Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0491%/8h= −53.7% APRpaid last 24h −0.095%

Price spread now: Phemex against Kraken Futures+0.105%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$1001.003% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 4 days (all we have)−0.108%−$11 · spread now +0.105%, 7d avg −0.028%

Together, before fees−0.326%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.133% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.105% now, against its 7-day average of −0.028%): +$13 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.218% in total) that is about 4.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.218% in total (about -11.4% 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	Kraken Futures PF_NEARUSD	4.3954	0.0591	pay 0.0074% / 1h	10m 41s	$8.0M	$39.6M	50x
Short	Phemex NEARUSDT	4.4000	0.0100	get 0.0100% / 8h	4h 10m	$3.8M	$8.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now +0.105%Rate

Funding earned: −$103.08
Price spread: +0.105% → −0.028%: $13.33
Slippage, 4 orders: −$78.27
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$190.02
Costs to cover: 1.003%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phemex: live order book, 3 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 Kraken Futures live order book, 3 min ago	7.02 bp	14.9 bp −$15	20.5 bp −$205	51.2 bp −$5,121	6572.4 bp −$3.29M
Sell Phemex live order book, 3 min ago	5.65 bp	28.5 bp −$28	55.3 bp −$553	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	4.4040	+0.197%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.3987	+0.076%	$2.2M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3833	−0.276%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4028	+0.169%	$618K	$22.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4051	+0.221%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.787%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4070	+0.265%	$113K	$517K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4135	+0.412%	$420K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3870	−0.190%	$270.3M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3821	−0.302%	$220.7M	$424.1M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3840	−0.259%	$62.7M	$296.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4054	+0.229%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3847	−0.243%	$31.9M	$64.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3910	−0.099%	$74.6M	$150.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3880	−0.168%	$54.6M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3872	−0.186%	$72.1M	$130.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3860	−0.213%	—	$147.3M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4067	+0.258%	$8.5M	$18.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4159	+0.467%	$265K	$980K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4070	+0.265%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4090	+0.310%	$170K	$801K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4109	+0.353%	$244K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4006	+0.119%	$56K	$227K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4050	+0.219%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4110	+0.356%	$457K	$4.0M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.4000	+0.105%	$3.8M	$8.4M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4085	+0.299%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4020	+0.151%	$205K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0180%	1h	4.3945	−0.020%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3970	+0.037%	$13.8M	$32.6M	75x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.3944	−0.021%	$2.9M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0321% / S −0.0190%	1h	4.4057	+0.236%	$234K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0337%	1h	4.4001	+0.108%	$1.3M	$6.4M	20x	as long as short
01 Exchange NEARUSD	+0.0352%	1h	4.4126	+0.392%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0386%	1h	4.3923	−0.069%	$362.3M	$325.0M	10x	as long as short
Extended NEAR-USD	+0.0448%	1h	4.3878	−0.171%	$3.9M	$19.7M	25x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0501%	1h	4.3997	+0.099%	$2.0M	$7.3M	25x	as long as short
Nado NEAR-PERP	+0.0553%	1h	4.4079	+0.285%	$1.9M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4150	+0.447%	$218K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSDlong	+0.0591%	1h	4.3954	long leg	$8.0M	$39.6M	50x
Lighter RH NEAR	+0.0696%	1h	4.3912	−0.095%	$1.5M	$7.2M	10x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4173	+0.499%	$1.8M	$2.8M	10x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4150	+0.446%	$593K	$1.4M	10x	as long as short
Lighter NEAR	+0.0976%	1h	4.3943	−0.025%	$17.7M	$26.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1585%	1h	4.4135	+0.412%	$5K	$12K	10x	as long as short