Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.008%

Price spread now: Popdex against Bybit+0.223%7-day average +0.053% · 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−$18as in the Price arb table

costs, in and out, $10k−$350.347% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.223%, 7d avg +0.053%

Together, before fees−0.076%−$8 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: Popdex is 0.169% dearer against Bybit than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NEARUSDT	4.4930	0.0100	pay 0.0100% / 8h	1h 41m	$231.3M	$429.9M	75x
Short	Popdex NEARUSDT	4.5030	0.0096	get 0.0012% / 1h	41m 15s	$112K	$494K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Bybit. 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 BybitbpFee PopdexbpOrdersPrice spread, now +0.223%Rate

Funding earned: −$0.84
Price spread: +0.223% → +0.053%: $16.92
Slippage, 4 orders: −$17.31
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$18.63
Costs to cover: 0.347%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Popdex: live order book, 3 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 Bybit live order book, 3 min ago	1.12 bp	8.7 bp −$9	16.2 bp −$162	41.1 bp −$4,113	166.3 bp −$83.2K
Sell Popdex live order book, 3 min ago	3.34 bp	7.9 bp −$8	53.2 bp −$532	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	4.4988	+0.129%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4923	−0.016%	$111K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4911	−0.042%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.834%	$578	$301K	12x	as long as short
Popdex NEARUSDTshort	+0.0096%	1h	4.5030	+0.223%	$112K	$494K	50x
Bybit NEARUSDTlong	+0.0100%	8h	4.4930	long leg	$231.3M	$429.9M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4900	−0.067%	$63.7M	$301.3M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5008	+0.174%	$256K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4985	+0.122%	$35.1M	$60.2M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5000	+0.156%	$53.8M	$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	4.4913	−0.038%	$74.5M	$127.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.540%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4779	−0.336%	$262K	$967K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4740	−0.423%	$168K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.5034	+0.231%	$284K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4952	+0.049%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4990	+0.134%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4870	−0.134%	$469K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4750	−0.401%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0107%	8h	4.4931	+0.001%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0124%	8h	4.4854	−0.170%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.4955	+0.056%	$209K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0185%	8h	4.4950	+0.045%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0187%	8h	4.4980	+0.111%	$86.2M	$145.7M	200x	as long as short
Binance NEARUSDT	+0.0190%	8h	4.4970	+0.089%	$273.8M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0194%	1h	4.4915	−0.033%	$5K	$53K	10x	as long as short
Kalshi KXNEARPERP	+0.0292%	8h	4.4833	−0.216%	$1.1M	$25.0M	2.2x	as long as short
Extended NEAR-USD	+0.0304%	1h	4.4905	−0.055%	$3.7M	$18.8M	25x	as long as short
BloFin NEAR-USDT	+0.0310%	8h	4.4790	−0.312%	$13.6M	$33.0M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0336% / S −0.0229%	1h	4.4916	−0.030%	$258K	—	100x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.4980	+0.111%	$2.9M	$5.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4871	−0.131%	$2.3M	$16.6M	50x	as long as short
01 Exchange NEARUSD	+0.0480%	1h	4.5025	+0.211%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0538%	1h	4.5020	+0.200%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0582%	1h	4.4959	+0.065%	$1.3M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0589%	1h	4.5045	+0.256%	$371.3M	$311.0M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0650%	1h	4.4891	−0.087%	$7.4M	$38.3M	50x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.5040	+0.245%	$229K	$1.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0908%	1h	4.4955	+0.056%	$2.0M	$12.3M	25x	as long as short
Lighter RH NEAR	+0.0984%	1h	4.4900	−0.067%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.5134	+0.454%	$1.9M	$2.5M	10x	as long as short
Lighter NEAR	+0.1040%	1h	4.4816	−0.254%	$17.5M	$24.8M	15x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4953	+0.052%	$414K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1241%	1h	4.4809	−0.269%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.5021	+0.203%	$675K	$1.4M	10x	as long as short