Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.2031%/8h= −222.4% APRpaid last 24h −0.206%

Price spread now: Phemex against Lighter+0.198%7-day average −0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$1191.186% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.780%−$78 on $10k

Price spread, last 3 days (all we have)−0.353%−$35 · spread now +0.198%, 7d avg −0.166%

Together, before fees−1.132%+ Points / potential airdropLighter: Season 3 · farm board−$113 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.364% dearer against Lighter than usual: you sell high and buy low (spread +0.198% now, against its 7-day average of −0.166%): +$36 on $10k if it goes back. Holding the pair costs −$61 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.780% in total) that is about 3.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.780% in total (about -40.7% 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	Lighter NEAR	4.3055	0.1912	pay 0.0239% / 1h	21m 26s	$17.2M	$24.6M	15x
Short	Phemex NEARUSDT	4.3140	−0.0119	pay 0.0119% / 8h	7h 21m	$3.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.198%Rate

Funding earned: −$426.45
Price spread: +0.198% → −0.166%: $36.44
Slippage, 4 orders: −$106.61
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$508.62
Costs to cover: 1.186%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 2 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 Lighter live order book, 7 min ago	1.97 bp	4.4 bp −$4	30.3 bp −$303	77.4 bp −$7,744	doesn't fit
Sell Phemex live order book, 2 min ago	10.49 bp	80.7 bp −$81	168.2 bp −$1,682	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	4.2939	−0.269%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0131%	1h	4.3008	−0.108%	$7.3M	$37.3M	50x	as long as short
Phemex NEARUSDTshort	−0.0119%	8h	4.3140	+0.198%	$3.8M	$8.5M	50x
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3167	+0.261%	$2.3M	$13.1M	50x	as long as short
01 Exchange NEARUSD	−0.0008%	1h	4.2970	−0.197%	$13K	$7K	10x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3008	−0.109%	$111K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3139	+0.196%	$378K	$19.3M	2.2x	as long as short
Variational Omni NEAR	+0.0003%	8h	4.2948	−0.248%	$8.1M	$18.9M	—	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0002%	1h	4.2967	−0.204%	$154K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.820%	$578	$302K	12x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex NEARUSDT	+0.0096%	1h	4.2990	−0.150%	$114K	$485K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.3009	−0.106%	$57K	$189K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0099%	8h	4.2999	−0.129%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3020	−0.080%	$3.0M	$5.8M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2979	−0.176%	$397K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2975	−0.186%	$256.2M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2959	−0.222%	$218.0M	$417.7M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2980	−0.174%	$60.8M	$280.7M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3030	−0.057%	$197K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2789	−0.616%	$244K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2966	−0.206%	$30.9M	$60.1M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2970	−0.197%	$76.9M	$141.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3020	−0.081%	$56.1M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2997	−0.134%	$71.2M	$124.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2970	−0.197%	—	$141.7M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3061	+0.015%	$256K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3032	−0.052%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3070	+0.036%	$180K	$781K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2985	−0.162%	$192K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3030	−0.057%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3000	−0.127%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3260	+0.477%	$458K	$3.7M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2992	−0.145%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3013	−0.098%	$200K	$28K	3x	as long as short
Hyperliquid NEAR	+0.0197%	1h	4.3027	−0.064%	$362.7M	$302.1M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0215%	1h	4.3030	−0.057%	$1.9M	$3.6M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3130	+0.175%	$12.9M	$28.2M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0374% / S −0.0307%	1h	4.2962	−0.215%	$274K	—	100x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3035	−0.047%	$404K	$1.2M	10x	as long as short
Lighter RH NEAR	+0.0432%	1h	4.3110	+0.128%	$1.6M	$7.0M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0462%	1h	4.3226	+0.398%	$1.3M	$5.9M	20x	as long as short
Nado NEAR-PERP	+0.0472%	1h	4.2993	−0.143%	$1.9M	$3.2M	10x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3141	+0.200%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1392%	1h	4.2986	−0.159%	$5K	$12K	10x	as long as short
Lighter NEARlong	+0.1912%	1h	4.3055	long leg	$17.2M	$24.6M	15x