Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0979%/8h= +107.2% APRpaid last 24h +0.085%

Price spread now: Deribit against Phemex+0.064%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.440%+$44 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now +0.064%, 7d avg +0.059%

Together, before fees+0.435%+$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.059%, so right now this pair is about funding alone: +$29 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.440% in total (about 22.9% 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	Phemex NEARUSDT	4.3670	0.0100	pay 0.0100% / 8h	9m 21s	$3.6M	$8.2M	50x
Short	Deribit NEAR_USDC-PERPETUAL	4.3698	0.1079	get 0.0135% / 1h	9m 21s	$1.9M	$13.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.064%Rate

Funding earned: $205.59
Price spread: +0.064% → +0.059%: $0.52
Slippage, 4 orders: −$26.49
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $160.62
Costs to cover: 0.455%
Break-even: 1.5 days

Slippage from Phemex: live order book, 5 min ago; Deribit: live order book, 5 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, 5 min ago	2.29 bp	14.1 bp −$14	49.3 bp −$493	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	3.55 bp	7.0 bp −$7	14.4 bp −$144	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	4.3669	−0.003%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3676	+0.014%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3680	+0.023%	$163K	—	150x	as long as short
Kraken Futures PF_NEARUSD	+0.0016%	1h	4.3682	+0.027%	$7.3M	$38.6M	50x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.175%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3690	+0.046%	$113K	$498K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3642	−0.064%	$220.4M	$428.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3630	−0.092%	$61.3M	$295.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3601	−0.159%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3684	+0.032%	$35.8M	$63.0M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NEARUSDTM	+0.0100%	8h	4.3690	+0.046%	$53.0M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3636	−0.078%	$72.1M	$127.8M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3490	−0.413%	$8.9M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3477	−0.443%	$252K	$894K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3514	−0.358%	$1.4M	$1.6M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3440	−0.527%	$166K	$816K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3721	+0.117%	$278K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3656	−0.032%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3740	+0.160%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3680	+0.023%	$5K	$50K	10x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3670	long leg	$3.6M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3685	+0.034%	$32K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3625	−0.103%	$3.6M	$16.6M	25x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.3653	−0.039%	$203K	$38K	3x	as long as short
Aster NEARUSDT	+0.0122%	8h	4.3694	+0.056%	$2.7M	$4.8M	50x	as long as short
Hyperliquid NEAR	+0.0135%	1h	4.3718	+0.110%	$352.5M	$314.9M	10x	as long as short
HTX NEAR-USDT	+0.0155%	8h	4.3820	+0.343%	$466K	$3.8M	75x	as long as short
Binance NEARUSDT	+0.0155%	8h	4.3685	+0.035%	$264.6M	$1.09B	75x	as long as short
MEXC NEAR_USDT	+0.0156%	8h	4.3690	+0.046%	$88.0M	$153.7M	200x	as long as short
BingX NEAR-USDC	+0.0171%	8h	4.3690	+0.046%	—	$6.7M	—	as long as short
Kalshi KXNEARPERP	+0.0173%	8h	4.3654	−0.037%	$970K	$25.0M	2.2x	as long as short
01 Exchange NEARUSD	+0.0232%	1h	4.3701	+0.071%	$13K	$7K	10x	as long as short
BloFin NEAR-USDT	+0.0275%	8h	4.3680	+0.023%	$13.3M	$32.2M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0341% / S −0.0240%	1h	4.3687	+0.040%	$254K	—	100x	as long as short
Nado NEAR-PERP	+0.0372%	1h	4.3695	+0.057%	$1.7M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0460%	1h	4.3703	+0.076%	$1.0M	$7.1M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0488%	1h	4.3753	+0.190%	$2.3M	$17.0M	50x	as long as short
Lighter RH NEAR	+0.0488%	1h	4.3732	+0.142%	$1.5M	$6.7M	10x	as long as short
Lighter NEAR	+0.0552%	1h	4.3740	+0.160%	$17.2M	$25.4M	15x	as long as short
Arcus NEAR-USD	+0.0638%	1h	4.3700	+0.069%	$229K	$1.5M	10x	as long as short
Pacifica NEAR	+0.0949%	1h	4.3698	+0.065%	$412K	$1.4M	10x	as long as short
Phoenix NEAR	+0.0949%	1h	4.3782	+0.256%	$1.8M	$2.4M	10x	as long as short
RISEx NEAR/USDC	+0.0965%	1h	4.3696	+0.060%	$607K	$1.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUALshort	+0.1079%	1h	4.3698	+0.064%	$1.9M	$13.1M	25x
Aftermath Perps NEARUSD	+0.1100%	1h	4.3597	−0.167%	$5K	$7K	10x	as long as short