Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0383%/8h= +41.9% APRpaid last 24h +0.160%

Price spread now: Phoenix against Bybit+0.066%7-day average +0.225% · you sell dearer than you buy

Net, funding: paid 7d − costs+$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.752%+$75 on $10k

Price spread, last 7 days+0.098%+$10 · spread now +0.066%, 7d avg +0.225%

Together, before fees+0.851%+$85 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.159% cheaper against Bybit than usual: you would sell low and buy high (spread +0.066% now, against its 7-day average of +0.225%). If the spread goes back, that is −$16 on $10k: about 33 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NEARUSDT	4.2689	0.0081	pay 0.0081% / 8h	39m 06s	$218.8M	$421.9M	75x
Short	Phoenix NEAR	4.2717	0.0463	get 0.0058% / 1h	39m 06s	$1.8M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.066%Rate

Funding earned: $80.34
Price spread: +0.066% → +0.225%: −$15.9
Slippage, 4 orders: −$23.17
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $23.27
Costs to cover: 0.412%
Break-even: 5.0 days

Slippage from Bybit: live order book, 5 min ago; Phoenix: live order book, 4 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, 5 min ago	1.18 bp	8.7 bp −$9	12.4 bp −$124	36.2 bp −$3,619	150.3 bp −$75.2K
Sell Phoenix live order book, 4 min ago	0.93 bp	11.8 bp −$12	20.7 bp −$207	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	4.2705	+0.037%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2738	+0.115%	$2.2M	$13.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2743	+0.126%	$111K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2792	+0.241%	$399K	$18.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2753	+0.150%	$203K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−2.996%	$578	$302K	12x	as long as short
Bybit NEARUSDTlong	+0.0081%	8h	4.2689	long leg	$218.8M	$421.9M	75x
Variational Omni NEAR	+0.0087%	8h	4.2660	−0.069%	$7.8M	$18.2M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2740	+0.119%	$109K	$495K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2733	+0.104%	$31K	$647	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NEARUSDT	+0.0100%	8h	4.2762	+0.171%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2757	+0.160%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2713	+0.056%	$253.0M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2710	+0.049%	$60.8M	$285.2M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2750	+0.143%	$202K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2674	−0.035%	$243K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2717	+0.066%	$30.1M	$59.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2720	+0.073%	$78.2M	$141.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2740	+0.119%	$55.9M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2705	+0.037%	$70.9M	$126.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2700	+0.026%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2660	−0.069%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2670	−0.045%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2710	+0.049%	$178K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2756	+0.157%	$198K	$3.4M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2762	+0.171%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2780	+0.213%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2725	+0.084%	$13K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2730	+0.096%	$3.9M	$8.4M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2727	+0.088%	$3.9M	$15.9M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2750	+0.143%	$206K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2756	+0.157%	$7.6M	$37.2M	50x	as long as short
01 Exchange NEARUSD	+0.0144%	1h	4.2751	+0.145%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2730	+0.096%	$13.0M	$30.7M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0374% / S −0.0313%	1h	4.2760	+0.166%	$274K	—	100x	as long as short
Lighter RH NEAR	+0.0384%	1h	4.2782	+0.218%	$1.5M	$7.0M	10x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2768	+0.185%	$412K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0445%	1h	4.2775	+0.201%	$1.4M	$5.6M	20x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0452%	1h	4.2793	+0.244%	$1.9M	$2.3M	25x	as long as short
Phoenix NEARshort	+0.0463%	1h	4.2717	+0.066%	$1.8M	$2.7M	10x
Nado NEAR-PERP	+0.0764%	1h	4.2719	+0.070%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0853%	8h	4.2840	+0.354%	$459K	$3.7M	75x	as long as short
Hyperliquid NEAR	+0.0969%	1h	4.2791	+0.239%	$367.6M	$298.1M	10x	as long as short
Aftermath Perps NEARUSD	+0.1189%	1h	4.2797	+0.253%	$5K	$11K	10x	as long as short
Lighter NEAR	+0.1776%	1h	4.2825	+0.320%	$16.4M	$23.7M	15x	as long as short