Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Polymarket Perps−0.310%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$470.473% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.459%+$46 · spread now −0.310%, 7d avg −0.003%

Together, before fees+0.422%+$42 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.307% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps NEAR-USD	4.3545	0.0100	pay 0.0013% / 1h	59m 35s	$204K	$3.6M	10x
Short	Phemex NEARUSDT	4.3410	0.0100	get 0.0100% / 8h	5h 59m	$3.8M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.310%Rate

Funding earned: $0
Price spread: −0.310% → −0.003%: −$30.74
Slippage, 4 orders: −$27.29
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$78.03
Costs to cover: 0.473%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Phemex: 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 Polymarket Perps live order book, 4 min ago	1.49 bp	5.5 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.29 bp	18.6 bp −$19	43.3 bp −$433	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	4.3411	−0.308%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3386	−0.365%	$2.2M	$14.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3708	+0.374%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3505	−0.092%	$551K	$19.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3444	−0.233%	$196K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.903%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3550	+0.011%	$114K	$486K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3701	+0.359%	$413K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3700	+0.356%	$265.1M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3680	+0.310%	$219.8M	$417.1M	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	4.3600	+0.126%	$62.1M	$288.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3670	+0.287%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3555	+0.023%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3647	+0.234%	$31.5M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3670	+0.287%	$75.8M	$139.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3720	+0.402%	$54.0M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3644	+0.227%	$71.6M	$125.9M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3650	+0.241%	—	$143.8M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3517	−0.063%	$8.4M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3594	+0.113%	$269K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3541	−0.010%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3590	+0.103%	$196K	$775K	50x	as long as short
Polymarket Perps NEAR-USDlong	+0.0100%	1h	4.3545	long leg	$204K	$3.6M	10x
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3455	−0.207%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3510	−0.080%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3440	−0.241%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3520	−0.057%	$454K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3410	−0.310%	$3.8M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3612	+0.154%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3610	+0.148%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3454	−0.209%	$202K	$34K	3x	as long as short
Aster NEARUSDT	+0.0177%	8h	4.3672	+0.292%	$3.0M	$5.5M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0218%	1h	4.3440	−0.241%	$8.1M	$41.1M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0256%	1h	4.3464	−0.186%	$1.9M	$4.3M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0347% / S −0.0243%	1h	4.3443	−0.235%	$254K	—	100x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3662	+0.269%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0423%	1h	4.3505	−0.092%	$1.9M	$3.1M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3584	+0.090%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0768%	1h	4.3749	+0.468%	$1.6M	$7.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0798%	1h	4.3487	−0.133%	$1.5M	$6.3M	20x	as long as short
Hyperliquid NEAR	+0.0910%	1h	4.3739	+0.446%	$368.2M	$306.2M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.3671	+0.290%	$551K	$1.3M	10x	as long as short
Lighter NEAR	+0.1704%	1h	4.3773	+0.524%	$17.5M	$25.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1708%	1h	4.3618	+0.168%	$5K	$12K	10x	as long as short