Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.224%

Price spread now: Orderly against Backpack+0.032%7-day average −0.065% · you sell dearer than you buy

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.431%−$43 on $10k

Price spread, last 4 days (all we have)+0.355%+$35 · spread now +0.032%, 7d avg −0.065%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.097% dearer against Backpack than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.065%): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack NEAR_USDC_PERP	4.4159	0.0300	pay 0.0037% / 1h	19m 51s	$1.4M	$6.5M	20x
Short	Orderly PERP_NEAR_USDC	4.4173	0.0100	get 0.0100% / 8h	4h 19m	$56K	$227K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.032%Rate

Funding earned: −$41.98
Price spread: +0.032% → −0.065%: $9.65
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$48.32
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 4 min ago; Orderly: 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 Backpack live order book, 4 min ago	2.15 bp	7.2 bp −$7	16.3 bp −$163	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	4.4042	−0.264%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4042	−0.265%	$2.3M	$15.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4022	−0.311%	$109K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4069	−0.204%	$605K	$22.1M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4052	−0.242%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.225%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4070	−0.202%	$113K	$518K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4054	−0.238%	$421K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4178	+0.043%	$271.3M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4110	−0.111%	$221.8M	$424.4M	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	4.4120	−0.088%	$62.8M	$299.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4098	−0.138%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4122	−0.084%	$32.1M	$64.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4160	+0.002%	$74.4M	$149.8M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4170	+0.025%	$54.7M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4133	−0.059%	$72.5M	$130.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.4120	−0.088%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4057	−0.231%	$8.5M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4206	+0.106%	$265K	$977K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4210	+0.115%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4050	−0.247%	$169K	$802K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4074	−0.192%	$232K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDCshort	+0.0100%	8h	4.4173	+0.032%	$56K	$227K	20x
SunX NEAR-USDT	+0.0100%	8h	4.4170	+0.025%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4220	+0.138%	$458K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4160	+0.002%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4037	−0.277%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4210	+0.115%	$206K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0124%	1h	4.4155	−0.009%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4110	−0.111%	$13.9M	$32.8M	75x	as long as short
Backpack NEAR_USDC_PERPlong	+0.0300%	1h	4.4159	long leg	$1.4M	$6.5M	20x
Aster NEARUSDT	+0.0303%	8h	4.4158	−0.001%	$3.0M	$5.5M	50x	as long as short
Hyperliquid NEAR	+0.0318%	1h	4.4193	+0.077%	$364.5M	$324.6M	10x	as long as short
01 Exchange NEARUSD	+0.0320%	1h	4.4120	−0.088%	$13K	$7K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0190%	1h	4.4046	−0.256%	$233K	—	100x	as long as short
Extended NEAR-USD	+0.0360%	1h	4.4144	−0.034%	$3.9M	$19.7M	25x	as long as short
Nado NEAR-PERP	+0.0540%	1h	4.4065	−0.213%	$1.9M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4120	−0.088%	$218K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0588%	1h	4.4183	+0.055%	$8.1M	$39.7M	50x	as long as short
Lighter RH NEAR	+0.0608%	1h	4.4200	+0.093%	$1.5M	$7.2M	10x	as long as short
Phoenix NEAR	+0.0794%	1h	4.4289	+0.294%	$1.8M	$2.8M	10x	as long as short
RISEx NEAR/USDC	+0.0926%	1h	4.4119	−0.090%	$590K	$1.4M	10x	as long as short
Lighter NEAR	+0.0928%	1h	4.4211	+0.118%	$17.8M	$26.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1551%	1h	4.4114	−0.101%	$5K	$12K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1585%	1h	4.4230	+0.161%	$2.0M	$7.3M	25x	as long as short