Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0826%/8h= −90.4% APRpaid last 24h −0.088%

Price spread now: Bybit against Deribit−0.090%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.426%−$43 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now −0.090%, 7d avg −0.110%

Together, before fees−0.525%−$53 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.110%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.426% in total (about -22.2% 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	Deribit NEAR_USDC-PERPETUAL	4.4265	0.0926	pay 0.0116% / 1h	22m 22s	$1.9M	$13.0M	25x
Short	Bybit NEARUSDT	4.4225	0.0100	get 0.0100% / 8h	1h 22m	$224.2M	$430.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$173.46
Price spread: −0.090% → −0.110%: $1.94
Slippage, 4 orders: −$13.94
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$203.46
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	2.71 bp	6.2 bp −$6	16.0 bp −$160	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.13 bp	8.4 bp −$8	12.8 bp −$128	29.7 bp −$2,966	148.7 bp −$74.3K

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	4.4213	−0.117%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4197	−0.154%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4170	−0.215%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.450%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4230	−0.079%	$112K	$484K	50x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.4225	−0.090%	$224.2M	$430.2M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4210	−0.124%	$62.6M	$296.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4350	+0.192%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4211	−0.122%	$35.7M	$61.8M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4240	−0.056%	$53.6M	$45.9M	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	4.4205	−0.136%	$72.6M	$127.6M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4187	−0.176%	$8.8M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4030	−0.531%	$257K	$915K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4010	−0.576%	$166K	$805K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4238	−0.061%	$293K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4250	−0.034%	$59K	$236K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4290	+0.056%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4310	+0.102%	$464K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4220	−0.102%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0104%	8h	4.4234	−0.069%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0108%	8h	4.4030	−0.532%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.4245	−0.045%	$206K	$38K	3x	as long as short
Extended NEAR-USD	+0.0160%	1h	4.4205	−0.135%	$3.7M	$18.3M	25x	as long as short
SoDEX NEAR-USD	+0.0182%	1h	4.4195	−0.158%	$5K	$52K	10x	as long as short
BingX NEAR-USDT	+0.0200%	8h	4.4220	−0.102%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0208%	8h	4.4230	−0.079%	$80.7M	$149.1M	200x	as long as short
Binance NEARUSDT	+0.0209%	8h	4.4257	−0.018%	$270.1M	$1.08B	75x	as long as short
Kalshi KXNEARPERP	+0.0251%	8h	4.4229	−0.081%	$1.0M	$24.9M	2.2x	as long as short
Aster NEARUSDT	+0.0301%	8h	4.4230	−0.079%	$2.8M	$4.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0198%	1h	4.4173	−0.209%	$235K	—	100x	as long as short
BloFin NEAR-USDT	+0.0328%	8h	4.4160	−0.237%	$13.7M	$32.6M	75x	as long as short
Backpack NEAR_USDC_PERP	+0.0420%	1h	4.4209	−0.127%	$1.3M	$6.9M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4274	+0.020%	$2.3M	$16.8M	50x	as long as short
01 Exchange NEARUSD	+0.0448%	1h	4.4211	−0.122%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0483%	1h	4.4264	−0.001%	$361.1M	$312.7M	10x	as long as short
Nado NEAR-PERP	+0.0562%	1h	4.4191	−0.167%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0660%	1h	4.4177	−0.199%	$7.3M	$38.2M	50x	as long as short
Lighter NEAR	+0.0800%	1h	4.4225	−0.091%	$17.4M	$25.3M	15x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4250	−0.034%	$228K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.4246	−0.043%	$1.5M	$6.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0926%	1h	4.4265	long leg	$1.9M	$13.0M	25x
Phoenix NEAR	+0.1003%	1h	4.4335	+0.158%	$1.8M	$2.5M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4254	−0.026%	$422K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4226	−0.089%	$668K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1285%	1h	4.4243	−0.050%	$5K	$12K	10x	as long as short