Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0362%/8h= −39.6% APRpaid last 24h −0.213%

Price spread now: Orderly against Backpack+0.289%7-day average −0.066% · you sell dearer than you buy

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 3 days (all we have)−0.159%−$16 · spread now +0.289%, 7d avg −0.066%

Together, before fees−0.581%−$58 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.356% dearer against Backpack than usual: you sell high and buy low (spread +0.289% now, against its 7-day average of −0.066%): +$36 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.2841	0.0462	pay 0.0058% / 1h	18m 40s	$1.4M	$5.6M	20x
Short	Orderly PERP_NEAR_USDC	4.2965	0.0100	get 0.0100% / 8h	18m 40s	$57K	$194K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.289%Rate

Funding earned: −$76
Price spread: +0.289% → −0.066%: $35.57
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$56.43
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Backpack: live order book, just now; Orderly: 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 Backpack live order book, just now	1.75 bp	6.7 bp −$7	16.2 bp −$162	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	4.2937	+0.224%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2840	−0.002%	$2.3M	$13.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2724	−0.273%	$111K	$62K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2905	+0.149%	$359K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2942	+0.236%	$202K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.340%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0052%	8h	4.2742	−0.231%	$218.0M	$422.5M	75x	as long as short
Variational Omni NEAR	+0.0056%	8h	4.2869	+0.066%	$7.9M	$18.5M	—	as long as short
01 Exchange NEARUSD	+0.0080%	1h	4.2782	−0.138%	$13K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2770	−0.166%	$109K	$495K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDCshort	+0.0100%	8h	4.2965	+0.289%	$57K	$194K	20x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2761	−0.187%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2835	−0.013%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2755	−0.201%	$400K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2773	−0.159%	$252.9M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2750	−0.212%	$60.8M	$286.1M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2790	−0.119%	$196K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2950	+0.254%	$245K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2757	−0.196%	$30.7M	$60.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2780	−0.142%	$77.8M	$142.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2850	+0.021%	$55.7M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2764	−0.180%	$71.0M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2760	−0.189%	—	$140.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2658	−0.427%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2722	−0.278%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2690	−0.352%	$178K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3011	+0.397%	$191K	$3.4M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3010	+0.394%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2875	+0.079%	$4K	$54K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2810	−0.072%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2755	−0.200%	$3.9M	$16.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2945	+0.243%	$203K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0118%	1h	4.2876	+0.081%	$7.6M	$37.5M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2810	−0.072%	$13.0M	$29.4M	75x	as long as short
Lighter RH NEAR	+0.0320%	1h	4.2813	−0.065%	$1.5M	$7.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0314%	1h	4.2931	+0.211%	$275K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2791	−0.116%	$417K	$1.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0425%	1h	4.2995	+0.359%	$1.9M	$2.5M	25x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0462%	1h	4.2841	long leg	$1.4M	$5.6M	20x
Phoenix NEAR	+0.0463%	1h	4.2939	+0.229%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0678%	1h	4.2957	+0.270%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEAR	+0.0715%	1h	4.2853	+0.028%	$366.9M	$299.7M	10x	as long as short
HTX NEAR-USDT	+0.0795%	8h	4.3060	+0.511%	$463K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1148%	1h	4.2803	−0.089%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1672%	1h	4.2890	+0.114%	$16.5M	$23.9M	15x	as long as short