Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0214%/8h= −23.5% APRpaid last 24h −0.184%

Price spread now: Bybit against Hyperliquid−0.179%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.420%−$42 on $10k

Price spread, last 7 days+0.160%+$16 · spread now −0.179%, 7d avg −0.123%

Together, before fees−0.260%+ Points / potential airdropHyperliquid: Season 2 · farm board−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.056% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.123%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NEAR	4.3684	0.0314	pay 0.0039% / 1h	59m 29s	$367.8M	$306.2M	10x
Short	Bybit NEARUSDT	4.3606	0.0100	get 0.0100% / 8h	5h 59m	$219.5M	$416.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.179%Rate

Funding earned: −$45.02
Price spread: −0.179% → −0.123%: −$5.56
Slippage, 4 orders: −$10.03
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$80.61
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bybit: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.23 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	1.15 bp	6.7 bp −$7	13.6 bp −$136	33.2 bp −$3,320	137.7 bp −$68.8K

NEAR on 44 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	4.3599	−0.196%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3386	−0.682%	$2.2M	$14.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3708	+0.054%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3505	−0.410%	$551K	$19.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3614	−0.159%	$197K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.206%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3640	−0.101%	$114K	$489K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3701	+0.040%	$413K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3639	−0.104%	$264.7M	$1.08B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.3606	−0.179%	$219.5M	$416.6M	75x

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3590	−0.215%	$62.1M	$288.5M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3670	−0.032%	$208K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3555	−0.295%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3647	−0.085%	$31.5M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3630	−0.124%	$75.6M	$139.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3640	−0.101%	$53.9M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3607	−0.176%	$71.6M	$125.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3640	−0.101%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3517	−0.381%	$8.4M	$18.3M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3545	−0.319%	$269K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3541	−0.328%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3520	−0.375%	$194K	$778K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3652	−0.073%	$204K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3455	−0.524%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3510	−0.398%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3440	−0.559%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3520	−0.375%	$454K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3410	−0.627%	$3.8M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3612	−0.165%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3610	−0.170%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3454	−0.526%	$202K	$34K	3x	as long as short
Aster NEARUSDT	+0.0177%	8h	4.3664	−0.045%	$3.0M	$5.5M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0218%	1h	4.3440	−0.559%	$8.1M	$41.1M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0256%	1h	4.3464	−0.504%	$1.9M	$4.3M	25x	as long as short
Hyperliquid NEARlong	+0.0314%	1h	4.3684	long leg	$367.8M	$306.2M	10x
GMX NEAR/USD [ETH-USDC]	L +0.0347% / S −0.0243%	1h	4.3443	−0.553%	$254K	—	100x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3662	−0.050%	$13K	$7K	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3584	−0.229%	$1.8M	$2.5M	10x	as long as short
Nado NEAR-PERP	+0.0716%	1h	4.3616	−0.155%	$1.9M	$3.1M	10x	as long as short
Lighter RH NEAR	+0.0768%	1h	4.3749	+0.149%	$1.6M	$7.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0798%	1h	4.3487	−0.451%	$1.5M	$6.3M	20x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.3671	−0.029%	$551K	$1.3M	10x	as long as short
Lighter NEAR	+0.1704%	1h	4.3773	+0.204%	$17.5M	$25.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1709%	1h	4.3682	−0.005%	$5K	$12K	10x	as long as short