Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0780%/8h= +85.4% APRpaid last 24h +0.074%

Price spread now: Arcus against Orderly+0.033%7-day average +0.067% · you sell dearer than you buy

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

Long on Orderly Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.346%+$35 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now +0.033%, 7d avg +0.067%

Together, before fees+0.213%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Arcus is 0.034% cheaper against Orderly than usual: you would sell low and buy high (spread +0.033% now, against its 7-day average of +0.067%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$23 a day). At the pace of the last 4 days (+0.346% in total) that is about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NEAR_USDC	4.4885	0.0100	pay 0.0100% / 8h	1h 43m	$59K	$235K	20x
Short	Arcus NEAR-USD	4.4900	0.0880	get 0.0110% / 1h	43m 45s	$228K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Orderly. 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 OrderlybpFee ArcusbpOrdersPrice spread, now +0.033%Rate

Funding earned: $163.76
Price spread: +0.033% → +0.067%: −$3.39
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $149.88
Costs to cover: 0.105%
Break-even: 0.6 days

Slippage unknown: Orderly: no order-book sample; Arcus: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Arcus live order book, 5 min ago	2.23 bp	5.6 bp −$6	21.2 bp −$212	doesn't fit	doesn't fit

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 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	4.4806	−0.176%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4807	−0.174%	$110K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4851	−0.076%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.742%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4880	−0.011%	$111K	$496K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4820	−0.145%	$230.6M	$429.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4800	−0.189%	$63.4M	$300.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−1.156%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4792	−0.207%	$34.9M	$60.1M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4830	−0.123%	$53.5M	$45.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4800	−0.189%	$74.2M	$126.5M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.441%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4748	−0.306%	$261K	$966K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4881	−0.009%	$283K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDClong	+0.0100%	8h	4.4885	long leg	$59K	$235K	20x
SunX NEAR-USDT	+0.0100%	8h	4.4940	+0.123%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4950	+0.145%	$466K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4800	−0.189%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0106%	8h	4.4830	−0.123%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0123%	8h	4.4756	−0.287%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0127%	1h	4.4730	−0.345%	$168K	$804K	50x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.4875	−0.022%	$209K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0181%	8h	4.4820	−0.145%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0182%	8h	4.4810	−0.167%	$85.6M	$145.3M	200x	as long as short
Binance NEARUSDT	+0.0185%	8h	4.4830	−0.123%	$272.9M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0204%	1h	4.4845	−0.089%	$5K	$52K	10x	as long as short
Kalshi KXNEARPERP	+0.0295%	8h	4.4796	−0.198%	$1.1M	$25.0M	2.2x	as long as short
BloFin NEAR-USDT	+0.0302%	8h	4.4870	−0.033%	$13.6M	$33.1M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0316% / S −0.0200%	1h	4.4825	−0.133%	$239K	—	100x	as long as short
Extended NEAR-USD	+0.0336%	1h	4.4790	−0.211%	$3.7M	$18.9M	25x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.4820	−0.145%	$2.9M	$5.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4900	+0.033%	$2.3M	$16.5M	50x	as long as short
01 Exchange NEARUSD	+0.0504%	1h	4.4891	+0.013%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0538%	1h	4.4840	−0.100%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0585%	1h	4.4879	−0.013%	$1.3M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0608%	1h	4.4848	−0.084%	$369.0M	$309.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0651%	1h	4.4831	−0.120%	$7.4M	$38.3M	50x	as long as short
Arcus NEAR-USDshort	+0.0880%	1h	4.4900	+0.033%	$228K	$1.6M	10x
Lighter RH NEAR	+0.1000%	1h	4.4929	+0.098%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.5001	+0.258%	$1.9M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1044%	1h	4.4892	+0.016%	$1.9M	$12.3M	25x	as long as short
Lighter NEAR	+0.1056%	1h	4.4902	+0.039%	$17.6M	$24.7M	15x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4833	−0.116%	$413K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1238%	1h	4.4694	−0.425%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4892	+0.015%	$678K	$1.4M	10x	as long as short