Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0824%/8h= +90.2% APRpaid last 24h +0.082%

Price spread now: Deribit against Bybit+0.060%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 4 days (all we have)+0.226%+$23 · spread now +0.060%, 7d avg +0.104%

Together, before fees+0.635%+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.044% cheaper against Bybit than usual: you would sell low and buy high (spread +0.060% now, against its 7-day average of +0.104%). If the spread goes back, that is −$4 on $10k: about 4 hours of funding at the current rate (+$25 a day). At the pace of the last 7 days (+0.410% in total) that is about 18 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.410% in total (about 21.4% 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	4.3458	0.0100	pay 0.0100% / 8h	3h 17m	$214.9M	$426.0M	75x
Short	Deribit NEAR_USDC-PERPETUAL	4.3484	0.0924	get 0.0116% / 1h	17m 56s	$1.9M	$9.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.060%Rate

Funding earned: $173.04
Price spread: +0.060% → +0.104%: −$4.44
Slippage, 4 orders: −$17.75
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $132.85
Costs to cover: 0.357%
Break-even: 1.6 days

Slippage from Bybit: live order book, 1 min ago; Deribit: live order book, 1 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, 1 min ago	1.15 bp	8.2 bp −$8	13.1 bp −$131	32.4 bp −$3,241	112.1 bp −$56.0K
Sell Deribit live order book, 1 min ago	4.72 bp	8.5 bp −$8	14.4 bp −$144	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	4.3399	−0.135%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3381	−0.177%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3429	−0.067%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.713%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3516	+0.133%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3400	−0.133%	$110K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3510	+0.120%	$266.1M	$1.09B	75x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.3458	long leg	$214.9M	$426.0M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3470	+0.028%	$61.5M	$289.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.478%	$246K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3465	+0.016%	$32.1M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3520	+0.143%	$74.1M	$146.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3510	+0.120%	$53.9M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3471	+0.030%	$71.7M	$127.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3480	+0.051%	—	$144.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3327	−0.300%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3370	−0.202%	$253K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3370	−0.202%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3370	−0.202%	$167K	$795K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3448	−0.023%	$275K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3484	+0.060%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3510	+0.120%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3560	+0.235%	$472K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3510	+0.120%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3405	−0.123%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3483	+0.059%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3430	−0.064%	$13.5M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3424	−0.077%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0288%	8h	4.3412	−0.106%	$873K	$23.4M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3423	−0.080%	$234K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.3504	+0.107%	$2.9M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0361%	1h	4.3455	−0.007%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3460	+0.005%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0566%	1h	4.3423	−0.080%	$1.8M	$3.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0586%	1h	4.3512	+0.124%	$1.3M	$6.7M	20x	as long as short
Hyperliquid NEAR	+0.0592%	1h	4.3520	+0.143%	$356.3M	$314.3M	10x	as long as short
Extended NEAR-USD	+0.0600%	1h	4.3453	−0.011%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3470	+0.028%	$214K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0709%	1h	4.3472	+0.033%	$7.6M	$39.0M	50x	as long as short
Lighter RH NEAR	+0.0896%	1h	4.3539	+0.186%	$1.5M	$7.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUALshort	+0.0924%	1h	4.3484	+0.060%	$1.9M	$9.5M	25x
Phoenix NEAR	+0.0941%	1h	4.3290	−0.387%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1104%	1h	4.3524	+0.151%	$17.5M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3436	−0.050%	$686K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1559%	1h	4.3475	+0.038%	$5K	$13K	10x	as long as short