Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0612%/8h= +67.0% APRpaid last 24h +0.105%

Price spread now: Kraken Futures against Bybit+0.144%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now +0.144%, 7d avg +0.069%

Together, before fees+0.333%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Kraken Futures is 0.075% dearer against Bybit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.069%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.224% in total (about 11.7% 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	4.3252	0.0100	pay 0.0100% / 8h	3h 41m	$215.2M	$428.6M	75x
Short	Kraken Futures PF_NEARUSD	4.3314	0.0712	get 0.0089% / 1h	41m 14s	$7.6M	$39.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.144%Rate

Funding earned: $128.42
Price spread: +0.144% → +0.069%: $7.51
Slippage, 4 orders: −$23.79
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $91.13
Costs to cover: 0.448%
Break-even: 2.0 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: 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	1.16 bp	9.0 bp −$9	14.9 bp −$149	31.8 bp −$3,181	107.0 bp −$53.5K
Sell Kraken Futures live order book, 3 min ago	8.90 bp	13.9 bp −$14	16.1 bp −$161	48.0 bp −$4,799	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	4.3170	−0.188%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3091	−0.372%	$106K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3166	−0.198%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.259%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3316	+0.148%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3150	−0.236%	$107K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3310	+0.134%	$265.7M	$1.10B	75x	as long as short
Bybit NEARUSDTlong	+0.0100%	8h	4.3252	long leg	$215.2M	$428.6M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3240	−0.028%	$61.4M	$291.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3400	+0.342%	$247K	−$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	4.3188	−0.148%	$31.8M	$60.9M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3260	+0.018%	$73.1M	$144.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3200	−0.120%	$53.6M	$46.3M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3202	−0.116%	$71.1M	$128.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3200	−0.120%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3397	+0.336%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3357	+0.242%	$254K	$947K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3214	−0.087%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3400	+0.342%	$167K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3154	−0.227%	$271K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3231	−0.049%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3280	+0.065%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3360	+0.250%	$470K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3300	+0.111%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3084	−0.388%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3244	−0.019%	$201K	$37K	3x	as long as short
Kalshi KXNEARPERP	+0.0145%	8h	4.3047	−0.474%	$724K	$23.5M	2.2x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3280	+0.065%	$13.7M	$32.1M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3117	−0.313%	$409K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0312%	8h	4.3175	−0.179%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0194%	1h	4.3172	−0.185%	$231K	—	100x	as long as short
SoDEX NEAR-USD	+0.0406%	1h	4.3272	+0.046%	$8K	$49K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0501%	1h	4.3095	−0.363%	$1.4M	$6.6M	20x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3174	−0.180%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0598%	1h	4.3198	−0.125%	$354.4M	$321.0M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3160	−0.213%	$211K	$1.6M	10x	as long as short
Nado NEAR-PERP	+0.0671%	1h	4.3147	−0.243%	$1.8M	$3.1M	10x	as long as short
Extended NEAR-USD	+0.0680%	1h	4.3259	+0.017%	$3.8M	$19.8M	25x	as long as short
Kraken Futures PF_NEARUSDshort	+0.0712%	1h	4.3314	+0.144%	$7.6M	$39.3M	50x
Lighter RH NEAR	+0.0872%	1h	4.3366	+0.264%	$1.5M	$7.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0908%	1h	4.3235	−0.039%	$1.9M	$8.9M	25x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3302	+0.116%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1152%	1h	4.3366	+0.264%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3155	−0.224%	$654K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1576%	1h	4.3318	+0.153%	$5K	$12K	10x	as long as short