Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0838%/8h= +91.8% APRpaid last 24h +0.160%

Price spread now: Phoenix against BingX+0.337%7-day average +0.209% · you sell dearer than you buy

Net, funding: paid 7d − costs+$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.822%+$82 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.337%, 7d avg +0.209%

Together, before fees+0.663%+$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$25 a day on $10k at the current rate, and Phoenix is 0.128% dearer against BingX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.209%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX NEAR-USDC	4.4850	0.0165	pay 0.0165% / 8h	1h 48m	—	$6.7M	—
Short	Phoenix NEAR	4.5001	0.1003	get 0.0125% / 1h	48m 47s	$1.9M	$2.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.337%Rate

Funding earned: $176.03
Price spread: +0.337% → +0.209%: $12.81
Slippage, 4 orders: −$31.35
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $140.49
Costs to cover: 0.484%
Break-even: 1.4 days

Slippage from BingX: live order book, 4 min ago; Phoenix: live order book, 5 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 BingX live order book, 4 min ago	1.13 bp	13.2 bp −$13	29.3 bp −$293	65.9 bp −$6,594	295.0 bp −$147.5K
Sell Phoenix live order book, 5 min ago	0.90 bp	11.8 bp −$12	27.5 bp −$275	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	4.4849	−0.002%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4847	−0.006%	$110K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4919	+0.155%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.670%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4870	+0.045%	$110K	$494K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4850	0.000%	$230.5M	$428.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4820	−0.067%	$63.3M	$299.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4366	−1.079%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4878	+0.062%	$34.9M	$59.9M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4910	+0.134%	$54.0M	$45.8M	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	4.4802	−0.107%	$74.2M	$126.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4568	−0.630%	$8.9M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4503	−0.773%	$260K	$964K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4871	+0.047%	$282K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4949	+0.221%	$59K	$233K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4980	+0.290%	$1K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4990	+0.312%	$470K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4910	+0.134%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0105%	8h	4.4879	+0.065%	$32K	$585	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4925	+0.167%	$209K	$40K	3x	as long as short
GRVT NEAR_USDT_Perp	+0.0122%	8h	4.4641	−0.465%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0132%	1h	4.4470	−0.847%	$168K	$803K	50x	as long as short
BingX NEAR-USDClong	+0.0165%	8h	4.4850	long leg	—	$6.7M	—
MEXC NEAR_USDT	+0.0169%	8h	4.4880	+0.067%	$86.0M	$144.7M	200x	as long as short
Binance NEARUSDT	+0.0176%	8h	4.4910	+0.133%	$272.6M	$1.09B	75x	as long as short
BloFin NEAR-USDT	+0.0296%	8h	4.4950	+0.223%	$13.7M	$33.2M	75x	as long as short
Kalshi KXNEARPERP	+0.0302%	8h	4.4837	−0.029%	$1.1M	$24.9M	2.2x	as long as short
SoDEX NEAR-USD	+0.0310%	1h	4.4945	+0.212%	$5K	$52K	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0316% / S −0.0201%	1h	4.4901	+0.113%	$240K	—	100x	as long as short
Aster NEARUSDT	+0.0342%	8h	4.4910	+0.134%	$2.9M	$5.0M	50x	as long as short
Extended NEAR-USD	+0.0368%	1h	4.4875	+0.055%	$3.8M	$19.0M	25x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4934	+0.187%	$2.3M	$16.5M	50x	as long as short
Nado NEAR-PERP	+0.0533%	1h	4.4465	−0.858%	$1.7M	$3.2M	10x	as long as short
01 Exchange NEARUSD	+0.0536%	1h	4.4932	+0.183%	$13K	$7K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0626%	1h	4.4987	+0.305%	$1.4M	$6.5M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0650%	1h	4.4898	+0.108%	$7.4M	$38.7M	50x	as long as short
Hyperliquid NEAR	+0.0728%	1h	4.4867	+0.038%	$369.3M	$307.7M	10x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4970	+0.268%	$228K	$1.6M	10x	as long as short
Lighter NEAR	+0.0968%	1h	4.4980	+0.289%	$17.6M	$24.7M	15x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0997%	1h	4.4952	+0.227%	$2.0M	$12.3M	25x	as long as short
Phoenix NEARshort	+0.1003%	1h	4.5001	+0.337%	$1.9M	$2.5M	10x
Lighter RH NEAR	+0.1056%	1h	4.4984	+0.299%	$1.5M	$6.6M	10x	as long as short
Aftermath Perps NEARUSD	+0.1180%	1h	4.4504	−0.771%	$6K	$12K	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4893	+0.095%	$414K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4875	+0.057%	$684K	$1.4M	10x	as long as short