Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0886%/8h= +97.1% APRpaid last 24h +0.158%

Price spread now: Phoenix against Binance−0.582%75s7-day average +0.193% · you buy dearer than you sell

Net, funding: paid 7d − costs+$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.381% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.765%+$77 on $10k

Price spread, last 7 days+0.767%+$77 · spread now −0.582%, 7d avg +0.193%

Together, before fees+1.533%+$153 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.775% cheaper against Binance than usual: you would sell low and buy high (spread −0.582% now, against its 7-day average of +0.193%). If the spread goes back, that is −$77 on $10k: about 2.9 days of funding at the current rate (+$27 a day). At the pace of the last 7 days (+0.765% in total) that is about 7.1 days. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance NEARUSDT	4.4500	0.0147	pay 0.0147% / 8h	2h 02m	$270.5M	$1.09B	75x
Short	Phoenix NEAR	4.4241	0.1033	get 0.0129% / 1h	2m 19s	$1.8M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.582%Rate

Funding earned: $186.15
Price spread: −0.582% → +0.193%: −$77.45
Slippage, 4 orders: −$21.14
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $70.55
Costs to cover: 0.381%
Break-even: 4.3 days

Slippage from Binance: live order book, 12 min ago; Phoenix: live order book, 1 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 Binance live order book, 12 min ago	1.15 bp	6.1 bp −$6	7.6 bp −$76	32.9 bp −$3,291	98.3 bp −$49.2K
Sell Phoenix live order book, 1 min ago	0.90 bp	11.8 bp −$12	32.5 bp −$325	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	4.4407	−0.210%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4395	−0.237%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4446	−0.121%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.944%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4430	−0.157%	$113K	$497K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4460	−0.090%	$223.9M	$424.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4450	−0.112%	$62.7M	$296.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4419	−0.181%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4396	−0.234%	$33.9M	$61.4M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4430	−0.157%	$53.5M	$46.0M	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	4.4448	−0.117%	$73.3M	$127.1M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4197	−0.680%	$8.9M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4142	−0.804%	$258K	$965K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4433	−0.151%	$273K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4489	−0.025%	$58K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4540	+0.090%	$1K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4500	0.000%	$474K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4440	−0.135%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4360	−0.316%	$32K	$608	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0111%	8h	4.4060	−0.989%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4505	+0.011%	$207K	$40K	3x	as long as short
BingX NEAR-USDC	+0.0130%	8h	4.4490	−0.022%	—	$6.7M	—	as long as short
MEXC NEAR_USDT	+0.0143%	8h	4.4420	−0.180%	$85.2M	$146.9M	200x	as long as short
Binance NEARUSDTlong	+0.0147%	8h	4.4500	long leg	$270.5M	$1.09B	75x
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.4545	+0.101%	$2.3M	$16.5M	50x	as long as short
BloFin NEAR-USDT	+0.0264%	8h	4.4300	−0.449%	$13.4M	$32.7M	75x	as long as short
Kalshi KXNEARPERP	+0.0312%	8h	4.4459	−0.092%	$1.1M	$24.7M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.4444	−0.126%	$238K	—	100x	as long as short
Aster NEARUSDT	+0.0345%	8h	4.4489	−0.025%	$2.9M	$5.2M	50x	as long as short
Nado NEAR-PERP	+0.0381%	1h	4.4435	−0.146%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0448%	1h	4.4437	−0.142%	$3.7M	$19.2M	25x	as long as short
ApeX Omni NEARUSDT	+0.0450%	1h	4.4150	−0.787%	$167K	$803K	50x	as long as short
SoDEX NEAR-USD	+0.0497%	1h	4.4455	−0.101%	$5K	$52K	10x	as long as short
Hyperliquid NEAR	+0.0690%	1h	4.4467	−0.074%	$366.0M	$311.6M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0697%	1h	4.4372	−0.288%	$1.3M	$6.5M	20x	as long as short
01 Exchange NEARUSD	+0.0704%	1h	4.4494	−0.013%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0711%	1h	4.4456	−0.098%	$7.4M	$39.1M	50x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.4460	−0.090%	$227K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.4412	−0.198%	$407K	$1.4M	10x	as long as short
Lighter NEAR	+0.0936%	1h	4.4529	+0.066%	$17.4M	$25.3M	15x	as long as short
Phoenix NEARshort	+0.1033%	1h	4.4241	−0.582%	$1.8M	$2.5M	10x
Lighter RH NEAR	+0.1112%	1h	4.4537	+0.083%	$1.5M	$7.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1122%	1h	4.4508	+0.018%	$2.0M	$12.1M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.4452	−0.109%	$691K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1239%	1h	4.4037	−1.042%	$5K	$12K	10x	as long as short