Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0574%/8h= +62.8% APRpaid last 24h +0.212%

Price spread now: Backpack against Aster−0.234%7-day average +0.808% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.234%, 7d avg +0.808%

Together, before fees+0.396%+ Points / potential airdropAster: Stage 5 · farm board+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 1.042% cheaper against Aster than usual: you would sell low and buy high (spread −0.234% now, against its 7-day average of +0.808%). If the spread goes back, that is −$104 on $10k: about 6.1 days of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.376% in total) that is about 19 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.376% in total (about 19.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster NEARUSDT	4.4570	0.0344	pay 0.0344% / 8h	1h 57m	$2.9M	$5.1M	50x
Short	Backpack NEAR_USDC_PERP	4.4466	0.0917	get 0.0115% / 1h	57m 43s	$1.3M	$6.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now −0.234%Rate

Funding earned: $120.5
Price spread: −0.234% → +0.808%: −$104.16
Slippage, 4 orders: −$19.14
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$20.8
Costs to cover: 0.371%
Break-even: 8.2 days

Slippage from Aster: live order book, 1 min ago; Backpack: live order book, 1 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 Aster live order book, 1 min ago	4.49 bp	9.5 bp −$9	21.0 bp −$210	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	1.47 bp	10.5 bp −$11	174.9 bp −$1,749	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	4.4468	−0.229%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4343	−0.510%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4421	−0.335%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.091%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4470	−0.225%	$113K	$501K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4574	+0.008%	$225.6M	$424.8M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4570	−0.001%	$62.8M	$297.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4419	−0.338%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4538	−0.073%	$34.2M	$59.1M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4470	−0.225%	$53.6M	$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	4.4560	−0.023%	$73.6M	$127.0M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4347	−0.502%	$9.0M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4424	−0.328%	$259K	$967K	20x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4440	−0.292%	$58K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4510	−0.135%	$1K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4560	−0.023%	$461K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4450	−0.270%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0103%	8h	4.4345	−0.505%	$32K	$608	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0119%	8h	4.4330	−0.539%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4466	−0.234%	$207K	$40K	3x	as long as short
BingX NEAR-USDC	+0.0144%	8h	4.4590	+0.044%	—	$6.6M	—	as long as short
MEXC NEAR_USDT	+0.0154%	8h	4.4560	−0.023%	$85.3M	$143.1M	200x	as long as short
Binance NEARUSDT	+0.0159%	8h	4.4540	−0.068%	$270.1M	$1.09B	75x	as long as short
BloFin NEAR-USDT	+0.0274%	8h	4.4390	−0.405%	$13.3M	$32.8M	75x	as long as short
Kalshi KXNEARPERP	+0.0305%	8h	4.4361	−0.470%	$1.1M	$24.6M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.4439	−0.294%	$238K	—	100x	as long as short
Polymarket Perps NEAR-USD	+0.0326%	1h	4.4478	−0.207%	$277K	$4.0M	10x	as long as short
Aster NEARUSDTlong	+0.0344%	8h	4.4570	long leg	$2.9M	$5.1M	50x
SoDEX NEAR-USD	+0.0353%	1h	4.4469	−0.227%	$5K	$52K	10x	as long as short
Nado NEAR-PERP	+0.0379%	1h	4.4450	−0.270%	$1.7M	$3.2M	10x	as long as short
ApeX Omni NEARUSDT	+0.0394%	1h	4.4450	−0.270%	$168K	$803K	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4497	−0.165%	$2.3M	$16.4M	50x	as long as short
Extended NEAR-USD	+0.0432%	1h	4.4545	−0.058%	$3.7M	$19.1M	25x	as long as short
01 Exchange NEARUSD	+0.0504%	1h	4.4510	−0.135%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0656%	1h	4.4447	−0.276%	$7.4M	$39.1M	50x	as long as short
Lighter NEAR	+0.0816%	1h	4.4584	+0.031%	$17.5M	$24.6M	15x	as long as short
Hyperliquid NEAR	+0.0836%	1h	4.4635	+0.145%	$367.3M	$312.7M	10x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4470	−0.225%	$223K	$1.6M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0917%	1h	4.4466	−0.234%	$1.3M	$6.6M	20x
Deribit NEAR_USDC-PERPETUAL	+0.0966%	1h	4.4480	−0.203%	$1.9M	$12.2M	25x	as long as short
Lighter RH NEAR	+0.0976%	1h	4.4547	−0.052%	$1.5M	$6.6M	10x	as long as short
Phoenix NEAR	+0.1033%	1h	4.4593	+0.051%	$1.8M	$2.4M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4388	−0.410%	$408K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4482	−0.198%	$692K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1268%	1h	4.4182	−0.872%	$6K	$12K	10x	as long as short