Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0401%/8h= −43.9% APRpaid last 24h −0.215%

Price spread now: MEXC against Backpack−0.067%7-day average −0.750% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

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

costs, in and out, $10k−$170.167% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.402%−$40 on $10k

Price spread, last 7 days+1.508%+$151 · spread now −0.067%, 7d avg −0.750%

Together, before fees+1.105%+$111 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.683% dearer against Backpack than usual: you sell high and buy low (spread −0.067% now, against its 7-day average of −0.750%): +$68 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 5.7 days. At the pace of the last 7 days (−0.402% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.3109	0.0501	pay 0.0063% / 1h	50m 03s	$1.4M	$5.6M	20x
Short	MEXC NEAR_USDT	4.3080	0.0100	get 0.0100% / 8h	7h 50m	$79.9M	$138.6M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$84.17
Price spread: −0.067% → −0.750%: $68.3
Slippage, 4 orders: −$6.75
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$32.62
Costs to cover: 0.167%
Break-even: from the start

Slippage from Backpack: live order book, 4 min ago; MEXC: live order book, 9 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, 4 min ago	2.20 bp	7.2 bp −$7	15.4 bp −$154	doesn't fit	doesn't fit
Sell MEXC live order book, 9 min ago	1.17 bp	1.2 bp −$1	1.9 bp −$19	15.1 bp −$1,506	61.5 bp −$30.7K

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
Phemex NEARUSDT	−0.0899%	8h	4.3090	−0.044%	$3.9M	$8.5M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3115	+0.014%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0130%	1h	4.3105	−0.009%	$7.6M	$37.1M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3084	−0.058%	$2.3M	$13.1M	50x	as long as short
Bybit NEARUSDT	−0.0068%	8h	4.3034	−0.174%	$219.4M	$419.0M	75x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3138	+0.066%	$112K	$64K	10x	as long as short
01 Exchange NEARUSD	0.0000%	1h	4.3173	+0.148%	$13K	$7K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3093	−0.037%	$378K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3137	+0.065%	$204K	—	150x	as long as short
Variational Omni NEAR	+0.0014%	8h	4.2988	−0.280%	$7.9M	$18.6M	—	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.941%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3160	+0.118%	$112K	$478K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3100	−0.021%	$57K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3131	+0.050%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3131	+0.052%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3137	+0.064%	$404K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3080	−0.067%	$255.8M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3040	−0.160%	$61.2M	$281.9M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3170	+0.142%	$198K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2646	−1.074%	$243K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3050	−0.137%	$31.0M	$58.6M	75x	as long as short
MEXC NEAR_USDTshort	+0.0100%	8h	4.3080	−0.067%	$79.9M	$138.6M	200x
KuCoin NEARUSDTM	+0.0100%	8h	4.3080	−0.067%	$56.4M	$43.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3049	−0.139%	$71.4M	$125.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3050	−0.137%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3062	−0.110%	$267K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3082	−0.063%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3080	−0.067%	$180K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3165	+0.130%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3220	+0.257%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3086	−0.053%	$5K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3200	+0.211%	$459K	$3.6M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3043	−0.153%	$3.9M	$16.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3109	−0.001%	$201K	$28K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3040	−0.160%	$13.0M	$29.2M	75x	as long as short
Hyperliquid NEAR	+0.0319%	1h	4.3111	+0.005%	$367.7M	$300.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0377% / S −0.0313%	1h	4.3134	+0.059%	$276K	—	100x	as long as short
Nado NEAR-PERP	+0.0387%	1h	4.3126	+0.039%	$1.9M	$3.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0423%	1h	4.3122	+0.030%	$1.9M	$2.9M	25x	as long as short
Lighter RH NEAR	+0.0424%	1h	4.3141	+0.074%	$1.6M	$6.8M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3179	+0.163%	$410K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3136	+0.063%	$1.8M	$2.7M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0501%	1h	4.3109	long leg	$1.4M	$5.6M	20x
Aftermath Perps NEARUSD	+0.1221%	1h	4.3031	−0.182%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.2248%	1h	4.3226	+0.272%	$17.3M	$23.9M	15x	as long as short