Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0718%/8h= −78.6% APRpaid last 24h −0.124%

Price spread now: BloFin against Phoenix+0.025%7-day average −0.171% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$410.406% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.540%−$54 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now +0.025%, 7d avg −0.171%

Together, before fees−0.688%−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.195% dearer against Phoenix than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.171%): +$20 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.540% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.4489	0.1003	pay 0.0125% / 1h	52m 15s	$1.8M	$2.5M	10x
Short	BloFin NEAR-USDT	4.4500	0.0285	get 0.0285% / 8h	1h 52m	$13.5M	$32.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$150.77
Price spread: +0.025% → −0.171%: $19.55
Slippage, 4 orders: −$21.59
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$171.82
Costs to cover: 0.406%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; BloFin: live order book, 7 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 Phoenix live order book, 1 min ago	0.90 bp	12.3 bp −$12	51.1 bp −$511	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	2.25 bp	8.3 bp −$8	18.7 bp −$187	44.4 bp −$4,442	100.9 bp −$50.4K

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	4.4378	−0.249%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4319	−0.381%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4379	−0.247%	$167K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.921%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4330	−0.357%	$114K	$494K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4350	−0.312%	$226.5M	$424.5M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4360	−0.290%	$62.5M	$295.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−0.276%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4387	−0.229%	$34.5M	$59.8M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4420	−0.155%	$53.5M	$45.7M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.4356	−0.299%	$73.5M	$126.1M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4407	−0.184%	$8.9M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4434	−0.123%	$260K	$963K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4418	−0.160%	$278K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4401	−0.198%	$58K	$233K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4420	−0.155%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4480	−0.020%	$462K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4360	−0.290%	$3.6M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0103%	8h	4.4330	−0.357%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0120%	8h	4.4450	−0.088%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4395	−0.211%	$206K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0158%	8h	4.4380	−0.245%	—	$143.7M	—	as long as short
MEXC NEAR_USDT	+0.0165%	8h	4.4420	−0.155%	$85.8M	$143.9M	200x	as long as short
Binance NEARUSDT	+0.0167%	8h	4.4393	−0.216%	$268.9M	$1.08B	75x	as long as short
SoDEX NEAR-USD	+0.0237%	1h	4.4355	−0.301%	$5K	$52K	10x	as long as short
BloFin NEAR-USDTshort	+0.0285%	8h	4.4500	+0.025%	$13.5M	$32.8M	75x
Kalshi KXNEARPERP	+0.0305%	8h	4.4414	−0.169%	$1.1M	$24.9M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.4381	−0.243%	$238K	—	100x	as long as short
Aster NEARUSDT	+0.0342%	8h	4.4370	−0.267%	$2.9M	$5.0M	50x	as long as short
Extended NEAR-USD	+0.0376%	1h	4.4343	−0.328%	$3.7M	$19.0M	25x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4441	−0.108%	$2.3M	$16.3M	50x	as long as short
ApeX Omni NEARUSDT	+0.0440%	1h	4.4430	−0.133%	$168K	$803K	50x	as long as short
01 Exchange NEARUSD	+0.0496%	1h	4.4369	−0.270%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0575%	1h	4.4380	−0.245%	$1.7M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0604%	1h	4.4472	−0.038%	$1.3M	$6.5M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0658%	1h	4.4348	−0.317%	$7.4M	$38.7M	50x	as long as short
Hyperliquid NEAR	+0.0679%	1h	4.4442	−0.106%	$365.7M	$306.6M	10x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4580	+0.205%	$226K	$1.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0900%	1h	4.4412	−0.173%	$1.9M	$12.2M	25x	as long as short
Lighter NEAR	+0.0904%	1h	4.4428	−0.136%	$17.4M	$24.6M	15x	as long as short
Phoenix NEARlong	+0.1003%	1h	4.4489	long leg	$1.8M	$2.5M	10x
Lighter RH NEAR	+0.1016%	1h	4.4421	−0.153%	$1.5M	$6.6M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4364	−0.282%	$408K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1193%	1h	4.4376	−0.253%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4354	−0.303%	$678K	$1.4M	10x	as long as short