Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0474%/8h= +51.9% APRpaid last 24h +0.222%

Price spread now: Backpack against Orderly+0.039%7-day average +0.065% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.434%+$43 on $10k

Price spread, last 4 days (all we have)−0.238%−$24 · spread now +0.039%, 7d avg +0.065%

Together, before fees+0.196%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.026% cheaper against Orderly than usual: you would sell low and buy high (spread +0.039% now, against its 7-day average of +0.065%). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.434% in total) that is about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_NEAR_USDC	4.3365	0.0100	pay 0.0100% / 8h	3h 21m	$57K	$246K	20x
Short	Backpack NEAR_USDC_PERP	4.3382	0.0574	get 0.0072% / 1h	21m 12s	$1.3M	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.039%Rate

Funding earned: $99.54
Price spread: +0.039% → +0.065%: −$2.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $80.98
Costs to cover: 0.160%
Break-even: 1.3 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 3 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 Backpack live order book, 3 min ago	0.46 bp	5.5 bp −$5	16.7 bp −$167	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	4.3351	−0.032%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3393	+0.064%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3330	−0.080%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.508%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3431	+0.152%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3390	+0.058%	$110K	$503K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3380	+0.034%	$265.8M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3334	−0.071%	$214.5M	$428.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3340	−0.058%	$61.3M	$291.1M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.265%	$246K	−$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	4.3340	−0.058%	$32.0M	$61.7M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3370	+0.012%	$73.7M	$145.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3370	+0.012%	$53.8M	$46.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3340	−0.058%	$71.5M	$128.4M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3360	−0.012%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3627	+0.604%	$8.4M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3292	−0.169%	$253K	$948K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3500	+0.312%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3280	−0.196%	$166K	$796K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3406	+0.095%	$276K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDClong	+0.0100%	8h	4.3365	long leg	$57K	$246K	20x
SunX NEAR-USDT	+0.0100%	8h	4.3440	+0.173%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3520	+0.357%	$472K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3380	+0.035%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3349	−0.037%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3328	−0.086%	$201K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3410	+0.104%	$13.4M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3405	+0.093%	$407K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0277%	8h	4.3354	−0.025%	$873K	$23.5M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0323% / S −0.0198%	1h	4.3324	−0.094%	$234K	—	100x	as long as short
Aster NEARUSDT	+0.0331%	8h	4.3360	−0.012%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0362%	1h	4.3335	−0.069%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3385	+0.046%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0574%	1h	4.3382	+0.039%	$1.3M	$6.8M	20x
Nado NEAR-PERP	+0.0584%	1h	4.3357	−0.017%	$1.8M	$3.1M	10x	as long as short
Hyperliquid NEAR	+0.0596%	1h	4.3380	+0.035%	$355.1M	$313.9M	10x	as long as short
Extended NEAR-USD	+0.0616%	1h	4.3327	−0.088%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3400	+0.081%	$213K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0711%	1h	4.3338	−0.063%	$7.6M	$39.3M	50x	as long as short
Lighter RH NEAR	+0.0880%	1h	4.3396	+0.071%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3290	−0.173%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1104%	1h	4.3394	+0.068%	$17.5M	$25.0M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3394	+0.067%	$686K	$1.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1204%	1h	4.3390	+0.058%	$1.9M	$9.5M	25x	as long as short
Aftermath Perps NEARUSD	+0.1546%	1h	4.3401	+0.084%	$5K	$13K	10x	as long as short