Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1537%/8h= −168.3% APRpaid last 24h −0.078%

Price spread now: Binance against Deribit+0.170%55s7-day average −0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as 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−$310.306% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.397%−$40 on $10k

Price spread, last 4 days (all we have)−0.454%−$45 · spread now +0.170%, 7d avg −0.059%

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

The price spread pays, funding is against you. Binance is 0.229% dearer against Deribit than usual: you sell high and buy low (spread +0.170% now, against its 7-day average of −0.059%): +$23 on $10k if it goes back. Holding the pair costs −$46 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.397% in total) that is about 4.0 days. The two prices were read 55 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 -0.397% in total (about -20.7% 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	Deribit NEAR_USDC-PERPETUAL	4.4115	0.1681	pay 0.0210% / 1h	4m 19s	$2.0M	$12.1M	25x
Short	Binance NEARUSDT	4.4190	0.0144	get 0.0144% / 8h	2h 04m	$268.6M	$1.09B	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.170%Rate

Funding earned: −$322.78
Price spread: +0.170% → −0.059%: $22.89
Slippage, 4 orders: −$13.58
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$330.47
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Binance: live order book, 10 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 Deribit live order book, 5 min ago	3.08 bp	8.4 bp −$8	16.5 bp −$165	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	1.15 bp	7.9 bp −$8	12.9 bp −$129	32.9 bp −$3,291	107.5 bp −$53.7K

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	4.4107	−0.017%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4099	−0.037%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4128	+0.031%	$166K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.132%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4170	+0.125%	$117K	$497K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4160	+0.102%	$221.9M	$423.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4140	+0.057%	$62.3M	$294.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3500	−1.394%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4143	+0.063%	$33.7M	$61.3M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4200	+0.193%	$53.3M	$46.0M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4110	−0.011%	$72.8M	$127.0M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4197	+0.186%	$8.9M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4038	−0.175%	$257K	$964K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4185	+0.159%	$272K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4168	+0.120%	$58K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4130	+0.034%	$1K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4180	+0.147%	$468K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4070	−0.102%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4101	−0.032%	$32K	$608	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0111%	8h	4.4060	−0.125%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0112%	1h	4.4080	−0.079%	$205K	$40K	3x	as long as short
BingX NEAR-USDC	+0.0130%	8h	4.4160	+0.102%	—	$6.7M	—	as long as short
MEXC NEAR_USDT	+0.0142%	8h	4.4140	+0.057%	$83.8M	$146.6M	200x	as long as short
Binance NEARUSDTshort	+0.0144%	8h	4.4190	+0.170%	$268.6M	$1.09B	75x
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.4121	+0.014%	$2.3M	$16.3M	50x	as long as short
BloFin NEAR-USDT	+0.0262%	8h	4.4150	+0.079%	$13.3M	$32.6M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0314% / S −0.0201%	1h	4.4133	+0.040%	$236K	—	100x	as long as short
Kalshi KXNEARPERP	+0.0314%	8h	4.4234	+0.270%	$1.0M	$24.7M	2.2x	as long as short
Aster NEARUSDT	+0.0342%	8h	4.4199	+0.191%	$2.9M	$5.2M	50x	as long as short
Nado NEAR-PERP	+0.0391%	1h	4.4135	+0.045%	$1.7M	$3.2M	10x	as long as short
ApeX Omni NEARUSDT	+0.0434%	1h	4.4030	−0.193%	$168K	$797K	50x	as long as short
Extended NEAR-USD	+0.0456%	1h	4.4139	+0.054%	$3.7M	$19.2M	25x	as long as short
SoDEX NEAR-USD	+0.0498%	1h	4.4085	−0.068%	$5K	$52K	10x	as long as short
Hyperliquid NEAR	+0.0678%	1h	4.4170	+0.125%	$363.4M	$311.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0698%	1h	4.4127	+0.027%	$1.3M	$6.5M	20x	as long as short
01 Exchange NEARUSD	+0.0712%	1h	4.4229	+0.258%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0717%	1h	4.4081	−0.077%	$7.3M	$39.2M	50x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.4210	+0.215%	$226K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.4124	+0.021%	$404K	$1.4M	10x	as long as short
Lighter NEAR	+0.0928%	1h	4.4150	+0.079%	$17.3M	$25.3M	15x	as long as short
Phoenix NEAR	+0.1033%	1h	4.4241	+0.286%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1112%	1h	4.4146	+0.070%	$1.5M	$7.5M	10x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.4204	+0.201%	$703K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1247%	1h	4.3901	−0.484%	$5K	$12K	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.1681%	1h	4.4115	long leg	$2.0M	$12.1M	25x