Funding you earn now, next payment 01:00 UTC−0.0200%/8h= −21.8% APRnext payment −$0.25 per $10,000 · paid last 24h −0.064%
Price spread now: Phoenix against Backpack+0.904%80s7-day average −0.562% · you sell dearer than you buy
Net, funding: paid 7d − costs−$7as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$400.404% of the position
Funding, last 7 days+0.333%+$33 on $10k
+Price spread, last 7 days+0.095%+$9 · spread now +0.904%, 7d avg −0.562%
=The price spread pays, funding is against you. Phoenix is 1.466% dearer against Backpack than usual: you sell high and buy low (spread +0.904% now, against its 7-day average of −0.562%): +$147 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 24 days. Mind the row above: over the last 7 days funding on this pair paid +0.333%, so the current rate has only just turned against you. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack NEAR_USDC_PERP | 4.3143 | 0.0792 | pay 0.0099% / 1h | 42m 08s | $1.4M | $6.0M | 20x |
| Short | Phoenix NEAR | 4.3533 | 0.0592 | get 0.0074% / 1h | 42m 08s | $1.8M | $2.6M | 10x |
Backpack NEAR_USDC_PERP
Phoenix NEARFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$41.9
- Price spread: +0.904% → −0.562%
- $146.59
- Slippage, 4 orders
- −$23.4
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $64.29
- Costs to cover
- 0.404%
- Break-even
- from the start
Slippage from Backpack: live order book, 2 min ago; Phoenix: live order book, 11 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 | 2.66 bp | 7.7 bp −$8 | 16.8 bp −$168 | doesn't fit | doesn't fit |
| Sell Phoenix live order book, 11 min ago | 0.92 bp | 11.7 bp −$12 | 23.8 bp −$238 | 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 | 4.3017 | −0.292% | $2K | — | 20x | as long as short |
| Coinbase International NEAR-PERP-INTX | −0.0064% | 1h | 4.3068 | −0.174% | $2.1M | $13.5M | 50x | as long as short |
| dYdX NEAR-USD | 0.0000% | 1h | 4.3024 | −0.277% | $107K | $69K | 10x | as long as short |
| Kalshi KXNEARPERP | 0.0000% | 8h | 4.3035 | −0.250% | $510K | $19.5M | 2.2x | as long as short |
| gTrade (Gains Network) NEAR/USD | L +0.0004% / S −0.0004% | 1h | 4.3038 | −0.244% | $200K | — | 150x | as long as short |
| Injective NEAR/USDC PERP | +0.0033% | 1h | 4.1410 | −4.017% | $578 | $302K | 12x | as long as short |
| Variational Omni NEAR | +0.0040% | 8h | 4.3438 | +0.684% | $8.2M | $19.1M | — | as long as short |
| Popdex NEARUSDT | +0.0096% | 1h | 4.3010 | −0.308% | $115K | $477K | 50x | as long as short |
| Orderly PERP_NEAR_USDC | +0.0099% | 8h | 4.3084 | −0.137% | $57K | $161K | 20x | as long as short |
| Aster NEARUSDT | +0.0100% | 8h | 4.3049 | −0.219% | $3.0M | $5.8M | 50x | as long as short |
Reya NEARRUSDPERP
Coinbase International NEAR-PERP-INTX
dYdX NEAR-USD
Kalshi KXNEARPERP
gTrade (Gains Network) NEAR/USD
Injective NEAR/USDC PERP
Variational Omni NEAR
Popdex NEARUSDT
Orderly PERP_NEAR_USDC
Aster NEARUSDTShow all 45 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Pacifica NEAR | +0.0100% | 1h | 4.3007 | −0.315% | $407K | $1.2M | 10x | as long as short |
| Binance NEARUSDT | +0.0100% | 8h | 4.3087 | −0.129% | $257.9M | $1.06B | 75x | as long as short |
| Bybit NEARUSDT | +0.0100% | 8h | 4.3090 | −0.123% | $219.1M | $419.3M | 75x | as long as short |
| OKX NEAR-USDT-SWAP | +0.0100% | 8h | 4.3120 | −0.053% | $60.8M | $279.1M | 50x | as long as short |
| Arcus NEAR-USD | +0.0100% | 1h | 4.3070 | −0.169% | $204K | $1.8M | 10x | as long as short |
| Bulk NEAR-USD | +0.0100% | 1h | 4.3300 | +0.364% | $247K | −$0 | 10x | as long as short |
| Gate NEAR_USDT | +0.0100% | 8h | 4.3021 | −0.283% | $30.9M | $60.4M | 75x | as long as short |
| MEXC NEAR_USDT | +0.0100% | 8h | 4.3120 | −0.053% | $75.7M | $137.6M | 200x | as long as short |
| KuCoin NEARUSDTM | +0.0100% | 8h | 4.3090 | −0.123% | $55.4M | $42.7M | 75x | as long as short |
| Bitget NEARUSDT | +0.0100% | 8h | 4.3084 | −0.137% | $71.3M | $123.5M | 75x | as long as short |
| BingX NEAR-USDT | +0.0100% | 8h | 4.3110 | −0.076% | — | $142.5M | — | as long as short |
| edgeX NEARUSDC | +0.0100% | 4h | 4.3320 | +0.410% | $260K | $1.0M | 20x | as long as short |
| GRVT NEAR_USDT_Perp | +0.0100% | 8h | 4.3386 | +0.563% | $1.4M | $1.3M | 10x | as long as short |
| ApeX Omni NEARUSDT | +0.0100% | 1h | 4.3310 | +0.387% | $179K | $778K | 50x | as long as short |
| Polymarket Perps NEAR-USD | +0.0100% | 1h | 4.3031 | −0.260% | $214K | $3.5M | 10x | as long as short |
| SunX NEAR-USDT | +0.0100% | 8h | 4.3150 | +0.016% | $2K | $1.4M | 20x | as long as short |
| SoDEX NEAR-USD | +0.0100% | 1h | 4.3055 | −0.204% | $5K | $51K | 10x | as long as short |
| HTX NEAR-USDT | +0.0100% | 8h | 4.3060 | −0.192% | $438K | $3.9M | 75x | as long as short |
| Phemex NEARUSDT | +0.0100% | 8h | 4.3070 | −0.169% | $3.8M | $8.3M | 50x | as long as short |
| Paradex NEAR-USD-PERP | +0.0100% | 8h | 4.2947 | −0.455% | $31K | $608 | 10x | as long as short |
| Extended NEAR-USD | +0.0104% | 1h | 4.3044 | −0.229% | $3.8M | $17.4M | 25x | as long as short |
| Aevo NEAR-PERP | +0.0104% | 1h | 4.3069 | −0.171% | $201K | $34K | 3x | as long as short |
| Kraken Futures PF_NEARUSD | +0.0220% | 1h | 4.3089 | −0.125% | $7.9M | $40.0M | 50x | as long as short |
| BloFin NEAR-USDT | +0.0220% | 8h | 4.3220 | +0.178% | $13.2M | $27.6M | 75x | as long as short |
| GMX NEAR/USD [ETH-USDC] | L +0.0358% / S −0.0277% | 1h | 4.3027 | −0.268% | $258K | — | 100x | as long as short |
| 01 Exchange NEARUSD | +0.0384% | 1h | 4.3051 | −0.213% | $13K | $7K | 10x | as long as short |
| Nado NEAR-PERP | +0.0436% | 1h | 4.3015 | −0.297% | $1.9M | $3.0M | 10x | as long as short |
| RISEx NEAR/USDC | +0.0509% | 1h | 4.3067 | −0.176% | $536K | $1.3M | 10x | as long as short |
| Phoenix NEARshort | +0.0592% | 1h | 4.3533 | +0.904% | $1.8M | $2.6M | 10x | |
| Lighter RH NEAR | +0.0664% | 1h | 4.3152 | +0.021% | $1.6M | $6.9M | 10x | as long as short |
| Deribit NEAR_USDC-PERPETUAL | +0.0726% | 1h | 4.3092 | −0.118% | $1.9M | $4.1M | 25x | as long as short |
| Hyperliquid NEAR | +0.0775% | 1h | 4.3098 | −0.104% | $362.6M | $305.5M | 10x | as long as short |
| Backpack NEAR_USDC_PERPlong | +0.0792% | 1h | 4.3143 | long leg | $1.4M | $6.0M | 20x | |
| Lighter NEAR | +0.1448% | 1h | 4.3179 | +0.083% | $17.2M | $24.6M | 15x | as long as short |
| Aftermath Perps NEARUSD | +0.1475% | 1h | 4.3205 | +0.143% | $5K | $12K | 10x | as long as short |
Pacifica NEAR
Binance NEARUSDT
Bybit NEARUSDT
OKX NEAR-USDT-SWAP
Arcus NEAR-USD
Bulk NEAR-USD
Gate NEAR_USDT
MEXC NEAR_USDT
KuCoin NEARUSDTM
Bitget NEARUSDT
BingX NEAR-USDT
edgeX NEARUSDC
GRVT NEAR_USDT_Perp
ApeX Omni NEARUSDT
Polymarket Perps NEAR-USD
SunX NEAR-USDT
SoDEX NEAR-USD
HTX NEAR-USDT
Phemex NEARUSDT
Paradex NEAR-USD-PERP
Extended NEAR-USD
Aevo NEAR-PERP
Kraken Futures PF_NEARUSD
BloFin NEAR-USDT
GMX NEAR/USD [ETH-USDC]
01 Exchange NEARUSD
Nado NEAR-PERP
RISEx NEAR/USDC
Lighter RH NEAR
Deribit NEAR_USDC-PERPETUAL
Hyperliquid NEAR
Lighter NEAR
Aftermath Perps NEARUSD