Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0364%/8h= −39.9% APRpaid last 24h −0.048%

Price spread now: Bybit against Deribit−0.607%45s7-day average −0.104% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as 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−$330.327% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.365%−$36 on $10k

Price spread, last 3 days (all we have)+0.418%+$42 · spread now −0.607%, 7d avg −0.104%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bybit is 0.503% cheaper against Deribit than usual: you would sell low and buy high (−$50 if the spread goes back to its 7-day average of −0.104%). Swap the legs. The two prices were read 45 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	Deribit NEAR_USDC-PERPETUAL	4.3464	0.0464	pay 0.0058% / 1h	3m 39s	$1.9M	$3.9M	25x
Short	Bybit NEARUSDT	4.3200	0.0100	get 0.0100% / 8h	7h 03m	$221.4M	$416.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.607%Rate

Funding earned: −$76.44
Price spread: −0.607% → −0.104%: −$50.3
Slippage, 4 orders: −$14.67
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$159.42
Costs to cover: 0.327%
Break-even: never at this rate

Slippage from Deribit: live order book, just now; Bybit: 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 Deribit live order book, just now	3.01 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	1.16 bp	8.5 bp −$8	12.9 bp −$129	33.1 bp −$3,310	205.4 bp −$102.7K

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
Phemex NEARUSDT	−0.0299%	8h	4.3370	−0.216%	$3.9M	$8.4M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3472	+0.018%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0129%	1h	4.3445	−0.044%	$8.0M	$38.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3380	−0.193%	$2.2M	$13.3M	50x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3447	−0.039%	$384K	$18.8M	2.2x	as long as short
dYdX NEAR-USD	+0.0004%	1h	4.3193	−0.623%	$112K	$64K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0005%	1h	4.3462	−0.005%	$162K	—	150x	as long as short
Variational Omni NEAR	+0.0010%	8h	4.3057	−0.936%	$8.2M	$18.8M	—	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.726%	$578	$302K	12x	as long as short
01 Exchange NEARUSD	+0.0048%	1h	4.3259	−0.472%	$13K	$7K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex NEARUSDT	+0.0096%	1h	4.3220	−0.561%	$115K	$474K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.3449	−0.035%	$58K	$162K	20x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3285	−0.411%	$3.0M	$5.8M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3228	−0.544%	$402K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3230	−0.538%	$258.0M	$1.05B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.3200	−0.607%	$221.4M	$416.2M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3170	−0.676%	$61.2M	$276.5M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3260	−0.469%	$205K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3243	−0.509%	$246K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3206	−0.594%	$31.0M	$61.2M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3220	−0.561%	$75.0M	$142.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3240	−0.515%	$56.1M	$42.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3207	−0.591%	$71.6M	$122.3M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3220	−0.561%	—	$141.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3270	−0.446%	$258K	$1.1M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3356	−0.249%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3140	−0.745%	$177K	$776K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3499	+0.081%	$204K	$3.4M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3530	+0.152%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3410	−0.124%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3560	+0.221%	$459K	$3.6M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3173	−0.670%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3200	−0.607%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3428	−0.082%	$202K	$31K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3250	−0.492%	$13.2M	$27.7M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0377% / S −0.0308%	1h	4.3458	−0.014%	$278K	—	100x	as long as short
Nado NEAR-PERP	+0.0423%	1h	4.3192	−0.626%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3260	−0.469%	$409K	$1.2M	10x	as long as short
Hyperliquid NEAR	+0.0453%	1h	4.3274	−0.437%	$367.2M	$301.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUALlong	+0.0464%	1h	4.3464	long leg	$1.9M	$3.9M	25x
Lighter RH NEAR	+0.0496%	1h	4.3282	−0.419%	$1.6M	$7.0M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0498%	1h	4.3382	−0.189%	$1.3M	$5.9M	20x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3218	−0.566%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1471%	1h	4.3328	−0.314%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1776%	1h	4.3319	−0.333%	$17.3M	$24.8M	15x	as long as short