Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0325%/8h= −35.6% APRpaid last 24h −0.213%

Price spread now: OKX against Backpack−0.127%7-day average −0.875% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs+$44as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.410%−$41 on $10k

Price spread, last 7 days+0.488%+$49 · spread now −0.127%, 7d avg −0.875%

Together, before fees+0.078%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.748% dearer against Backpack than usual: you sell high and buy low (spread −0.127% now, against its 7-day average of −0.875%): +$75 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 7.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.4176	0.0425	pay 0.0053% / 1h	21m 50s	$1.3M	$6.9M	20x
Short	OKX NEAR-USDT-SWAP	4.4120	0.0100	get 0.0100% / 8h	1h 21m	$62.5M	$295.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$68.23
Price spread: −0.127% → −0.875%: $74.77
Slippage, 4 orders: −$10.66
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$24.11
Costs to cover: 0.307%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; OKX: 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, 2 min ago	0.11 bp	7.0 bp −$7	16.9 bp −$169	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.13 bp	8.7 bp −$9	14.8 bp −$148	37.8 bp −$3,781	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	4.4213	+0.084%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4187	+0.026%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4170	−0.014%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.261%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4230	+0.122%	$112K	$484K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4134	−0.095%	$223.7M	$430.4M	75x	as long as short
OKX NEAR-USDT-SWAPshort	+0.0100%	8h	4.4120	−0.127%	$62.5M	$295.1M	50x
Bulk NEAR-USD	+0.0100%	1h	4.4350	+0.394%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4130	−0.104%	$35.6M	$61.8M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4170	−0.014%	$53.5M	$45.9M	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	4.4148	−0.063%	$72.5M	$127.6M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4187	+0.026%	$8.8M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4030	−0.330%	$257K	$915K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4010	−0.376%	$166K	$805K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4238	+0.140%	$293K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4250	+0.168%	$59K	$236K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4290	+0.258%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4310	+0.303%	$464K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4220	+0.100%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0104%	8h	4.4166	−0.022%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0108%	8h	4.4030	−0.332%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.4245	+0.156%	$206K	$38K	3x	as long as short
Extended NEAR-USD	+0.0160%	1h	4.4139	−0.083%	$3.7M	$18.3M	25x	as long as short
SoDEX NEAR-USD	+0.0182%	1h	4.4195	+0.043%	$5K	$52K	10x	as long as short
BingX NEAR-USDC	+0.0193%	8h	4.4160	−0.036%	—	$6.7M	—	as long as short
MEXC NEAR_USDT	+0.0209%	8h	4.4170	−0.014%	$80.0M	$149.3M	200x	as long as short
Binance NEARUSDT	+0.0211%	8h	4.4207	+0.070%	$269.6M	$1.08B	75x	as long as short
Kalshi KXNEARPERP	+0.0251%	8h	4.4229	+0.120%	$1.0M	$24.9M	2.2x	as long as short
Aster NEARUSDT	+0.0300%	8h	4.4190	+0.032%	$2.8M	$4.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0198%	1h	4.4206	+0.067%	$235K	—	100x	as long as short
BloFin NEAR-USDT	+0.0328%	8h	4.4160	−0.036%	$13.7M	$32.6M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4274	+0.222%	$2.3M	$16.8M	50x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0425%	1h	4.4176	long leg	$1.3M	$6.9M	20x
01 Exchange NEARUSD	+0.0448%	1h	4.4211	+0.079%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0483%	1h	4.4202	+0.059%	$360.6M	$312.7M	10x	as long as short
Nado NEAR-PERP	+0.0562%	1h	4.4191	+0.034%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0660%	1h	4.4177	+0.002%	$7.3M	$38.2M	50x	as long as short
Lighter NEAR	+0.0800%	1h	4.4263	+0.197%	$17.4M	$25.3M	15x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4250	+0.168%	$228K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0904%	1h	4.4223	+0.106%	$1.5M	$6.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0926%	1h	4.4265	+0.201%	$1.9M	$13.0M	25x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4335	+0.360%	$1.8M	$2.5M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4198	+0.049%	$422K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4226	+0.113%	$668K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1285%	1h	4.4243	+0.151%	$5K	$12K	10x	as long as short