Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0388%/8h= +42.5% APRpaid last 24h −0.018%

Price spread now: Coinbase International against Bybit+0.067%54s7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as 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−$400.399% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.067%, 7d avg +0.020%

Together, before fees−0.097%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Coinbase International is 0.046% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.020%. Mind the row above: over the last 7 days funding on this pair cost −0.157%, so the current rate has only just turned in your favour. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.157% in total (about -8.2% 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	Bybit NEARUSDT	4.3474	0.0100	pay 0.0100% / 8h	51m 26s	$219.6M	$431.3M	75x
Short	Coinbase International NEAR-PERP-INTX	4.3503	0.0488	get 0.0061% / 1h	51m 26s	$2.3M	$16.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.067%Rate

Funding earned: $81.48
Price spread: +0.067% → +0.020%: $4.64
Slippage, 4 orders: −$18.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $46.22
Costs to cover: 0.399%
Break-even: 3.0 days

Slippage from Bybit: live order book, 3 min ago; Coinbase International: live order book, 3 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 Bybit live order book, 3 min ago	1.15 bp	9.0 bp −$9	13.0 bp −$130	32.2 bp −$3,221	138.3 bp −$69.1K
Sell Coinbase International live order book, 3 min ago	3.81 bp	9.1 bp −$9	14.9 bp −$149	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	4.3458	−0.037%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3421	−0.121%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3466	−0.019%	$163K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0017%	1h	4.3467	−0.017%	$7.1M	$38.3M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.748%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3460	−0.032%	$106K	$491K	50x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.3474	long leg	$219.6M	$431.3M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3470	−0.009%	$61.1M	$292.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3150	−0.744%	$246K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3465	−0.021%	$35.4M	$61.7M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3490	+0.037%	$52.7M	$45.9M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3469	−0.012%	$72.0M	$128.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3187	−0.660%	$8.6M	$18.7M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3324	−0.345%	$251K	$898K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3380	−0.216%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3330	−0.331%	$163K	$805K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3482	+0.018%	$281K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3490	+0.037%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3470	−0.009%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3475	+0.002%	$5K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3550	+0.175%	$454K	$3.8M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3480	+0.014%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.3440	−0.079%	$31K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3434	−0.092%	$3.6M	$17.6M	25x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.3497	+0.054%	$202K	$38K	3x	as long as short
BingX NEAR-USDC	+0.0202%	8h	4.3490	+0.037%	—	$6.7M	—	as long as short
Kalshi KXNEARPERP	+0.0205%	8h	4.3352	−0.281%	$945K	$25.1M	2.2x	as long as short
MEXC NEAR_USDT	+0.0215%	8h	4.3480	+0.014%	$80.2M	$148.7M	200x	as long as short
Binance NEARUSDT	+0.0215%	8h	4.3507	+0.077%	$264.3M	$1.09B	75x	as long as short
Aster NEARUSDT	+0.0236%	8h	4.3490	+0.037%	$2.7M	$4.8M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.3439	−0.081%	$233K	—	100x	as long as short
BloFin NEAR-USDT	+0.0335%	8h	4.3340	−0.308%	$13.4M	$32.0M	75x	as long as short
01 Exchange NEARUSD	+0.0376%	1h	4.3491	+0.039%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0398%	1h	4.3460	−0.032%	$1.7M	$3.2M	10x	as long as short
Coinbase International NEAR-PERP-INTXshort	+0.0488%	1h	4.3503	+0.067%	$2.3M	$16.7M	50x
Backpack NEAR_USDC_PERP	+0.0502%	1h	4.3476	+0.005%	$1.2M	$7.0M	20x	as long as short
Hyperliquid NEAR	+0.0532%	1h	4.3509	+0.081%	$352.5M	$315.1M	10x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3490	+0.037%	$229K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0736%	1h	4.3511	+0.085%	$1.5M	$6.6M	10x	as long as short
Lighter NEAR	+0.0928%	1h	4.3524	+0.116%	$17.2M	$24.9M	15x	as long as short
Pacifica NEAR	+0.0949%	1h	4.3464	−0.023%	$409K	$1.5M	10x	as long as short
Phoenix NEAR	+0.0949%	1h	4.3382	−0.212%	$1.8M	$2.4M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3475	+0.001%	$645K	$1.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1061%	1h	4.3519	+0.104%	$1.9M	$13.0M	25x	as long as short
Aftermath Perps NEARUSD	+0.1300%	1h	4.3363	−0.254%	$5K	$10K	10x	as long as short