Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.217%

Price spread now: Variational Omni against Backpack−0.230%7-day average −0.735% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.309%−$31 on $10k

Price spread, last 7 days+1.629%+$163 · spread now −0.230%, 7d avg −0.735%

Together, before fees+1.321%+ Points / potential airdropVariational Omni: Active · farm board+$132 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.505% dearer against Backpack than usual: you sell high and buy low (spread −0.230% now, against its 7-day average of −0.735%): +$50 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.2568	0.0442	pay 0.0055% / 1h	23m 44s	$1.4M	$5.6M	20x
Short	Variational Omni NEAR	4.2470	0.0062	get 0.0062% / 8h	23m 44s	$7.9M	$18.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.230%Rate

Funding earned: −$79.73
Price spread: −0.230% → −0.735%: $50.46
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$39.27
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, just now; Variational Omni: RFQ quote, just now. 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	0.94 bp	7.9 bp −$8	17.6 bp −$176	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, just now	3.88 bp	doesn't fit	9.3 bp −$93	34.0 bp −$3,395	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	4.2496	−0.170%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2459	−0.256%	$2.2M	$13.0M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2549	−0.046%	$110K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2505	−0.148%	$331K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2506	−0.146%	$200K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.720%	$578	$302K	12x	as long as short
Variational Omni NEARshort	+0.0062%	8h	4.2470	−0.230%	$7.9M	$18.4M	—
Bybit NEARUSDT	+0.0064%	8h	4.2564	−0.009%	$217.3M	$422.0M	75x	as long as short
01 Exchange NEARUSD	+0.0080%	1h	4.2571	+0.007%	$12K	$7K	10x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2540	−0.066%	$108K	$496K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2554	−0.034%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2570	+0.005%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2532	−0.084%	$398K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2587	+0.045%	$252.2M	$1.08B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2550	−0.042%	$60.6M	$284.7M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2550	−0.042%	$195K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2551	−0.040%	$242K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2572	+0.009%	$30.6M	$59.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2590	+0.052%	$77.6M	$141.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2580	+0.028%	$55.3M	$43.4M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2570	+0.005%	$70.7M	$126.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2570	+0.005%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2605	+0.088%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2778	+0.494%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2630	+0.146%	$178K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2547	−0.049%	$195K	$3.4M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2499	−0.162%	$56K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2590	+0.052%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2470	−0.230%	$12K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2500	−0.160%	$3.8M	$8.6M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2520	−0.114%	$3.9M	$16.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2474	−0.220%	$200K	$66K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2492	−0.179%	$7.3M	$37.3M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2440	−0.301%	$13.0M	$29.2M	75x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0268%	1h	4.2516	−0.122%	$1.8M	$2.5M	25x	as long as short
Lighter RH NEAR	+0.0328%	1h	4.2638	+0.164%	$1.5M	$7.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0375% / S −0.0314%	1h	4.2513	−0.129%	$273K	—	100x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2541	−0.064%	$414K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0442%	1h	4.2568	long leg	$1.4M	$5.6M	20x
Phoenix NEAR	+0.0463%	1h	4.2668	+0.235%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0717%	1h	4.2505	−0.148%	$1.9M	$3.4M	10x	as long as short
Hyperliquid NEAR	+0.0739%	1h	4.2642	+0.174%	$366.3M	$298.4M	10x	as long as short
HTX NEAR-USDT	+0.0810%	8h	4.2590	+0.052%	$458K	$3.7M	75x	as long as short
Aftermath Perps NEARUSD	+0.1164%	1h	4.2603	+0.081%	$6K	$11K	10x	as long as short
Lighter NEAR	+0.1720%	1h	4.2719	+0.355%	$16.4M	$23.8M	15x	as long as short