Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.015%

Price spread now: Phemex against Extended+0.030%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.209%+$21 · spread now +0.030%, 7d avg +0.065%

Together, before fees+0.148%+ Points / potential airdropExtended: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.035% cheaper against Extended than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.065%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.062% in total (about -3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended NEAR-USD	4.4937	0.0320	pay 0.0040% / 1h	41m 34s	$3.7M	$18.8M	25x
Short	Phemex NEARUSDT	4.4950	0.0100	get 0.0100% / 8h	1h 41m	$3.7M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$46.2
Price spread: +0.030% → +0.065%: −$3.54
Slippage, 4 orders: −$35.91
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$102.65
Costs to cover: 0.529%
Break-even: never at this rate

Slippage from Extended: live order book, 3 min ago; Phemex: live order book, 2 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 Extended live order book, 3 min ago	0.45 bp	5.3 bp −$5	11.3 bp −$113	443.7 bp −$44.4K	doesn't fit
Sell Phemex live order book, 2 min ago	6.68 bp	21.1 bp −$21	52.9 bp −$529	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	4.5000	+0.142%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4923	−0.030%	$111K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4981	+0.100%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.848%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4990	+0.119%	$112K	$494K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4950	+0.030%	$231.4M	$429.8M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4930	−0.015%	$63.7M	$301.4M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5008	+0.159%	$256K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4928	−0.019%	$35.1M	$60.2M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4950	+0.030%	$53.7M	$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	4.4933	−0.008%	$74.5M	$127.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.555%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4779	−0.351%	$262K	$967K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4740	−0.438%	$168K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4999	+0.139%	$281K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5022	+0.190%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5070	+0.297%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5100	+0.364%	$469K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.4950	+0.030%	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0107%	8h	4.4931	−0.013%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0123%	8h	4.4756	−0.402%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.5034	+0.216%	$209K	$40K	3x	as long as short
BingX NEAR-USDT	+0.0185%	8h	4.4950	+0.030%	—	$144.0M	—	as long as short
MEXC NEAR_USDT	+0.0187%	8h	4.4960	+0.052%	$86.1M	$145.6M	200x	as long as short
Binance NEARUSDT	+0.0190%	8h	4.4970	+0.074%	$273.8M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0205%	1h	4.4900	−0.081%	$5K	$52K	10x	as long as short
Kalshi KXNEARPERP	+0.0293%	8h	4.4945	+0.019%	$1.1M	$25.0M	2.2x	as long as short
BloFin NEAR-USDT	+0.0305%	8h	4.4830	−0.237%	$13.6M	$33.1M	75x	as long as short
Extended NEAR-USDlong	+0.0320%	1h	4.4937	long leg	$3.7M	$18.8M	25x
GMX NEAR/USD [ETH-USDC]	L +0.0336% / S −0.0229%	1h	4.4991	+0.121%	$258K	—	100x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.4940	+0.008%	$2.9M	$5.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.5012	+0.168%	$2.3M	$16.6M	50x	as long as short
01 Exchange NEARUSD	+0.0480%	1h	4.5025	+0.197%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0538%	1h	4.5020	+0.186%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0582%	1h	4.4959	+0.050%	$1.3M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0592%	1h	4.4976	+0.088%	$370.6M	$310.9M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0649%	1h	4.4960	+0.052%	$7.5M	$38.3M	50x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.5040	+0.230%	$229K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0992%	1h	4.5004	+0.150%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4991	+0.121%	$1.9M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1017%	1h	4.5031	+0.210%	$2.0M	$12.3M	25x	as long as short
Lighter NEAR	+0.1040%	1h	4.5006	+0.154%	$17.6M	$24.8M	15x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4953	+0.037%	$414K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1225%	1h	4.4771	−0.369%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.5021	+0.189%	$675K	$1.4M	10x	as long as short