Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Phemex−0.688%7-day average −0.021% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$700.704% of the position

Long on Phemex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.362%+$36 · spread now −0.688%, 7d avg −0.021%

Together, before fees+0.359%+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.667% cheaper against Phemex than usual: you would sell low and buy high, −$67 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.3550	0.0100	pay 0.0100% / 8h	3h 16m	$3.7M	$8.3M	50x
Short	Bulk NEAR-USD	4.3250	0.0100	get 0.0013% / 1h	16m 16s	$246K	−$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Phemex. 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 PhemexbpFee BulkbpOrdersPrice spread, now −0.688%Rate

Funding earned: $0
Price spread: −0.688% → −0.021%: −$66.74
Slippage, 4 orders: −$51.41
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$137.15
Costs to cover: 0.704%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Bulk: live order book, 38 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 Phemex live order book, 3 min ago	4.60 bp	17.4 bp −$17	43.7 bp −$437	doesn't fit	doesn't fit
Sell Bulk live order book, 38 min ago	11.45 bp	15.0 bp −$15	15.0 bp −$150	32.8 bp −$3,279	63.3 bp −$31.7K

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	4.3459	−0.208%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3473	−0.176%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3449	−0.233%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.914%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3516	−0.078%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3460	−0.207%	$110K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3490	−0.138%	$266.0M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3460	−0.207%	$215.0M	$425.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3480	−0.161%	$61.5M	$289.7M	50x	as long as short
Bulk NEAR-USDshort	+0.0100%	1h	4.3250	−0.688%	$246K	−$0	10x

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3469	−0.186%	$32.2M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3530	−0.046%	$74.2M	$146.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3500	−0.115%	$53.9M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3476	−0.170%	$71.7M	$127.7M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3470	−0.184%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3327	−0.511%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3370	−0.413%	$253K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3370	−0.413%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3460	−0.207%	$167K	$796K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3492	−0.133%	$274K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3505	−0.103%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3560	+0.023%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	+0.207%	$473K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3550	long leg	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3476	−0.170%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3515	−0.080%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3600	+0.115%	$13.6M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3504	−0.106%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0284%	8h	4.3496	−0.124%	$873K	$23.4M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3447	−0.237%	$235K	—	100x	as long as short
Aster NEARUSDT	+0.0336%	8h	4.3490	−0.138%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0367%	1h	4.3515	−0.080%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3532	−0.041%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0559%	1h	4.3453	−0.223%	$1.8M	$3.1M	10x	as long as short
Hyperliquid NEAR	+0.0587%	1h	4.3512	−0.087%	$356.3M	$314.3M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0595%	1h	4.3540	−0.023%	$1.3M	$6.7M	20x	as long as short
Extended NEAR-USD	+0.0600%	1h	4.3476	−0.171%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3520	−0.069%	$214K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0709%	1h	4.3495	−0.127%	$7.6M	$39.0M	50x	as long as short
Lighter RH NEAR	+0.0912%	1h	4.3560	+0.023%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3602	+0.119%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0946%	1h	4.3528	−0.051%	$2.0M	$9.6M	25x	as long as short
Lighter NEAR	+0.1104%	1h	4.3538	−0.027%	$17.6M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3502	−0.110%	$687K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1578%	1h	4.3494	−0.130%	$5K	$13K	10x	as long as short