Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0602%/8h= −65.9% APRpaid last 24h −0.217%

Price spread now: SunX against Backpack+0.106%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1461.461% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.390%−$39 on $10k

Price spread, last 4 days (all we have)+0.235%+$23 · spread now +0.106%, 7d avg +0.076%

Together, before fees−0.155%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.030% dearer against Backpack than usual: you sell high and buy low (spread +0.106% now, against its 7-day average of +0.076%): +$3 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.390% in total) that is about 13 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.390% in total (about -20.3% 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	4.4493	0.0702	pay 0.0088% / 1h	1m 37s	$1.3M	$6.5M	20x
Short	SunX NEAR-USDT	4.4540	0.0100	get 0.0100% / 8h	2h 01m	$1K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$126.37
Price spread: +0.106% → +0.076%: $3.01
Slippage, 4 orders: −$128.08
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$269.45
Costs to cover: 1.461%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; SunX: 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	2.15 bp	7.7 bp −$8	16.0 bp −$160	doesn't fit	doesn't fit
Sell SunX live order book, 2 min ago	30.50 bp	81.4 bp −$81	doesn't fit	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	4.4397	−0.215%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4367	−0.284%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4446	−0.105%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.929%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4390	−0.231%	$113K	$501K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4400	−0.209%	$223.5M	$422.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4400	−0.209%	$62.7M	$296.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4419	−0.165%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4399	−0.211%	$34.0M	$61.4M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4420	−0.164%	$53.5M	$46.0M	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	4.4392	−0.227%	$73.3M	$127.0M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4197	−0.665%	$8.9M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4253	−0.538%	$258K	$966K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4433	−0.135%	$273K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4489	−0.009%	$58K	$243K	20x	as long as short
SunX NEAR-USDTshort	+0.0100%	8h	4.4540	+0.106%	$1K	$1.3M	20x
HTX NEAR-USDT	+0.0100%	8h	4.4500	+0.016%	$474K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4440	−0.119%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4402	−0.205%	$32K	$608	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0116%	8h	4.4341	−0.341%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4505	+0.027%	$207K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0144%	8h	4.4430	−0.142%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0146%	8h	4.4450	−0.097%	$85.0M	$147.0M	200x	as long as short
Binance NEARUSDT	+0.0153%	8h	4.4427	−0.148%	$269.4M	$1.09B	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.4545	+0.117%	$2.3M	$16.5M	50x	as long as short
BloFin NEAR-USDT	+0.0264%	8h	4.4300	−0.434%	$13.4M	$32.7M	75x	as long as short
Kalshi KXNEARPERP	+0.0312%	8h	4.4459	−0.076%	$1.1M	$24.7M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.4444	−0.111%	$238K	—	100x	as long as short
Aster NEARUSDT	+0.0345%	8h	4.4400	−0.209%	$2.9M	$5.1M	50x	as long as short
Nado NEAR-PERP	+0.0387%	1h	4.4389	−0.235%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0448%	1h	4.4418	−0.168%	$3.7M	$19.2M	25x	as long as short
ApeX Omni NEARUSDT	+0.0450%	1h	4.4150	−0.771%	$167K	$803K	50x	as long as short
SoDEX NEAR-USD	+0.0497%	1h	4.4455	−0.085%	$5K	$52K	10x	as long as short
Hyperliquid NEAR	+0.0691%	1h	4.4471	−0.049%	$366.0M	$311.7M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0702%	1h	4.4493	long leg	$1.3M	$6.5M	20x
01 Exchange NEARUSD	+0.0704%	1h	4.4468	−0.056%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0711%	1h	4.4456	−0.083%	$7.4M	$39.1M	50x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.4470	−0.052%	$223K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.4422	−0.160%	$407K	$1.4M	10x	as long as short
Lighter NEAR	+0.0928%	1h	4.4480	−0.028%	$17.4M	$25.3M	15x	as long as short
Phoenix NEAR	+0.1033%	1h	4.4241	−0.566%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1112%	1h	4.4478	−0.034%	$1.5M	$7.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1122%	1h	4.4508	+0.034%	$2.0M	$12.1M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.4449	−0.099%	$691K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1239%	1h	4.4037	−1.026%	$5K	$12K	10x	as long as short