Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0726%/8h= −79.5% APRpaid last 24h −0.085%

Price spread now: Phemex against Deribit−0.073%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.440%−$44 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.073%, 7d avg −0.059%

Together, before fees−0.426%−$43 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.059%, so right now this pair is about funding alone: −$22 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 -0.440% in total (about -22.9% 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	4.3712	0.0826	pay 0.0103% / 1h	9m 55s	$1.9M	$13.1M	25x
Short	Phemex NEARUSDT	4.3680	0.0100	get 0.0100% / 8h	9m 55s	$3.6M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$152.46
Price spread: −0.073% → −0.059%: −$1.43
Slippage, 4 orders: −$26.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$199.39
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Phemex: 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 Deribit live order book, 4 min ago	3.55 bp	7.0 bp −$7	16.5 bp −$165	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.29 bp	17.3 bp −$17	42.6 bp −$426	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	4.3639	−0.166%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3600	−0.255%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3660	−0.119%	$163K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0017%	1h	4.3663	−0.111%	$7.1M	$38.2M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.266%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3610	−0.233%	$113K	$498K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3695	−0.039%	$220.7M	$428.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3680	−0.073%	$61.3M	$295.9M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3601	−0.255%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3685	−0.062%	$35.8M	$62.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3690	−0.050%	$53.0M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3676	−0.082%	$72.2M	$127.8M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3490	−0.509%	$8.9M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3647	−0.150%	$253K	$902K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3469	−0.557%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3540	−0.393%	$166K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3646	−0.151%	$278K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3682	−0.069%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3680	−0.073%	$1K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3680	−0.073%	$5K	$50K	10x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3680	−0.073%	$3.6M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3572	−0.320%	$31K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3664	−0.109%	$3.6M	$16.6M	25x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.3695	−0.039%	$203K	$38K	3x	as long as short
Aster NEARUSDT	+0.0124%	8h	4.3688	−0.055%	$2.7M	$4.8M	50x	as long as short
Hyperliquid NEAR	+0.0136%	1h	4.3709	−0.007%	$352.3M	$314.8M	10x	as long as short
HTX NEAR-USDT	+0.0154%	8h	4.3690	−0.050%	$465K	$3.8M	75x	as long as short
Binance NEARUSDT	+0.0156%	8h	4.3705	−0.017%	$264.7M	$1.09B	75x	as long as short
MEXC NEAR_USDT	+0.0159%	8h	4.3680	−0.073%	$87.9M	$153.6M	200x	as long as short
Kalshi KXNEARPERP	+0.0173%	8h	4.3586	−0.288%	$974K	$25.1M	2.2x	as long as short
BingX NEAR-USDC	+0.0174%	8h	4.3690	−0.050%	—	$6.7M	—	as long as short
01 Exchange NEARUSD	+0.0232%	1h	4.3630	−0.188%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0279%	8h	4.3500	−0.485%	$13.3M	$32.1M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0340% / S −0.0239%	1h	4.3660	−0.118%	$253K	—	100x	as long as short
Nado NEAR-PERP	+0.0377%	1h	4.3665	−0.107%	$1.7M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0460%	1h	4.3703	−0.021%	$1.0M	$7.1M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3692	−0.046%	$2.3M	$17.0M	50x	as long as short
Lighter RH NEAR	+0.0504%	1h	4.3724	+0.027%	$1.5M	$6.7M	10x	as long as short
Lighter NEAR	+0.0552%	1h	4.3731	+0.043%	$17.2M	$25.4M	15x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3630	−0.188%	$228K	$1.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0826%	1h	4.3712	long leg	$1.9M	$13.1M	25x
Pacifica NEAR	+0.0949%	1h	4.3598	−0.260%	$411K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0949%	1h	4.3782	+0.160%	$1.8M	$2.4M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3631	−0.185%	$607K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1114%	1h	4.3570	−0.325%	$5K	$7K	10x	as long as short