NEAR

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0786%/8h= +86.1% APRnext payment +$0.98 per $10,000 · paid last 24h +0.217%

Price spread now: Backpack against Polymarket Perps+0.075%7-day average +0.734% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.396%+$40 on $10k

Price spread, last 7 days−0.944%−$94 · spread now +0.075%, 7d avg +0.734%

Together, before fees−0.548%−$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.659% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread +0.075% now, against its 7-day average of +0.734%). If the spread goes back, that is −$66 on $10k: about 2.8 days of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.396% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.396% in total (about 20.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.98 per $10,000. 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	Polymarket Perps NEAR-USD	4.3904	0.0100	pay 0.0013% / 1h	29m 15s	$219K	$3.5M	10x
Short	Backpack NEAR_USDC_PERP	4.3937	0.0886	get 0.0111% / 1h	29m 15s	$1.4M	$6.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now +0.075%Rate

Funding earned: $165.05
Price spread: +0.075% → +0.734%: −$65.88
Slippage, 4 orders: −$13.39
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $67.78
Costs to cover: 0.314%
Break-even: 4.1 days

Slippage from Polymarket Perps: live order book, 5 min ago; Backpack: 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 Polymarket Perps live order book, 5 min ago	3.54 bp	7.6 bp −$8	18.1 bp −$181	doesn't fit	doesn't fit
Sell Backpack live order book, 5 min ago	0.11 bp	9.6 bp −$10	20.1 bp −$201	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	4.3808	−0.218%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3791	−0.257%	$2.2M	$13.7M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3833	−0.163%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3828	−0.173%	$588K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3805	−0.225%	$159K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.681%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0059%	8h	4.3918	+0.032%	$8.5M	$18.7M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3930	+0.059%	$112K	$482K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3841	−0.144%	$414K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3811	−0.212%	$263.4M	$1.06B	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.3790	−0.260%	$222.4M	$417.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3780	−0.282%	$62.0M	$284.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3900	−0.009%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3449	−1.036%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3825	−0.180%	$31.6M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3850	−0.123%	$75.5M	$139.4M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3930	+0.059%	$56.2M	$42.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3788	−0.264%	$72.4M	$123.3M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3820	−0.191%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3889	−0.034%	$271K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3920	+0.035%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3880	−0.055%	$182K	$766K	50x	as long as short
Polymarket Perps NEAR-USDlong	+0.0100%	1h	4.3904	long leg	$219K	$3.5M	10x
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3835	−0.157%	$59K	$189K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3870	−0.077%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3789	−0.262%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3870	−0.077%	$455K	$3.8M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3800	−0.237%	$3.9M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3804	−0.228%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3784	−0.272%	$3.8M	$18.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3835	−0.157%	$204K	$34K	3x	as long as short
Aster NEARUSDT	+0.0149%	8h	4.3893	−0.025%	$3.1M	$5.7M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0216%	1h	4.3763	−0.320%	$7.7M	$39.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0360% / S −0.0276%	1h	4.3826	−0.179%	$262K	—	100x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.3957	+0.121%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0422%	1h	4.3837	−0.153%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3928	+0.054%	$552K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3944	+0.091%	$1.8M	$2.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0663%	1h	4.3840	−0.146%	$1.9M	$4.1M	25x	as long as short
Lighter RH NEAR	+0.0776%	1h	4.3869	−0.080%	$1.6M	$7.0M	10x	as long as short
Hyperliquid NEAR	+0.0838%	1h	4.3971	+0.154%	$371.8M	$306.6M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0886%	1h	4.3937	+0.075%	$1.4M	$6.0M	20x
Aftermath Perps NEARUSD	+0.1468%	1h	4.3798	−0.242%	$6K	$12K	10x	as long as short
Lighter NEAR	+0.1576%	1h	4.3904	0.000%	$17.6M	$25.0M	15x	as long as short