Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Bulk+0.249%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$780.782% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now +0.249%, 7d avg +0.016%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.233% dearer against Bulk than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk NEAR-USD	4.4150	0.0100	pay 0.0013% / 1h	18m 21s	$252K	−$0	10x
Short	Phemex NEARUSDT	4.4260	0.0100	get 0.0100% / 8h	1h 18m	$3.6M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now +0.249%Rate

Funding earned: $0
Price spread: +0.249% → +0.016%: $23.31
Slippage, 4 orders: −$59.24
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.93
Costs to cover: 0.782%
Break-even: never at this rate

Slippage from Bulk: live order book, 26 min ago; Phemex: live order book, 6 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 Bulk live order book, 26 min ago	11.15 bp	14.6 bp −$15	14.6 bp −$146	24.0 bp −$2,398	42.2 bp −$21.1K
Sell Phemex live order book, 6 min ago	3.39 bp	20.9 bp −$21	55.8 bp −$558	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	4.4126	−0.054%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4208	+0.131%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4100	−0.114%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.206%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4190	+0.091%	$112K	$485K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4114	−0.082%	$223.7M	$430.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4110	−0.091%	$62.4M	$294.9M	50x	as long as short
Bulk NEAR-USDlong	+0.0100%	1h	4.4150	long leg	$252K	−$0	10x
Gate NEAR_USDT	+0.0100%	8h	4.4097	−0.120%	$35.7M	$61.9M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4160	+0.023%	$53.4M	$45.9M	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	4.4132	−0.041%	$72.7M	$127.1M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4097	−0.119%	$8.8M	$18.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4205	+0.124%	$258K	$916K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4140	−0.023%	$166K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4183	+0.075%	$293K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4136	−0.032%	$59K	$236K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4290	+0.317%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4350	+0.453%	$464K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.4260	+0.249%	$3.6M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0104%	8h	4.4249	+0.225%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0110%	8h	4.4181	+0.071%	$1.5M	$1.5M	10x	as long as short
Extended NEAR-USD	+0.0136%	1h	4.4242	+0.208%	$3.7M	$18.2M	25x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.4271	+0.274%	$206K	$38K	3x	as long as short
SoDEX NEAR-USD	+0.0169%	1h	4.4265	+0.260%	$5K	$52K	10x	as long as short
BingX NEAR-USDT	+0.0198%	8h	4.4110	−0.091%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0210%	8h	4.4150	0.000%	$79.8M	$149.4M	200x	as long as short
Binance NEARUSDT	+0.0213%	8h	4.4160	+0.023%	$269.3M	$1.08B	75x	as long as short
Kalshi KXNEARPERP	+0.0243%	8h	4.4257	+0.242%	$1.0M	$24.9M	2.2x	as long as short
Aster NEARUSDT	+0.0297%	8h	4.4133	−0.039%	$2.8M	$4.8M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0199%	1h	4.4234	+0.191%	$235K	—	100x	as long as short
BloFin NEAR-USDT	+0.0330%	8h	4.4320	+0.385%	$13.6M	$32.7M	75x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4197	+0.106%	$2.3M	$16.7M	50x	as long as short
Backpack NEAR_USDC_PERP	+0.0430%	1h	4.4285	+0.306%	$1.3M	$6.9M	20x	as long as short
01 Exchange NEARUSD	+0.0448%	1h	4.4236	+0.195%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0511%	1h	4.4191	+0.093%	$360.6M	$313.2M	10x	as long as short
Nado NEAR-PERP	+0.0542%	1h	4.4135	−0.033%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0659%	1h	4.4244	+0.213%	$7.3M	$38.2M	50x	as long as short
Lighter NEAR	+0.0792%	1h	4.4304	+0.348%	$17.4M	$25.3M	15x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0813%	1h	4.4272	+0.276%	$1.9M	$13.0M	25x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4230	+0.181%	$228K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0904%	1h	4.4316	+0.376%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4318	+0.381%	$1.8M	$2.5M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4273	+0.279%	$422K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4226	+0.171%	$668K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1286%	1h	4.4188	+0.086%	$5K	$12K	10x	as long as short