Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0830%/8h= −90.9% APRpaid last 24h −0.088%

Price spread now: HTX against Backpack+0.221%7-day average +0.174% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$710.714% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.203%+$20 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now +0.221%, 7d avg +0.174%

Together, before fees+0.252%+$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.047% dearer against Backpack than usual: you sell high and buy low (spread +0.221% now, against its 7-day average of +0.174%): +$5 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.203%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.203% in total (about 10.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.3903	0.0930	pay 0.0116% / 1h	16m 50s	$1.4M	$6.3M	20x
Short	HTX NEAR-USDT	4.4000	0.0100	get 0.0100% / 8h	6h 16m	$454K	$3.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Backpack. 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 BackpackbpFee HTXbpOrdersPrice spread, now +0.221%Rate

Funding earned: −$174.35
Price spread: +0.221% → +0.174%: $4.72
Slippage, 4 orders: −$49.4
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$241.03
Costs to cover: 0.714%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; HTX: 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 Backpack live order book, 2 min ago	2.58 bp	7.6 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	13.48 bp	22.2 bp −$22	87.2 bp −$872	doesn't fit	doesn't fit

NEAR on 44 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	4.3878	−0.058%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3905	+0.005%	$2.2M	$14.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3856	−0.106%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4083	+0.410%	$599K	$20.0M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3913	+0.023%	$194K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.678%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0080%	8h	4.4757	+1.945%	$8.6M	$18.5M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3900	−0.007%	$111K	$494K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4002	+0.225%	$414K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3900	−0.007%	$266.5M	$1.08B	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NEARUSDT	+0.0100%	8h	4.3828	−0.171%	$222.3M	$423.1M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3820	−0.189%	$62.4M	$290.3M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3970	+0.153%	$209K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4050	+0.335%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3876	−0.061%	$31.6M	$62.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3900	−0.007%	$75.1M	$143.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3900	−0.007%	$53.9M	$43.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3891	−0.027%	$72.3M	$126.3M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3880	−0.052%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4564	+1.505%	$281K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4520	+1.405%	$1.5M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4540	+1.451%	$183K	$765K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3887	−0.036%	$208K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3931	+0.064%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3920	+0.039%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3915	+0.027%	$5K	$51K	10x	as long as short
HTX NEAR-USDTshort	+0.0100%	8h	4.4000	+0.221%	$454K	$3.9M	75x
Phemex NEARUSDT	+0.0100%	8h	4.3840	−0.143%	$3.9M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.3997	+0.214%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3877	−0.059%	$3.8M	$18.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4007	+0.236%	$205K	$34K	3x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0137%	1h	4.3949	+0.105%	$1.9M	$4.2M	25x	as long as short
Aster NEARUSDT	+0.0176%	8h	4.3907	+0.010%	$3.0M	$5.8M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0215%	1h	4.3919	+0.037%	$8.0M	$40.9M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0352% / S −0.0248%	1h	4.3877	−0.060%	$259K	—	100x	as long as short
Nado NEAR-PERP	+0.0403%	1h	4.3867	−0.081%	$1.9M	$3.1M	10x	as long as short
01 Exchange NEARUSD	+0.0424%	1h	4.3887	−0.036%	$13K	$7K	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3894	−0.020%	$554K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.4150	+0.563%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0792%	1h	4.3972	+0.157%	$1.6M	$7.0M	10x	as long as short
Hyperliquid NEAR	+0.0905%	1h	4.3962	+0.134%	$370.3M	$309.1M	10x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0930%	1h	4.3903	long leg	$1.4M	$6.3M	20x
Aftermath Perps NEARUSD	+0.1604%	1h	4.4260	+0.812%	$6K	$12K	10x	as long as short
Lighter NEAR	+0.1752%	1h	4.3993	+0.204%	$17.6M	$25.7M	15x	as long as short