Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0243%/8h= +26.6% APRpaid last 24h +0.122%

Price spread now: Phoenix against BloFin−0.030%7-day average +0.169% · you buy dearer than you sell

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$480.479% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.502%+$50 on $10k

Price spread, last 3 days (all we have)+0.154%+$15 · spread now −0.030%, 7d avg +0.169%

Together, before fees+0.656%+$66 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.199% cheaper against BloFin than usual: you would sell low and buy high (spread −0.030% now, against its 7-day average of +0.169%). If the spread goes back, that is −$20 on $10k: about 2.7 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin NEAR-USDT	4.2730	0.0220	pay 0.0220% / 8h	38m 09s	$13.0M	$30.7M	75x
Short	Phoenix NEAR	4.2717	0.0463	get 0.0058% / 1h	38m 09s	$1.8M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now −0.030%Rate

Funding earned: $51.09
Price spread: −0.030% → +0.169%: −$19.93
Slippage, 4 orders: −$28.9
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.73
Costs to cover: 0.479%
Break-even: 9.3 days

Slippage from BloFin: live order book, 6 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 BloFin live order book, 6 min ago	5.87 bp	11.9 bp −$12	15.3 bp −$153	46.5 bp −$4,653	doesn't fit
Sell Phoenix live order book, 5 min ago	0.93 bp	11.8 bp −$12	20.7 bp −$207	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	4.2641	−0.209%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0072%	1h	4.2750	+0.047%	$2.2M	$13.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2749	+0.044%	$111K	$59K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2706	−0.056%	$398K	$18.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2673	−0.133%	$203K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.089%	$578	$302K	12x	as long as short
Bybit NEARUSDT	+0.0081%	8h	4.2632	−0.229%	$218.4M	$421.9M	75x	as long as short
Variational Omni NEAR	+0.0087%	8h	4.2660	−0.165%	$7.8M	$18.2M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2650	−0.187%	$109K	$496K	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2726	−0.010%	$31K	$647	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster NEARUSDT	+0.0100%	8h	4.2712	−0.043%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2764	+0.079%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2650	−0.187%	$253.0M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2650	−0.187%	$60.8M	$284.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2700	−0.070%	$202K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2674	−0.131%	$243K	$2K	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2665	−0.152%	$30.0M	$59.0M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2670	−0.140%	$78.1M	$141.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2700	−0.070%	$55.8M	$43.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2654	−0.178%	$70.9M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2660	−0.164%	—	$138.8M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2660	−0.165%	$243K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2670	−0.140%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2710	−0.047%	$178K	$791K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2671	−0.138%	$198K	$3.4M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2674	−0.131%	$57K	$194K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2690	−0.094%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2662	−0.159%	$13K	$50K	10x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.2690	−0.094%	$3.9M	$8.4M	50x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2646	−0.197%	$4.0M	$15.9M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2661	−0.162%	$205K	$62K	3x	as long as short
Kraken Futures PF_NEARUSD	+0.0119%	1h	4.2696	−0.081%	$7.6M	$37.2M	50x	as long as short
01 Exchange NEARUSD	+0.0136%	1h	4.2665	−0.152%	$13K	$7K	10x	as long as short
BloFin NEAR-USDTlong	+0.0220%	8h	4.2730	long leg	$13.0M	$30.7M	75x
GMX NEAR/USD [ETH-USDC]	L +0.0374% / S −0.0313%	1h	4.2672	−0.135%	$273K	—	100x	as long as short
Lighter RH NEAR	+0.0376%	1h	4.2726	−0.009%	$1.5M	$7.0M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0383%	1h	4.2705	−0.059%	$1.9M	$2.3M	25x	as long as short
RISEx NEAR/USDC	+0.0404%	1h	4.2678	−0.122%	$416K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0449%	1h	4.2713	−0.040%	$1.4M	$5.6M	20x	as long as short
Phoenix NEARshort	+0.0463%	1h	4.2717	−0.030%	$1.8M	$2.7M	10x
Nado NEAR-PERP	+0.0772%	1h	4.2643	−0.204%	$1.9M	$3.4M	10x	as long as short
HTX NEAR-USDT	+0.0850%	8h	4.2810	+0.187%	$458K	$3.7M	75x	as long as short
Hyperliquid NEAR	+0.0951%	1h	4.2725	−0.012%	$367.0M	$298.2M	10x	as long as short
Aftermath Perps NEARUSD	+0.1192%	1h	4.2753	+0.053%	$5K	$11K	10x	as long as short
Lighter NEAR	+0.1776%	1h	4.2785	+0.129%	$16.4M	$23.7M	15x	as long as short