Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0800%/8h= −87.6% APRpaid last 24h −0.080%

Price spread now: edgeX against Deribit+0.050%75s7-day average −0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as 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−$400.401% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.365%−$36 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now +0.050%, 7d avg −0.069%

Together, before fees−0.496%+ Points / potential airdropedgeX: Active · farm board−$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.119% dearer against Deribit than usual: you sell high and buy low (spread +0.050% now, against its 7-day average of −0.069%): +$12 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.365% in total) that is about 2.3 days. The two prices were read 75 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 -0.365% in total (about -19.0% 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	4.4412	0.0900	pay 0.0112% / 1h	51m 41s	$1.9M	$12.2M	25x
Short	edgeX NEARUSDC	4.4434	0.0100	get 0.0050% / 4h	1h 51m	$260K	$963K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$168
Price spread: +0.050% → −0.069%: $11.87
Slippage, 4 orders: −$24.09
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$196.22
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; edgeX: live order book, 47 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	3.71 bp	7.2 bp −$7	50.0 bp −$500	doesn't fit	doesn't fit
Sell edgeX live order book, 47 min ago	6.99 bp	11.9 bp −$12	26.2 bp −$262	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	4.4378	−0.076%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4467	+0.125%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4379	−0.074%	$167K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.759%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4330	−0.185%	$114K	$494K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4500	+0.198%	$227.3M	$424.7M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4480	+0.153%	$62.5M	$296.1M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−0.103%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4394	−0.041%	$34.5M	$59.8M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4520	+0.243%	$53.7M	$45.8M	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	4.4480	+0.153%	$73.7M	$126.1M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4407	−0.011%	$8.9M	$18.5M	—	as long as short
edgeX NEARUSDCshort	+0.0100%	4h	4.4434	+0.050%	$260K	$963K	20x
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4418	+0.014%	$278K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4401	−0.025%	$58K	$233K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4420	+0.018%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4480	+0.153%	$462K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4360	−0.117%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0103%	8h	4.4489	+0.174%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0120%	8h	4.4450	+0.086%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4395	−0.038%	$206K	$40K	3x	as long as short
BingX NEAR-USDC	+0.0154%	8h	4.4500	+0.198%	—	$6.7M	—	as long as short
MEXC NEAR_USDT	+0.0167%	8h	4.4500	+0.198%	$85.2M	$144.1M	200x	as long as short
Binance NEARUSDT	+0.0170%	8h	4.4510	+0.221%	$269.6M	$1.08B	75x	as long as short
SoDEX NEAR-USD	+0.0237%	1h	4.4355	−0.128%	$5K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0285%	8h	4.4500	+0.198%	$13.5M	$32.8M	75x	as long as short
Kalshi KXNEARPERP	+0.0305%	8h	4.4414	+0.005%	$1.1M	$24.9M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.4381	−0.070%	$238K	—	100x	as long as short
Aster NEARUSDT	+0.0341%	8h	4.4470	+0.131%	$2.9M	$5.0M	50x	as long as short
Extended NEAR-USD	+0.0376%	1h	4.4403	−0.020%	$3.7M	$19.0M	25x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4441	+0.065%	$2.3M	$16.3M	50x	as long as short
ApeX Omni NEARUSDT	+0.0440%	1h	4.4430	+0.041%	$168K	$803K	50x	as long as short
01 Exchange NEARUSD	+0.0496%	1h	4.4369	−0.097%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0569%	1h	4.4384	−0.063%	$1.3M	$6.5M	20x	as long as short
Nado NEAR-PERP	+0.0575%	1h	4.4380	−0.072%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0658%	1h	4.4348	−0.145%	$7.4M	$38.7M	50x	as long as short
Hyperliquid NEAR	+0.0680%	1h	4.4474	+0.140%	$365.9M	$306.6M	10x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4520	+0.243%	$226K	$1.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0900%	1h	4.4412	long leg	$1.9M	$12.2M	25x
Lighter NEAR	+0.0936%	1h	4.4544	+0.298%	$17.4M	$24.6M	15x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4489	+0.173%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1032%	1h	4.4557	+0.326%	$1.5M	$6.6M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4495	+0.187%	$409K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1193%	1h	4.4376	−0.080%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4354	−0.130%	$678K	$1.4M	10x	as long as short