Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1645%/8h= −180.1% APRpaid last 24h −0.169%

Price spread now: Phemex against Phoenix+0.848%7-day average −0.168% · you sell dearer than you buy

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs+$31as in the Price arb table

costs, in and out, $10k−$700.702% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.818%−$82 on $10k

Price spread, last 4 days (all we have)−0.737%−$74 · spread now +0.848%, 7d avg −0.168%

Together, before fees−1.555%−$155 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 1.016% dearer against Phoenix than usual: you sell high and buy low (spread +0.848% now, against its 7-day average of −0.168%): +$102 on $10k if it goes back. Holding the pair costs −$49 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.818% in total) that is about 8.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.818% in total (about -42.6% 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	4.3729	0.0740	pay 0.0093% / 1h	46m 41s	$1.8M	$2.4M	10x
Short	Phemex NEARUSDT	4.4100	−0.0905	pay 0.0905% / 8h	7h 46m	$3.6M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.848%Rate

Funding earned: −$345.46
Price spread: +0.848% → −0.168%: $101.61
Slippage, 4 orders: −$51.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$314.03
Costs to cover: 0.702%
Break-even: from the start

Slippage from Phoenix: live order book, 2 min ago; Phemex: 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	0.91 bp	12.2 bp −$12	46.5 bp −$465	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.43 bp	19.2 bp −$19	47.9 bp −$479	doesn't fit	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
Phemex NEARUSDTshort	−0.0905%	8h	4.4100	+0.848%	$3.6M	$8.2M	50x
Kraken Futures PF_NEARUSD	−0.0428%	1h	4.4087	+0.818%	$7.3M	$38.7M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.4043	+0.718%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4187	+1.048%	$108K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4100	+0.848%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.303%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4000	+0.620%	$117K	$504K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.4195	+1.066%	$2.8M	$4.8M	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4210	+1.100%	$224.3M	$430.3M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4200	+1.077%	$62.2M	$300.4M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NEAR-USD	+0.0100%	1h	4.4020	+0.665%	$230K	$1.5M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3750	+0.048%	$252K	$3K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4128	+0.912%	$36.6M	$61.8M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4160	+0.986%	$53.5M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4190	+1.054%	$73.0M	$127.9M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3688	−0.094%	$9.0M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3658	−0.162%	$253K	$895K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3670	−0.135%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3680	−0.112%	$167K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4010	+0.643%	$275K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4128	+0.912%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4190	+1.054%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4105	+0.860%	$5K	$50K	10x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.4184	+1.041%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4124	+0.902%	$3.7M	$16.0M	25x	as long as short
Aevo NEAR-PERP	+0.0112%	1h	4.4118	+0.890%	$205K	$40K	3x	as long as short
MEXC NEAR_USDT	+0.0120%	8h	4.4210	+1.100%	$93.0M	$154.6M	200x	as long as short
Binance NEARUSDT	+0.0122%	8h	4.4220	+1.123%	$266.9M	$1.09B	75x	as long as short
BingX NEAR-USDC	+0.0133%	8h	4.4140	+0.940%	—	$6.7M	—	as long as short
Kalshi KXNEARPERP	+0.0152%	8h	4.4079	+0.800%	$879K	$25.3M	2.2x	as long as short
Hyperliquid NEAR	+0.0157%	1h	4.4183	+1.038%	$356.8M	$318.2M	10x	as long as short
BloFin NEAR-USDT	+0.0241%	8h	4.4080	+0.803%	$12.7M	$32.6M	75x	as long as short
Nado NEAR-PERP	+0.0264%	1h	4.4003	+0.626%	$1.7M	$3.2M	10x	as long as short
01 Exchange NEARUSD	+0.0272%	1h	4.4014	+0.652%	$13K	$7K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0249%	1h	4.4092	+0.830%	$257K	—	100x	as long as short
Lighter RH NEAR	+0.0376%	1h	4.4253	+1.198%	$1.5M	$6.4M	10x	as long as short
HTX NEAR-USDT	+0.0460%	8h	4.4180	+1.031%	$468K	$3.8M	75x	as long as short
Lighter NEAR	+0.0472%	1h	4.4259	+1.211%	$17.4M	$23.8M	15x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.4186	+1.045%	$2.3M	$17.3M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0598%	1h	4.4161	+0.988%	$1.1M	$7.2M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.3811	+0.187%	$594K	$1.5M	10x	as long as short
Pacifica NEAR	+0.0701%	1h	4.4201	+1.079%	$417K	$1.4M	10x	as long as short
Phoenix NEARlong	+0.0740%	1h	4.3729	long leg	$1.8M	$2.4M	10x
Aftermath Perps NEARUSD	+0.1084%	1h	4.3741	+0.027%	$5K	$7K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.2313%	1h	4.4203	+1.084%	$1.9M	$13.1M	25x	as long as short