Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0571%/8h= −62.5% APRpaid last 24h −0.091%

Price spread now: Phemex against Nado+0.355%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.097%−$10 on $10k

Price spread, last 4 days (all we have)+0.079%+$8 · spread now +0.355%, 7d avg +0.020%

Together, before fees−0.018%+ Points / potential airdropNado: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.335% dearer against Nado than usual: you sell high and buy low (spread +0.355% now, against its 7-day average of +0.020%): +$34 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 47 hours. At the pace of the last 3 days (−0.097% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.097% in total (about -10.4% 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	Nado NEAR-PERP	4.3147	0.0671	pay 0.0084% / 1h	40m 40s	$1.8M	$3.1M	10x
Short	Phemex NEARUSDT	4.3300	0.0100	get 0.0100% / 8h	3h 40m	$3.7M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now +0.355%Rate

Funding earned: −$119.94
Price spread: +0.355% → +0.020%: $33.53
Slippage, 4 orders: −$43.16
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$148.57
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from Nado: 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 Nado live order book, 3 min ago	0.23 bp	6.1 bp −$6	17.3 bp −$173	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	5.76 bp	18.0 bp −$18	39.2 bp −$392	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	4.3170	+0.055%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3248	+0.235%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3166	+0.045%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.025%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3316	+0.392%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3150	+0.008%	$107K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3320	+0.402%	$265.7M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3260	+0.262%	$215.2M	$428.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3240	+0.216%	$61.4M	$291.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3400	+0.587%	$247K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3262	+0.267%	$31.9M	$61.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3300	+0.355%	$73.2M	$144.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3320	+0.402%	$53.8M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3254	+0.249%	$71.2M	$128.9M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3260	+0.262%	—	$146.3M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3167	+0.048%	$8.3M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3357	+0.487%	$254K	$947K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3214	+0.156%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3400	+0.587%	$167K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3154	+0.017%	$271K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3231	+0.195%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3280	+0.309%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3360	+0.494%	$470K	$4.0M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3300	+0.355%	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3239	+0.213%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3244	+0.225%	$201K	$37K	3x	as long as short
Kalshi KXNEARPERP	+0.0145%	8h	4.3047	−0.231%	$724K	$23.5M	2.2x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3280	+0.309%	$13.7M	$32.1M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3304	+0.364%	$411K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.3290	+0.332%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0194%	1h	4.3172	+0.059%	$231K	—	100x	as long as short
SoDEX NEAR-USD	+0.0406%	1h	4.3272	+0.290%	$8K	$49K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0493%	1h	4.3315	+0.390%	$1.4M	$6.6M	20x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3174	+0.063%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0618%	1h	4.3339	+0.446%	$355.6M	$321.2M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3290	+0.332%	$212K	$1.6M	10x	as long as short
Nado NEAR-PERPlong	+0.0671%	1h	4.3147	long leg	$1.8M	$3.1M	10x
Extended NEAR-USD	+0.0680%	1h	4.3234	+0.203%	$3.8M	$19.8M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0712%	1h	4.3314	+0.388%	$7.6M	$39.3M	50x	as long as short
Lighter RH NEAR	+0.0872%	1h	4.3356	+0.485%	$1.5M	$7.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0908%	1h	4.3235	+0.205%	$1.9M	$8.9M	25x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3302	+0.360%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1152%	1h	4.3348	+0.466%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3260	+0.262%	$656K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1576%	1h	4.3318	+0.397%	$5K	$12K	10x	as long as short