Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC+0.0481%/8hnext payment +$0.60 per $10,000 · paid last 24h +0.146%

Price spread now: Aftermath Perps against Phoenix−0.268%63s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Aftermath Perps is 0.268% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.268% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 44 hours of funding at the current rate (+$14 a day). The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.1391	0.0618	pay 0.0077% / 1h	24m 12s	$1.7M	$2.7M	10x
Short	Aftermath Perps NEARUSD	4.1280	0.1099	get 0.0137% / 1h	24m 12s	$5K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Phoenix. 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 PhoenixbpFee Aftermath PerpsbpOrdersPrice spread, now −0.268%Rate

Funding earned: $101.07
Price spread: −0.268% → 0.000%: −$26.76
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $58.31
Costs to cover: 0.160%
Break-even: 3.0 days

Slippage unknown: Phoenix: live order book, 8 min ago; Aftermath Perps: no order-book sample. Net counts fees only.

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 Phoenix live order book, 8 min ago	0.97 bp	12.3 bp −$12	51.2 bp −$512	doesn't fit	doesn't fit
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Aftermath Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	4.1319	−0.175%	$2K	—	20x	as long as short
Extended NEAR-USD	−0.0016%	1h	4.1311	−0.192%	$3.5M	$14.1M	25x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.1328	−0.152%	$104K	$54K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.1371	−0.048%	$444K	$20.1M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.1362	−0.071%	$201K	—	150x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0032%	1h	4.1407	+0.039%	$2.1M	$12.6M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.1340	−0.123%	$104K	$498K	50x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.1348	−0.103%	$2.8M	$5.7M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.1355	−0.087%	$236.5M	$1.11B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.1331	−0.145%	$206.8M	$428.9M	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	4.1340	−0.123%	$56.7M	$285.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.1310	−0.196%	$244K	$1.6M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.1127	−0.638%	$235K	$4K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.1344	−0.114%	$29.1M	$56.3M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.1330	−0.147%	$80.4M	$145.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.1370	−0.051%	$58.0M	$46.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.1391	0.000%	$69.8M	$125.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.1350	−0.099%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.1325	−0.160%	$7.6M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.1386	−0.013%	$262K	$1.3M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.1231	−0.386%	$1.4M	$1.1M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.1310	−0.196%	$113K	$755K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.1361	−0.072%	$222K	$3.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.1326	−0.157%	$52K	$163K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.1380	−0.027%	$1K	$1.5M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.1355	−0.087%	$4K	$44K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.1370	−0.051%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.1302	−0.214%	$30K	$2K	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.1335	−0.135%	$200K	$66K	3x	as long as short
Injective NEAR/USDC PERP	+0.0120%	1h	4.1000	−0.945%	$572	$150K	12x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0185%	1h	4.1372	−0.046%	$1.8M	$2.0M	25x	as long as short
01 Exchange NEARUSD	+0.0208%	1h	4.1313	−0.188%	$12K	$8K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.1280	−0.268%	$12.6M	$33.1M	75x	as long as short
Kraken Futures PF_NEARUSD	+0.0242%	1h	4.1405	+0.034%	$7.4M	$34.4M	50x	as long as short
Lighter RH NEAR	+0.0248%	1h	4.1424	+0.080%	$1.4M	$7.3M	10x	as long as short
Nado NEAR-PERP	+0.0289%	1h	4.1340	−0.123%	$1.8M	$3.9M	10x	as long as short
Pacifica NEAR	+0.0319%	1h	4.1320	−0.172%	$438K	$1.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0371% / S −0.0312%	1h	4.1348	−0.105%	$272K	—	100x	as long as short
RISEx NEAR/USDC	+0.0378%	1h	4.1329	−0.150%	$397K	$1.3M	10x	as long as short
Phoenix NEARlong	+0.0618%	1h	4.1391	long leg	$1.7M	$2.7M	10x
Lighter NEAR	+0.0680%	1h	4.1423	+0.077%	$15.4M	$22.5M	15x	as long as short
Hyperliquid NEAR	+0.0826%	1h	4.1411	+0.048%	$347.6M	$303.0M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0961%	1h	4.1352	−0.094%	$1.5M	$4.7M	20x	as long as short
Aftermath Perps NEARUSDshort	+0.1099%	1h	4.1280	−0.268%	$5K	$11K	10x
HTX NEAR-USDT	+0.1247%	8h	4.1470	+0.191%	$451K	$4.1M	75x	as long as short