Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against SunX−0.114%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1701.696% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now −0.114%, 7d avg −0.134%

Together, before fees−0.196%−$20 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 0.020% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.134%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NEAR-USDT	4.4000	0.0100	pay 0.0100% / 8h	7h 48m	$2K	$1.3M	20x
Short	Phemex NEARUSDT	4.3950	0.0100	get 0.0100% / 8h	7h 48m	$3.6M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now −0.114%Rate

Funding earned: $0
Price spread: −0.114% → −0.134%: $2.03
Slippage, 4 orders: −$149.58
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$167.55
Costs to cover: 1.696%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Phemex: live order book, 6 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 SunX live order book, 6 min ago	30.89 bp	50.8 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.58 bp	20.3 bp −$20	40.3 bp −$403	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
Kraken Futures PF_NEARUSD	−0.0430%	1h	4.3954	−0.105%	$7.3M	$38.6M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3869	−0.297%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3703	−0.675%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3920	−0.181%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.886%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3850	−0.341%	$119K	$503K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3973	−0.060%	$2.8M	$4.8M	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4000	0.000%	$221.7M	$429.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3970	−0.068%	$62.0M	$298.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3810	−0.432%	$229K	$1.5M	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bulk NEAR-USD	+0.0100%	1h	4.3750	−0.568%	$252K	$3K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3972	−0.064%	$36.5M	$61.7M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3990	−0.023%	$53.2M	$45.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4045	+0.102%	$72.8M	$127.7M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3688	−0.710%	$9.0M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3651	−0.793%	$253K	$894K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3670	−0.749%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3660	−0.773%	$166K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3830	−0.386%	$273K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3947	−0.120%	$59K	$235K	20x	as long as short
SunX NEAR-USDTlong	+0.0100%	8h	4.4000	long leg	$2K	$1.3M	20x
SoDEX NEAR-USD	+0.0100%	1h	4.3945	−0.125%	$5K	$50K	10x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3950	−0.114%	$3.6M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3736	−0.600%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4024	+0.055%	$3.7M	$16.0M	25x	as long as short
Hyperliquid NEAR	+0.0110%	1h	4.3998	−0.005%	$354.5M	$317.2M	10x	as long as short
Aevo NEAR-PERP	+0.0112%	1h	4.3950	−0.113%	$204K	$40K	3x	as long as short
Binance NEARUSDT	+0.0121%	8h	4.4010	+0.023%	$265.6M	$1.09B	75x	as long as short
MEXC NEAR_USDT	+0.0122%	8h	4.3960	−0.091%	$92.7M	$153.6M	200x	as long as short
BingX NEAR-USDT	+0.0133%	8h	4.3970	−0.068%	—	$82.9M	—	as long as short
Kalshi KXNEARPERP	+0.0153%	8h	4.3750	−0.568%	$886K	$25.2M	2.2x	as long as short
BloFin NEAR-USDT	+0.0242%	8h	4.3640	−0.818%	$12.5M	$32.2M	75x	as long as short
01 Exchange NEARUSD	+0.0264%	1h	4.3871	−0.293%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0312%	1h	4.3890	−0.250%	$1.7M	$3.2M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0248%	1h	4.3894	−0.241%	$256K	—	100x	as long as short
Lighter RH NEAR	+0.0376%	1h	4.4018	+0.041%	$1.5M	$6.4M	10x	as long as short
HTX NEAR-USDT	+0.0443%	8h	4.4010	+0.023%	$466K	$3.8M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3978	−0.050%	$2.3M	$17.2M	50x	as long as short
Lighter NEAR	+0.0552%	1h	4.4015	+0.033%	$17.4M	$23.8M	15x	as long as short
Backpack NEAR_USDC_PERP	+0.0572%	1h	4.4024	+0.055%	$1.1M	$7.2M	20x	as long as short
RISEx NEAR/USDC	+0.0656%	1h	4.3811	−0.430%	$594K	$1.5M	10x	as long as short
Pacifica NEAR	+0.0701%	1h	4.3735	−0.601%	$412K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0740%	1h	4.3729	−0.616%	$1.8M	$2.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1081%	1h	4.3666	−0.758%	$5K	$7K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1571%	1h	4.4010	+0.023%	$1.9M	$13.1M	25x	as long as short