Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Phemex against Popdex−0.022%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

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

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.501%+$50 · spread now −0.022%, 7d avg +0.002%

Together, before fees+0.512%+$51 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: Phemex is 0.024% cheaper against Popdex than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex NEARUSDT	4.5150	0.0096	pay 0.0012% / 1h	14m 52s	$124K	$522K	50x
Short	Phemex NEARUSDT	4.5140	0.0100	get 0.0100% / 8h	6h 14m	$3.4M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Popdex. 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 PopdexbpFee PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0.84
Price spread: −0.022% → +0.002%: −$2.38
Slippage, 4 orders: −$45.43
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.37
Costs to cover: 0.638%
Break-even: 551.7 days

Slippage from Popdex: live order book, 37 min ago; Phemex: live order book, 2 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 Popdex live order book, 37 min ago	3.37 bp	8.9 bp −$9	65.8 bp −$658	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	8.87 bp	25.5 bp −$25	60.9 bp −$609	doesn't fit	doesn't fit

NEAR on 45 exchanges

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	4.5136	−0.032%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0140%	1h	4.5123	−0.060%	$7.4M	$37.9M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.5048	−0.227%	$110K	$53K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.5087	−0.139%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−8.283%	$578	$301K	12x	as long as short
Popdex NEARUSDTlong	+0.0096%	1h	4.5150	long leg	$124K	$522K	50x
Aster NEARUSDT	+0.0100%	8h	4.5119	−0.069%	$2.7M	$4.8M	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.5130	−0.044%	$274.3M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.5110	−0.089%	$234.3M	$433.4M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.5090	−0.133%	$64.6M	$310.6M	50x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus NEAR-USD	+0.0100%	1h	4.5110	−0.089%	$232K	$1.4M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5102	−0.106%	$269K	$12K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5104	−0.102%	$39.9M	$63.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.5150	0.000%	$78.4M	$172.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5140	−0.022%	$53.5M	$45.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.5069	−0.179%	$74.7M	$130.0M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.5120	−0.066%	—	$78.4M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.5025	−0.276%	$9.0M	$17.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.5132	−0.040%	$267K	$870K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.5070	−0.177%	$1.5M	$1.7M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.5120	−0.066%	$168K	$827K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5168	+0.040%	$283K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5170	+0.044%	$59K	$269K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5150	0.000%	$2K	$1.3M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.5145	−0.011%	$5K	$40K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5130	−0.044%	$469K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.5140	−0.022%	$3.4M	$8.0M	50x
Paradex NEAR-USD-PERP	+0.0103%	8h	4.5044	−0.234%	$33K	$51	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.5111	−0.086%	$3.8M	$15.1M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.5146	−0.010%	$210K	$38K	3x	as long as short
Kalshi KXNEARPERP	+0.0107%	8h	4.5135	−0.033%	$815K	$26.3M	2.2x	as long as short
01 Exchange NEARUSD	+0.0160%	1h	4.5157	+0.016%	$13K	$5K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.5150	0.000%	$13.0M	$33.0M	75x	as long as short
Hyperliquid NEAR	+0.0294%	1h	4.5132	−0.040%	$364.2M	$324.2M	10x	as long as short
Lighter NEAR	+0.0304%	1h	4.5158	+0.018%	$17.6M	$23.8M	15x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0342% / S −0.0235%	1h	4.5004	−0.323%	$260K	—	100x	as long as short
Nado NEAR-PERP	+0.0422%	1h	4.5115	−0.078%	$1.7M	$3.2M	10x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0520%	1h	4.5171	+0.047%	$2.3M	$17.8M	50x	as long as short
RISEx NEAR/USDC	+0.0569%	1h	4.5105	−0.100%	$643K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0648%	1h	4.5197	+0.104%	$1.6M	$6.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0714%	1h	4.5192	+0.093%	$1.1M	$7.0M	20x	as long as short
Phoenix NEAR	+0.0851%	1h	4.5254	+0.230%	$1.7M	$2.5M	10x	as long as short
Pacifica NEAR	+0.0883%	1h	4.5086	−0.141%	$418K	$1.4M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0946%	1h	4.5197	+0.104%	$1.9M	$13.1M	25x	as long as short
Aftermath Perps NEARUSD	+0.1177%	1h	4.5178	+0.061%	$6K	$7K	10x	as long as short