Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0363%/8h= −39.8% APRpaid last 24h −0.158%

Price spread now: OKX against Phoenix−0.183%7-day average −0.224% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.709%−$71 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.183%, 7d avg −0.224%

Together, before fees−0.677%−$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.041% dearer against Phoenix than usual: you sell high and buy low (spread −0.183% now, against its 7-day average of −0.224%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.2668	0.0463	pay 0.0058% / 1h	26m 49s	$1.8M	$2.7M	10x
Short	OKX NEAR-USDT-SWAP	4.2590	0.0100	get 0.0100% / 8h	26m 49s	$60.7M	$284.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$76.29
Price spread: −0.183% → −0.224%: $4.13
Slippage, 4 orders: −$23.82
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$112.98
Costs to cover: 0.408%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	0.94 bp	12.3 bp −$12	51.2 bp −$512	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.17 bp	8.7 bp −$9	17.2 bp −$172	40.4 bp −$4,035	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	4.2833	+0.387%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2773	+0.246%	$2.3M	$13.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2962	+0.689%	$111K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2918	+0.586%	$377K	$18.7M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2832	+0.385%	$202K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.948%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0067%	8h	4.2593	−0.176%	$217.2M	$422.3M	75x	as long as short
Variational Omni NEAR	+0.0069%	8h	4.2530	−0.323%	$7.8M	$18.4M	—	as long as short
01 Exchange NEARUSD	+0.0080%	1h	4.2943	+0.645%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2890	+0.520%	$109K	$497K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2957	+0.678%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2785	+0.274%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2950	+0.661%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2625	−0.101%	$252.4M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAPshort	+0.0100%	8h	4.2590	−0.183%	$60.7M	$284.8M	50x
Arcus NEAR-USD	+0.0100%	1h	4.2930	+0.614%	$203K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2551	−0.275%	$242K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2655	−0.030%	$30.0M	$59.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2660	−0.019%	$78.5M	$141.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2750	+0.192%	$55.6M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2608	−0.141%	$70.8M	$126.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2630	−0.089%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2605	−0.147%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2563	−0.247%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2630	−0.089%	$178K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2867	+0.466%	$197K	$3.4M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2824	+0.366%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2850	+0.427%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2785	+0.274%	$13K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2800	+0.309%	$3.9M	$8.5M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2642	−0.060%	$3.9M	$16.0M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2775	+0.251%	$202K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0118%	1h	4.2816	+0.347%	$7.6M	$36.9M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2820	+0.356%	$13.0M	$29.3M	75x	as long as short
Lighter RH NEAR	+0.0344%	1h	4.2863	+0.457%	$1.5M	$7.0M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0357%	1h	4.2854	+0.436%	$1.9M	$2.5M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0314%	1h	4.2827	+0.372%	$275K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2954	+0.669%	$417K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0461%	1h	4.2824	+0.366%	$1.4M	$5.6M	20x	as long as short
Phoenix NEARlong	+0.0463%	1h	4.2668	long leg	$1.8M	$2.7M	10x
Nado NEAR-PERP	+0.0706%	1h	4.2842	+0.408%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEAR	+0.0767%	1h	4.2683	+0.035%	$366.9M	$299.7M	10x	as long as short
HTX NEAR-USDT	+0.0819%	8h	4.2930	+0.614%	$462K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1118%	1h	4.2723	+0.130%	$6K	$11K	10x	as long as short
Lighter NEAR	+0.1736%	1h	4.2916	+0.581%	$16.5M	$23.8M	15x	as long as short