Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Phemex against Popdex+0.194%7-day average −0.005% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$600.598% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 3 days (all we have)+0.286%+$29 · spread now +0.194%, 7d avg −0.005%

Together, before fees+0.291%+$29 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 0.198% dearer against Popdex than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex NEARUSDT	4.1340	0.0096	pay 0.0012% / 1h	0m 42s	$110K	$493K	50x
Short	Phemex NEARUSDT	4.1420	0.0100	get 0.0100% / 8h	2h 00m	$3.8M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.194%Rate

Funding earned: $0.84
Price spread: +0.194% → −0.005%: $19.81
Slippage, 4 orders: −$41.36
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$39.11
Costs to cover: 0.598%
Break-even: 332.9 days

Slippage from Popdex: live order book, 23 min ago; Phemex: live order book, 3 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, 23 min ago	2.42 bp	8.2 bp −$8	84.0 bp −$840	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	4.83 bp	19.4 bp −$19	42.5 bp −$425	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
Reya NEARRUSDPERP	−0.0171%	1h	4.1376	+0.088%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0024%	1h	4.1338	−0.005%	$2.1M	$12.6M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1408	+0.164%	$104K	$54K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1314	−0.063%	$399K	$18.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1386	+0.111%	$205K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	+0.169%	$578	$302K	12x	as long as short
Popdex NEARUSDTlong	+0.0096%	1h	4.1340	long leg	$110K	$493K	50x
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.1393	+0.128%	$53K	$157K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1360	+0.047%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1456	+0.282%	$2.9M	$5.9M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica NEAR	+0.0100%	1h	4.1395	+0.134%	$349K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1367	+0.066%	$235.8M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.1350	+0.024%	$210.5M	$428.7M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1340	0.000%	$56.5M	$275.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1252	−0.213%	$235K	$6K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1372	+0.077%	$29.5M	$58.5M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1370	+0.073%	$81.5M	$145.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1400	+0.145%	$56.0M	$44.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1361	+0.051%	$68.7M	$126.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.1370	+0.073%	—	$136.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1203	−0.331%	$7.6M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1358	+0.043%	$236K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1313	−0.065%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1340	0.000%	$181K	$793K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1406	+0.160%	$204K	$3.1M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1410	+0.169%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1395	+0.133%	$5K	$46K	10x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.1420	+0.194%	$3.8M	$8.2M	50x
Extended NEAR-USD	+0.0104%	1h	4.1345	+0.013%	$3.8M	$14.7M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1385	+0.109%	$201K	$61K	3x	as long as short
Arcus NEAR-USD	+0.0118%	1h	4.1380	+0.097%	$308K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0150%	1h	4.1454	+0.276%	$7.5M	$37.1M	50x	as long as short
01 Exchange NEARUSD	+0.0160%	1h	4.1342	+0.005%	$12K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1360	+0.048%	$12.3M	$33.6M	75x	as long as short
Lighter RH NEAR	+0.0256%	1h	4.1468	+0.310%	$1.4M	$7.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0354%	1h	4.1422	+0.198%	$1.8M	$2.1M	25x	as long as short
Nado NEAR-PERP	+0.0355%	1h	4.1364	+0.059%	$1.8M	$3.6M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0377% / S −0.0324%	1h	4.1390	+0.122%	$276K	—	100x	as long as short
RISEx NEAR/USDC	+0.0569%	1h	4.1389	+0.118%	$412K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0582%	1h	4.1419	+0.191%	$1.7M	$2.8M	10x	as long as short
Lighter NEAR	+0.0704%	1h	4.1426	+0.209%	$15.2M	$23.1M	15x	as long as short
Backpack NEAR_USDC_PERP	+0.0741%	1h	4.1478	+0.334%	$1.4M	$5.7M	20x	as long as short
Hyperliquid NEAR	+0.0830%	1h	4.1490	+0.363%	$348.9M	$299.5M	10x	as long as short
Aftermath Perps NEARUSD	+0.0927%	1h	4.1332	−0.019%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.1056%	8h	4.1400	+0.145%	$445K	$3.7M	75x	as long as short