Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0481%/8h= +52.7% APRpaid last 24h −0.112%

Price spread now: Orderly against Kraken Futures+0.068%7-day average −0.024% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.068%, 7d avg −0.024%

Together, before fees−0.333%−$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Orderly is 0.092% dearer against Kraken Futures than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.024%. Mind the row above: over the last 7 days funding on this pair cost −0.237%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.237% in total (about -12.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NEARUSD	4.4772	−0.0381	get 0.0048% / 1h	54m 49s	$7.3M	$37.1M	50x
Short	Orderly PERP_NEAR_USDC	4.4803	0.0100	get 0.0100% / 8h	4h 54m	$55K	$273K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now +0.068%Rate

Funding earned: $101
Price spread: +0.068% → −0.024%: $9.22
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $94.22
Costs to cover: 0.160%
Break-even: 0.5 days

Slippage unknown: Kraken Futures: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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 Kraken Futures live order book, 2 min ago	7.46 bp	13.1 bp −$13	14.3 bp −$143	36.5 bp −$3,652	6465.2 bp −$3.23M
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NEAR on 45 exchanges

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
Kraken Futures PF_NEARUSDlong	−0.0381%	1h	4.4772	long leg	$7.3M	$37.1M	50x
Reya NEARRUSDPERP	−0.0171%	1h	4.4768	−0.010%	$2K	—	20x	as long as short
ApeX Omni NEARUSDT	−0.0164%	1h	4.4850	+0.173%	$168K	$809K	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4812	+0.088%	$110K	$53K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4821	+0.108%	$920K	$26.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4774	+0.004%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.510%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4810	+0.084%	$124K	$506K	50x	as long as short
Hyperliquid NEAR	+0.0100%	1h	4.4850	+0.173%	$360.3M	$311.5M	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.4784	+0.026%	$2.7M	$4.9M	50x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NEARUSDT	+0.0100%	8h	4.4803	+0.068%	$270.5M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4790	+0.039%	$230.0M	$430.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4790	+0.039%	$63.7M	$301.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4850	+0.173%	$276K	$24K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4757	−0.035%	$41.0M	$61.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4790	+0.039%	$75.8M	$167.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4800	+0.061%	$53.9M	$44.3M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4779	+0.015%	$74.6M	$127.6M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4780	+0.017%	—	$74.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4813	+0.091%	$8.8M	$16.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4865	+0.206%	$266K	$861K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4858	+0.192%	$1.5M	$1.8M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4804	+0.070%	$190K	$4.2M	10x	as long as short
Orderly PERP_NEAR_USDCshort	+0.0100%	8h	4.4803	+0.068%	$55K	$273K	20x
SunX NEAR-USDT	+0.0100%	8h	4.4880	+0.240%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4790	+0.039%	$5K	$34K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4880	+0.240%	$463K	$3.7M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4800	+0.061%	$3.4M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4805	+0.073%	$32K	$389	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4749	−0.052%	$3.7M	$15.0M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4775	+0.006%	$208K	$38K	3x	as long as short
Lighter NEAR	+0.0112%	1h	4.4818	+0.102%	$16.9M	$24.6M	15x	as long as short
Lighter RH NEAR	+0.0128%	1h	4.4838	+0.146%	$1.6M	$5.7M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0191% / S −0.0033%	1h	4.4779	+0.014%	$241K	—	100x	as long as short
01 Exchange NEARUSD	+0.0192%	1h	4.4811	+0.086%	$13K	$4K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4830	+0.128%	$12.8M	$32.4M	75x	as long as short
Arcus NEAR-USD	+0.0253%	1h	4.4850	+0.173%	$226K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.0478%	1h	4.4823	+0.113%	$639K	$1.6M	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0544%	1h	4.5060	+0.642%	$2.3M	$17.7M	50x	as long as short
Nado NEAR-PERP	+0.0584%	1h	4.4790	+0.039%	$1.8M	$3.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0670%	1h	4.4820	+0.106%	$1.1M	$7.2M	20x	as long as short
Pacifica NEAR	+0.0687%	1h	4.4828	+0.124%	$422K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0741%	1h	4.5326	+1.236%	$1.8M	$2.6M	10x	as long as short
Aftermath Perps NEARUSD	+0.0903%	1h	4.4910	+0.307%	$6K	$6K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1000%	1h	4.4839	+0.149%	$1.9M	$13.0M	25x	as long as short