Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hpaid last 24h 0.000%

Price spread now: Polymarket Perps against Phemex+0.292%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$640.638% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)−0.441%−$44 · spread now +0.292%, 7d avg +0.001%

Together, before fees−0.404%−$40 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: Polymarket Perps is 0.291% dearer against Phemex than usual: you sell high and buy low, +$29 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.1430	0.0100	pay 0.0100% / 8h	4h 22m	$3.8M	$8.5M	50x
Short	Polymarket Perps NEAR-USD	4.1551	0.0100	get 0.0013% / 1h	22m 07s	$221K	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.292%Rate

Funding earned: $0
Price spread: +0.292% → +0.001%: $29.08
Slippage, 4 orders: −$43.77
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$34.7
Costs to cover: 0.638%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Polymarket Perps: live order book, 1 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, 6 min ago	4.83 bp	22.1 bp −$22	45.9 bp −$459	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	0.24 bp	6.5 bp −$6	11.9 bp −$119	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	4.1436	+0.014%	$2K	—	20x	as long as short
Extended NEAR-USD	−0.0032%	1h	4.1453	+0.056%	$3.5M	$14.1M	25x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1595	+0.398%	$105K	$54K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1514	+0.203%	$421K	$20.1M	2.2x	as long as short
Deribit NEAR_USDC-PERPETUAL	0.0000%	1h	4.1489	+0.142%	$1.8M	$2.0M	25x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1510	+0.193%	$202K	—	150x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0032%	1h	4.1481	+0.123%	$2.1M	$12.7M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1520	+0.217%	$105K	$499K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1495	+0.156%	$2.8M	$5.7M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1437	+0.016%	$237.0M	$1.11B	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.1400	−0.072%	$207.8M	$429.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.1390	−0.097%	$57.4M	$286.6M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1540	+0.266%	$245K	$1.6M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1537	+0.257%	$238K	$4K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1416	−0.034%	$29.2M	$56.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1400	−0.072%	$81.3M	$145.7M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1460	+0.072%	$57.8M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1394	−0.087%	$69.6M	$127.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.1380	−0.121%	—	$135.2M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1325	−0.254%	$7.6M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1249	−0.438%	$262K	$1.3M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1280	−0.362%	$1.4M	$1.1M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1250	−0.434%	$112K	$754K	50x	as long as short
Polymarket Perps NEAR-USDshort	+0.0100%	1h	4.1551	+0.292%	$221K	$3.0M	10x
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.1472	+0.101%	$52K	$163K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1500	+0.169%	$2K	$1.5M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1435	+0.012%	$5K	$45K	10x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.1430	long leg	$3.8M	$8.5M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1590	+0.387%	$30K	$2K	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1446	+0.038%	$200K	$66K	3x	as long as short
Injective NEAR/USDC PERP	+0.0120%	1h	4.1000	−1.038%	$572	$150K	12x	as long as short
01 Exchange NEARUSD	+0.0200%	1h	4.1560	+0.314%	$12K	$8K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1420	−0.024%	$12.6M	$33.2M	75x	as long as short
Lighter RH NEAR	+0.0232%	1h	4.1476	+0.111%	$1.4M	$7.3M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0241%	1h	4.1463	+0.081%	$7.4M	$34.5M	50x	as long as short
Nado NEAR-PERP	+0.0286%	1h	4.1440	+0.024%	$1.8M	$3.9M	10x	as long as short
Pacifica NEAR	+0.0319%	1h	4.1578	+0.356%	$440K	$1.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0372% / S −0.0314%	1h	4.1505	+0.181%	$273K	—	100x	as long as short
RISEx NEAR/USDC	+0.0378%	1h	4.1559	+0.311%	$397K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0618%	1h	4.1391	−0.094%	$1.7M	$2.7M	10x	as long as short
Lighter NEAR	+0.0648%	1h	4.1475	+0.109%	$15.4M	$22.5M	15x	as long as short
Hyperliquid NEAR	+0.0835%	1h	4.1476	+0.111%	$350.2M	$305.5M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0955%	1h	4.1459	+0.070%	$1.4M	$4.7M	20x	as long as short
Aftermath Perps NEARUSD	+0.1095%	1h	4.1364	−0.160%	$5K	$11K	10x	as long as short
HTX NEAR-USDT	+0.1245%	8h	4.1690	+0.628%	$454K	$4.1M	75x	as long as short