Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0495%/8h= −54.2% APRpaid last 24h −0.092%

Price spread now: HTX against Backpack+0.230%7-day average +0.172% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$580.575% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.186%+$19 on $10k

Price spread, last 4 days (all we have)+0.277%+$28 · spread now +0.230%, 7d avg +0.172%

Together, before fees+0.463%+$46 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.058% dearer against Backpack than usual: you sell high and buy low (spread +0.230% now, against its 7-day average of +0.172%): +$6 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 9 hours. Mind the row above: over the last 7 days funding on this pair paid +0.186%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.186% in total (about 9.7% 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	Backpack NEAR_USDC_PERP	4.3540	0.0595	pay 0.0074% / 1h	16m 32s	$1.3M	$6.7M	20x
Short	HTX NEAR-USDT	4.3640	0.0100	get 0.0100% / 8h	3h 16m	$473K	$3.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Backpack. 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 BackpackbpFee HTXbpOrdersPrice spread, now +0.230%Rate

Funding earned: −$103.99
Price spread: +0.230% → +0.172%: $5.76
Slippage, 4 orders: −$35.5
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$155.74
Costs to cover: 0.575%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; HTX: live order book, 2 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 Backpack live order book, 3 min ago	1.50 bp	7.4 bp −$7	15.2 bp −$152	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	5.74 bp	26.0 bp −$26	78.5 bp −$785	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	4.3459	−0.185%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3473	−0.153%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3479	−0.141%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.892%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3516	−0.055%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3460	−0.184%	$110K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3510	−0.069%	$266.1M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3460	−0.184%	$215.0M	$425.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3460	−0.184%	$61.6M	$289.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.666%	$246K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3484	−0.129%	$32.2M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3530	−0.023%	$74.2M	$146.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3520	−0.046%	$54.0M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3470	−0.161%	$71.7M	$127.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3500	−0.092%	—	$144.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3327	−0.488%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3370	−0.390%	$253K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3370	−0.390%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3460	−0.184%	$167K	$796K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3492	−0.110%	$274K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3540	0.000%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3590	+0.115%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDTshort	+0.0100%	8h	4.3640	+0.230%	$473K	$3.9M	75x
Phemex NEARUSDT	+0.0100%	8h	4.3550	+0.023%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3476	−0.147%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3543	+0.006%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3600	+0.138%	$13.6M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3504	−0.083%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0284%	8h	4.3496	−0.101%	$873K	$23.4M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3491	−0.112%	$235K	—	100x	as long as short
Aster NEARUSDT	+0.0336%	8h	4.3510	−0.069%	$2.9M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0367%	1h	4.3515	−0.057%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3532	−0.018%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0559%	1h	4.3453	−0.200%	$1.8M	$3.1M	10x	as long as short
Hyperliquid NEAR	+0.0588%	1h	4.3503	−0.085%	$356.2M	$314.3M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0595%	1h	4.3540	long leg	$1.3M	$6.7M	20x
Extended NEAR-USD	+0.0600%	1h	4.3492	−0.111%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3520	−0.046%	$214K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0708%	1h	4.3542	+0.004%	$7.6M	$39.0M	50x	as long as short
Lighter RH NEAR	+0.0912%	1h	4.3560	+0.046%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3602	+0.142%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1015%	1h	4.3544	+0.009%	$1.9M	$9.5M	25x	as long as short
Lighter NEAR	+0.1104%	1h	4.3538	−0.004%	$17.6M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3502	−0.087%	$687K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1576%	1h	4.3502	−0.088%	$5K	$13K	10x	as long as short