Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Popdex against SunX−0.412%7-day average −0.133% · 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−$185as in the Price arb table

costs, in and out, $10k−$1571.566% of the position

Long on SunX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.412%, 7d avg −0.133%

Together, before fees+0.045%+$5 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: Popdex is 0.280% cheaper against SunX than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of −0.133%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NEAR-USDT	4.3670	0.0100	pay 0.0100% / 8h	2h 12m	$2K	$1.3M	20x
Short	Popdex NEARUSDT	4.3490	0.0096	get 0.0012% / 1h	12m 36s	$115K	$498K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.412%Rate

Funding earned: −$0.84
Price spread: −0.412% → −0.133%: −$27.97
Slippage, 4 orders: −$142.25
Fee SunX: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$185.45
Costs to cover: 1.566%
Break-even: never at this rate

Slippage from SunX: live order book, 12 min ago; Popdex: live order book, 36 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, 12 min ago	31.35 bp	55.1 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 36 min ago	2.33 bp	6.6 bp −$7	61.3 bp −$613	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	4.3478	−0.439%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3467	−0.464%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3490	−0.412%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.175%	$578	$301K	12x	as long as short
Popdex NEARUSDTshort	+0.0096%	1h	4.3490	−0.412%	$115K	$498K	50x
Bybit NEARUSDT	+0.0100%	8h	4.3470	−0.458%	$217.6M	$420.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3480	−0.435%	$61.4M	$289.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3500	−0.389%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3472	−0.453%	$33.1M	$60.5M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3500	−0.389%	$52.5M	$46.0M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.3487	−0.419%	$71.8M	$125.9M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3478	−0.440%	$8.5M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3566	−0.238%	$254K	$967K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3591	−0.180%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3509	−0.369%	$279K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3542	−0.293%	$57K	$243K	20x	as long as short
SunX NEAR-USDTlong	+0.0100%	8h	4.3670	long leg	$2K	$1.3M	20x
HTX NEAR-USDT	+0.0100%	8h	4.3700	+0.069%	$471K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3510	−0.366%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.3457	−0.488%	$31K	$608	10x	as long as short
BingX NEAR-USDC	+0.0105%	8h	4.3500	−0.389%	—	$6.6M	—	as long as short
Aevo NEAR-PERP	+0.0112%	1h	4.3550	−0.275%	$202K	$37K	3x	as long as short
MEXC NEAR_USDT	+0.0119%	8h	4.3590	−0.183%	$82.7M	$145.7M	200x	as long as short
Binance NEARUSDT	+0.0123%	8h	4.3521	−0.341%	$264.8M	$1.09B	75x	as long as short
BloFin NEAR-USDT	+0.0239%	8h	4.3520	−0.343%	$13.3M	$31.9M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.3556	−0.261%	$2.3M	$16.2M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0312% / S −0.0201%	1h	4.3488	−0.417%	$233K	—	100x	as long as short
Kalshi KXNEARPERP	+0.0312%	8h	4.3577	−0.213%	$994K	$24.7M	2.2x	as long as short
Aster NEARUSDT	+0.0336%	8h	4.3520	−0.343%	$2.8M	$5.2M	50x	as long as short
Nado NEAR-PERP	+0.0402%	1h	4.3505	−0.377%	$1.7M	$3.2M	10x	as long as short
ApeX Omni NEARUSDT	+0.0435%	1h	4.3520	−0.343%	$167K	$795K	50x	as long as short
Extended NEAR-USD	+0.0504%	1h	4.3493	−0.405%	$3.7M	$19.4M	25x	as long as short
SoDEX NEAR-USD	+0.0543%	1h	4.3505	−0.378%	$5K	$52K	10x	as long as short
Hyperliquid NEAR	+0.0654%	1h	4.3526	−0.330%	$357.5M	$311.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0688%	1h	4.3534	−0.311%	$1.3M	$6.6M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0693%	1h	4.3535	−0.309%	$1.9M	$11.7M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0727%	1h	4.3492	−0.408%	$7.3M	$39.1M	50x	as long as short
01 Exchange NEARUSD	+0.0728%	1h	4.3542	−0.293%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.3550	−0.275%	$225K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.3492	−0.408%	$398K	$1.3M	10x	as long as short
Lighter NEAR	+0.0920%	1h	4.3541	−0.294%	$17.1M	$25.2M	15x	as long as short
Phoenix NEAR	+0.1033%	1h	4.3660	−0.023%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1112%	1h	4.3540	−0.298%	$1.5M	$7.4M	10x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.3529	−0.324%	$689K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1317%	1h	4.3417	−0.580%	$5K	$12K	10x	as long as short