Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Bybit against Phemex−0.046%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1201.202% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.081%−$8 · spread now −0.046%, 7d avg −0.048%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.3190	0.0100	pay 0.0100% / 8h	6h 39m	$3.8M	$8.3M	50x
Short	Bybit NEARUSDT	4.3170	0.0100	get 0.0100% / 8h	6h 39m	$219.4M	$419.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.046%Rate

Funding earned: $0
Price spread: −0.046% → −0.048%: $0.21
Slippage, 4 orders: −$97.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$120.02
Costs to cover: 1.202%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	11.57 bp	30.0 bp −$30	68.4 bp −$684	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.16 bp	9.1 bp −$9	16.9 bp −$169	37.8 bp −$3,775	243.6 bp −$121.8K

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	4.2898	−0.675%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3012	−0.412%	$2.1M	$13.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3153	−0.085%	$108K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2986	−0.472%	$505K	$19.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2941	−0.578%	$199K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.121%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0043%	8h	4.3108	−0.189%	$8.2M	$19.1M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2910	−0.648%	$114K	$478K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3049	−0.326%	$57K	$161K	20x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3136	−0.125%	$408K	$1.2M	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NEARUSDT	+0.0100%	8h	4.3122	−0.157%	$258.1M	$1.06B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.3170	−0.046%	$219.4M	$419.6M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3200	+0.023%	$60.8M	$279.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3230	+0.093%	$205K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3300	+0.255%	$247K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3006	−0.426%	$30.8M	$60.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3160	−0.069%	$75.4M	$137.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3110	−0.185%	$55.4M	$42.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3186	−0.009%	$71.5M	$123.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3210	+0.046%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3211	+0.049%	$259K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3386	+0.454%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3250	+0.139%	$179K	$776K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2901	−0.669%	$212K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3000	−0.440%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3120	−0.162%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3200	+0.023%	$440K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3190	long leg	$3.8M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3173	−0.040%	$31K	$608	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3070	−0.278%	$3.0M	$5.8M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2995	−0.452%	$3.8M	$17.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3052	−0.320%	$200K	$34K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0219%	1h	4.3172	−0.042%	$7.9M	$39.9M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3220	+0.069%	$13.2M	$27.6M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0358% / S −0.0278%	1h	4.2947	−0.563%	$257K	—	100x	as long as short
01 Exchange NEARUSD	+0.0376%	1h	4.2929	−0.604%	$13K	$7K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0378%	1h	4.3053	−0.317%	$1.9M	$4.1M	25x	as long as short
Nado NEAR-PERP	+0.0450%	1h	4.2895	−0.683%	$1.9M	$3.0M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3221	+0.072%	$541K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3533	+0.794%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0640%	1h	4.3134	−0.130%	$1.6M	$6.9M	10x	as long as short
Hyperliquid NEAR	+0.0745%	1h	4.3094	−0.222%	$362.1M	$303.0M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0772%	1h	4.3166	−0.056%	$1.4M	$6.0M	20x	as long as short
Lighter NEAR	+0.1416%	1h	4.3150	−0.093%	$17.2M	$24.7M	15x	as long as short
Aftermath Perps NEARUSD	+0.1499%	1h	4.3160	−0.069%	$5K	$12K	10x	as long as short