Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.090%

Price spread now: GMX against Variational Omni−0.230%7-day average −0.022% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.242%+$24 on $10k

Price spread, last 3 days (all we have)−0.261%−$26 · spread now −0.230%, 7d avg −0.022%

Together, before fees−0.019%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.209% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.230% now, against its 7-day average of −0.022%). If the spread goes back, that is −$21 on $10k: about 3.2 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NEAR	4.1444	0.0100	pay 0.0100% / 8h	2h 23m	$7.7M	$18.5M	—
Short	GMX NEAR/USD [ETH-USDC]	4.1348	L +0.0372% / S −0.0317%	get 0.0040% / 1h	23m 58s	$272K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now −0.230%Rate

Funding earned: $45.56
Price spread: −0.230% → −0.022%: −$20.9
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $12.66
Costs to cover: 0.120%
Break-even: 5.1 days

Slippage unknown: Variational Omni: RFQ quote, just now; GMX: no order-book sample. Net counts fees only.

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 Variational Omni RFQ quote, just now	3.92 bp	doesn't fit	15.0 bp −$150	35.4 bp −$3,541	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4.1297	−0.353%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0024%	1h	4.1456	+0.030%	$2.1M	$12.7M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1333	−0.267%	$104K	$54K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1401	−0.103%	$412K	$19.0M	2.2x	as long as short
Deribit NEAR_USDC-PERPETUAL	0.0000%	1h	4.1347	−0.233%	$1.8M	$2.1M	25x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1345	−0.237%	$205K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.0730	−1.722%	$569	$239K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1290	−0.371%	$108K	$490K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1310	−0.322%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1352	−0.220%	$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	4.1381	−0.151%	$366K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1310	−0.322%	$235.2M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.1290	−0.371%	$210.2M	$428.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1290	−0.371%	$56.4M	$275.9M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1550	+0.257%	$237K	$6K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1314	−0.313%	$29.4M	$58.2M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1310	−0.322%	$81.5M	$143.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1350	−0.226%	$55.9M	$45.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1299	−0.349%	$68.8M	$127.2M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.1320	−0.298%	—	$6.6M	—	as long as short
Variational Omni NEARlong	+0.0100%	8h	4.1444	long leg	$7.7M	$18.5M	—
edgeX NEARUSDC	+0.0100%	4h	4.1419	−0.060%	$236K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1420	−0.057%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1420	−0.057%	$182K	$790K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1327	−0.281%	$200K	$3.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.1332	−0.269%	$53K	$159K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1360	−0.202%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1305	−0.334%	$5K	$46K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1300	−0.346%	$3.8M	$8.4M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.1291	−0.368%	$3.7M	$14.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1310	−0.322%	$200K	$65K	3x	as long as short
Arcus NEAR-USD	+0.0118%	1h	4.1360	−0.202%	$306K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0150%	1h	4.1325	−0.287%	$7.0M	$36.6M	50x	as long as short
01 Exchange NEARUSD	+0.0216%	1h	4.1313	−0.315%	$12K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1430	−0.033%	$12.3M	$33.8M	75x	as long as short
Lighter RH NEAR	+0.0320%	1h	4.1353	−0.218%	$1.4M	$7.2M	10x	as long as short
Nado NEAR-PERP	+0.0354%	1h	4.1275	−0.406%	$1.8M	$3.6M	10x	as long as short
GMX NEAR/USD [ETH-USDC]short	L +0.0372% / S −0.0317%	1h	4.1348	−0.230%	$272K	—	100x
RISEx NEAR/USDC	+0.0569%	1h	4.1322	−0.294%	$412K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0582%	1h	4.1501	+0.139%	$1.7M	$2.8M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0779%	1h	4.1364	−0.192%	$1.4M	$5.7M	20x	as long as short
Lighter NEAR	+0.0840%	1h	4.1380	−0.154%	$15.4M	$22.8M	15x	as long as short
Aftermath Perps NEARUSD	+0.0979%	1h	4.1443	−0.001%	$5K	$11K	10x	as long as short
Hyperliquid NEAR	+0.1003%	1h	4.1384	−0.144%	$348.0M	$298.7M	10x	as long as short
HTX NEAR-USDT	+0.1106%	8h	4.1420	−0.057%	$445K	$3.7M	75x	as long as short