0062% / 1h	28m 55s	$1.8M	$2.7M	10x
Short	KuCoin NEARUSDTM	4.2780	0.0100	get 0.0100% / 8h	7h 28m	$56.1M	$42.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.260%Rate

Funding earned: −$83.86
Price spread: +0.260% → −0.185%: $44.47
Slippage, 4 orders: −$40.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$98.77
Costs to cover: 0.594%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; KuCoin: live order book, 5 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, 5 min ago	0.94 bp	12.4 bp −$12	51.1 bp −$511	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	2.36 bp	19.0 bp −$19	40.9 bp −$409	105.4 bp −$10.5K	doesn't fit

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	4.2780	+0.260%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0132%	1h	4.2728	+0.137%	$7.2M	$37.4M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2777	+0.253%	$2.2M	$12.9M	50x	as long as short
Bybit NEARUSDT	−0.0051%	8h	4.2753	+0.197%	$216.0M	$416.1M	75x	as long as short
01 Exchange NEARUSD	−0.0024%	1h	4.2901	+0.544%	$13K	$7K	10x	as long as short
Variational Omni NEAR	−0.0005%	8h	4.2608	−0.142%	$8.0M	$18.7M	—	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2858	+0.443%	$111K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2838	+0.396%	$416K	$18.5M	2.2x	as long as short
Gate NEAR_USDT	+0.0003%	8h	4.2772	+0.241%	$30.7M	$59.5M	75x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2751	+0.193%	$203K	—	150x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.951%	$578	$302K	12x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0054%	1h	4.2712	+0.101%	$1.9M	$3.4M	25x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2890	+0.518%	$114K	$482K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.2700	+0.073%	$57K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0099%	8h	4.2862	+0.452%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2816	+0.346%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2849	+0.421%	$396K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2769	+0.234%	$253.2M	$1.06B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2770	+0.237%	$60.1M	$278.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2900	+0.541%	$197K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2709	+0.095%	$243K	−$0	10x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2780	+0.260%	$77.0M	$140.3M	200x	as long as short
KuCoin NEARUSDTMshort	+0.0100%	8h	4.2780	+0.260%	$56.1M	$42.8M	75x
Bitget NEARUSDT	+0.0100%	8h	4.2784	+0.270%	$70.9M	$124.6M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2750	+0.190%	—	$141.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2606	−0.148%	$254K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2603	−0.155%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2320	−0.818%	$177K	$788K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2835	+0.389%	$206K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2860	+0.448%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2700	+0.073%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2990	+0.752%	$461K	$3.6M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2720	+0.120%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2751	+0.192%	$3.8M	$16.9M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2685	+0.037%	$199K	$28K	3x	as long as short
Hyperliquid NEAR	+0.0159%	1h	4.2839	+0.398%	$359.2M	$304.9M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2730	+0.143%	$13.0M	$28.1M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0372% / S −0.0306%	1h	4.2745	+0.179%	$272K	—	100x	as long as short
Lighter RH NEAR	+0.0376%	1h	4.2770	+0.237%	$1.6M	$6.9M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0409%	1h	4.2813	+0.337%	$1.3M	$5.8M	20x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.2921	+0.591%	$407K	$1.2M	10x	as long as short
Nado NEAR-PERP	+0.0459%	1h	4.2812	+0.335%	$1.9M	$3.2M	10x	as long as short
Phoenix NEARlong	+0.0499%	1h	4.2669	long leg	$1.8M	$2.7M	10x
Aftermath Perps NEARUSD	+0.1313%	1h	4.2608	−0.142%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1904%	1h	4.2835	+0.389%	$17.1M	$24.2M	15x	as long as short