Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0841%/8h= −92.1% APRpaid last 24h −0.156%

Price spread now: Phemex against Phoenix+0.157%7-day average −0.165% · you sell dearer than you buy

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$830.827% of the position

Long on Phoenix Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.782%−$78 on $10k

Price spread, last 4 days (all we have)−0.265%−$27 · spread now +0.157%, 7d avg −0.165%

Together, before fees−1.047%−$105 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.322% dearer against Phoenix than usual: you sell high and buy low (spread +0.157% now, against its 7-day average of −0.165%): +$32 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.782% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.3302	0.0941	pay 0.0118% / 1h	42m 56s	$1.8M	$2.8M	10x
Short	Phemex NEARUSDT	4.3370	0.0100	get 0.0100% / 8h	3h 42m	$3.7M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.157%Rate

Funding earned: −$176.58
Price spread: +0.157% → −0.165%: $32.2
Slippage, 4 orders: −$63.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$227.05
Costs to cover: 0.827%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	0.92 bp	12.3 bp −$12	51.3 bp −$513	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	5.73 bp	23.6 bp −$24	52.8 bp −$528	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	4.3355	+0.122%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3308	+0.013%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3315	+0.029%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.369%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3406	+0.240%	$2.3M	$16.0M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3360	+0.134%	$108K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3306	+0.010%	$265.7M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3270	−0.074%	$215.6M	$427.7M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3280	−0.051%	$61.6M	$291.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3400	+0.226%	$247K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3255	−0.109%	$31.7M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3310	+0.018%	$73.6M	$144.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3310	+0.018%	$53.8M	$46.3M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3274	−0.065%	$71.0M	$128.8M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3280	−0.051%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3397	+0.220%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3444	+0.328%	$254K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3214	−0.203%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3100	−0.466%	$166K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3398	+0.222%	$262K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3356	+0.125%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3450	+0.342%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3500	+0.457%	$462K	$4.0M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3370	+0.157%	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3306	+0.009%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3350	+0.111%	$202K	$37K	3x	as long as short
Kalshi KXNEARPERP	+0.0130%	8h	4.3392	+0.208%	$654K	$23.1M	2.2x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3390	+0.203%	$13.8M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3342	+0.092%	$412K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.3310	+0.018%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0321% / S −0.0194%	1h	4.3316	+0.033%	$232K	—	100x	as long as short
SoDEX NEAR-USD	+0.0421%	1h	4.3318	+0.037%	$8K	$49K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0512%	1h	4.3350	+0.111%	$1.4M	$6.5M	20x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3423	+0.279%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0614%	1h	4.3338	+0.084%	$355.9M	$320.6M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3420	+0.273%	$213K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0672%	1h	4.3255	−0.109%	$3.8M	$19.8M	25x	as long as short
Nado NEAR-PERP	+0.0697%	1h	4.3380	+0.180%	$1.8M	$3.1M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0711%	1h	4.3327	+0.058%	$7.6M	$39.6M	50x	as long as short
Lighter RH NEAR	+0.0856%	1h	4.3387	+0.196%	$1.5M	$7.4M	10x	as long as short
Phoenix NEARlong	+0.0941%	1h	4.3302	long leg	$1.8M	$2.8M	10x
Deribit NEAR_USDC-PERPETUAL	+0.0997%	1h	4.3357	+0.127%	$2.0M	$8.8M	25x	as long as short
Lighter NEAR	+0.1144%	1h	4.3390	+0.204%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3430	+0.296%	$627K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1582%	1h	4.3407	+0.243%	$5K	$12K	10x	as long as short