Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.008%

Price spread now: Bybit against Popdex−0.246%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$620.619% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.246%, 7d avg −0.052%

Together, before fees−0.129%−$13 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: Bybit is 0.193% cheaper against Popdex than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex NEARUSDT	4.4750	0.0096	pay 0.0012% / 1h	44m 14s	$117K	$515K	50x
Short	Bybit NEARUSDT	4.4640	0.0100	get 0.0100% / 8h	4h 44m	$223.6M	$425.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Popdex. 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 PopdexbpFee BybitbpOrdersPrice spread, now −0.246%Rate

Funding earned: $0.84
Price spread: −0.246% → −0.052%: −$19.35
Slippage, 4 orders: −$44.53
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$80.43
Costs to cover: 0.619%
Break-even: 677.3 days

Slippage from Popdex: live order book, 15 min ago; Bybit: 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 Popdex live order book, 15 min ago	12.27 bp	18.7 bp −$19	58.0 bp −$580	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.12 bp	13.5 bp −$14	18.6 bp −$186	36.9 bp −$3,687	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	4.4695	−0.122%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4686	−0.143%	$2.2M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4567	−0.410%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4554	−0.438%	$610K	$22.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4693	−0.127%	$167K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.464%	$578	$302K	12x	as long as short
Popdex NEARUSDTlong	+0.0096%	1h	4.4750	long leg	$117K	$515K	50x
Pacifica NEAR	+0.0100%	1h	4.4592	−0.354%	$426K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4682	−0.151%	$273.2M	$1.11B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.4640	−0.246%	$223.6M	$425.1M	75x

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4620	−0.291%	$63.4M	$304.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4550	−0.447%	$254K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4699	−0.114%	$32.3M	$63.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4710	−0.089%	$75.1M	$147.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4720	−0.067%	$55.5M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4637	−0.253%	$73.4M	$130.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4650	−0.223%	—	$148.0M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4367	−0.856%	$8.6M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4481	−0.602%	$267K	$979K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4624	−0.282%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4460	−0.648%	$171K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4696	−0.121%	$241K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4701	−0.109%	$57K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4760	+0.022%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4684	−0.147%	$8K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4760	+0.022%	$466K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4680	−0.156%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4562	−0.421%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4690	−0.134%	$208K	$40K	3x	as long as short
Hyperliquid NEAR	+0.0186%	1h	4.4775	+0.056%	$369.8M	$326.9M	10x	as long as short
Extended NEAR-USD	+0.0200%	1h	4.4638	−0.249%	$4.0M	$19.6M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0218%	1h	4.4700	−0.112%	$1.4M	$6.6M	20x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4410	−0.760%	$14.1M	$33.1M	75x	as long as short
01 Exchange NEARUSD	+0.0240%	1h	4.4759	+0.020%	$13K	$7K	10x	as long as short
Aster NEARUSDT	+0.0296%	8h	4.4710	−0.090%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0339% / S −0.0217%	1h	4.4701	−0.109%	$250K	—	100x	as long as short
Nado NEAR-PERP	+0.0500%	1h	4.4725	−0.056%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0512%	1h	4.4740	−0.022%	$1.6M	$7.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0581%	1h	4.4712	−0.085%	$8.3M	$40.2M	50x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4800	+0.112%	$221K	$1.8M	10x	as long as short
Lighter NEAR	+0.0680%	1h	4.4764	+0.031%	$18.0M	$26.2M	15x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4521	−0.512%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0824%	1h	4.4726	−0.054%	$2.0M	$6.8M	25x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4738	−0.028%	$565K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1557%	1h	4.4608	−0.317%	$6K	$12K	10x	as long as short