Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0491%/8h= +53.7% APRpaid last 24h +0.095%

Price spread now: Kraken Futures against Phemex−0.105%7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1001.003% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.105%, 7d avg +0.028%

Together, before fees+0.326%+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.133% cheaper against Phemex than usual: you would sell low and buy high (spread −0.105% now, against its 7-day average of +0.028%). If the spread goes back, that is −$13 on $10k: about 22 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.218% in total) that is about 4.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.218% in total (about 11.4% 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	4.4000	0.0100	pay 0.0100% / 8h	4h 10m	$3.8M	$8.4M	50x
Short	Kraken Futures PF_NEARUSD	4.3954	0.0591	get 0.0074% / 1h	10m 54s	$8.0M	$39.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.105%Rate

Funding earned: $103.08
Price spread: −0.105% → +0.028%: −$13.32
Slippage, 4 orders: −$78.27
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$10.5
Costs to cover: 1.003%
Break-even: 7.7 days

Slippage from Phemex: live order book, 3 min ago; Kraken Futures: live order book, 3 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	5.65 bp	38.1 bp −$38	61.5 bp −$615	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	7.02 bp	18.8 bp −$19	21.6 bp −$216	52.2 bp −$5,224	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	4.4040	+0.091%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.3987	−0.030%	$2.2M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4091	+0.206%	$109K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4028	+0.064%	$618K	$22.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4051	+0.116%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.886%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4070	+0.159%	$113K	$517K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4135	+0.306%	$420K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3890	−0.250%	$270.4M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3850	−0.341%	$220.9M	$424.0M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3890	−0.250%	$62.7M	$296.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4054	+0.123%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3963	−0.084%	$32.0M	$64.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3910	−0.205%	$74.6M	$150.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3880	−0.273%	$54.6M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3900	−0.227%	$72.1M	$130.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3860	−0.318%	—	$147.3M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4067	+0.152%	$8.5M	$18.1M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4159	+0.361%	$265K	$980K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4070	+0.159%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4090	+0.205%	$170K	$801K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4109	+0.248%	$244K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4006	+0.014%	$56K	$227K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4050	+0.114%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4110	+0.250%	$457K	$4.0M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.4000	long leg	$3.8M	$8.4M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4085	+0.193%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4020	+0.045%	$205K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0180%	1h	4.3945	−0.125%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3970	−0.068%	$13.8M	$32.6M	75x	as long as short
Aster NEARUSDT	+0.0310%	8h	4.3988	−0.027%	$3.0M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0321% / S −0.0190%	1h	4.4057	+0.130%	$234K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0337%	1h	4.4001	+0.002%	$1.3M	$6.4M	20x	as long as short
01 Exchange NEARUSD	+0.0352%	1h	4.4126	+0.286%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0384%	1h	4.4040	+0.091%	$363.3M	$325.0M	10x	as long as short
Extended NEAR-USD	+0.0448%	1h	4.3878	−0.276%	$3.9M	$19.7M	25x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0501%	1h	4.3997	−0.007%	$2.0M	$7.3M	25x	as long as short
Nado NEAR-PERP	+0.0553%	1h	4.4079	+0.180%	$1.9M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4150	+0.341%	$218K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSDshort	+0.0591%	1h	4.3954	−0.105%	$8.0M	$39.6M	50x
Lighter RH NEAR	+0.0688%	1h	4.4020	+0.045%	$1.5M	$7.2M	10x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4173	+0.393%	$1.8M	$2.8M	10x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4150	+0.340%	$593K	$1.4M	10x	as long as short
Lighter NEAR	+0.0976%	1h	4.4062	+0.140%	$17.8M	$26.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1585%	1h	4.4135	+0.306%	$5K	$12K	10x	as long as short