Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0549%/8h= −60.1% APRpaid last 24h −0.115%

Price spread now: Bybit against Kraken Futures+0.083%7-day average −0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now +0.083%, 7d avg −0.075%

Together, before fees−0.476%−$48 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.157% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of −0.075%): +$16 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.244% in total) that is about 4.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.244% in total (about -12.7% 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	Kraken Futures PF_NEARUSD	4.4960	0.0649	pay 0.0081% / 1h	41m 54s	$7.5M	$38.3M	50x
Short	Bybit NEARUSDT	4.4997	0.0100	get 0.0100% / 8h	1h 41m	$231.6M	$429.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$115.28
Price spread: +0.083% → −0.075%: $15.73
Slippage, 4 orders: −$24.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$145.01
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Bybit: 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 Kraken Futures live order book, 2 min ago	8.15 bp	13.4 bp −$13	14.9 bp −$149	48.5 bp −$4,851	5846.0 bp −$2.92M
Sell Bybit live order book, 2 min ago	1.12 bp	7.8 bp −$8	11.5 bp −$115	30.1 bp −$3,011	124.4 bp −$62.2K

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	+0.090%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4926	−0.074%	$111K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4981	+0.048%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.895%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4990	+0.067%	$112K	$494K	50x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.4997	+0.083%	$231.6M	$429.8M	75x
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4980	+0.045%	$63.6M	$302.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5008	+0.107%	$256K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4900	−0.133%	$35.1M	$60.2M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4940	−0.044%	$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	4.4932	−0.062%	$74.5M	$127.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.606%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4779	−0.402%	$262K	$967K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4740	−0.489%	$168K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4999	+0.087%	$281K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5022	+0.138%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5070	+0.245%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.5100	+0.312%	$469K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4950	−0.022%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0107%	8h	4.4960	+0.001%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0123%	8h	4.4756	−0.453%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.5034	+0.164%	$209K	$40K	3x	as long as short
BingX NEAR-USDC	+0.0176%	8h	4.4980	+0.045%	—	$6.7M	—	as long as short
MEXC NEAR_USDT	+0.0184%	8h	4.4960	0.000%	$86.2M	$145.6M	200x	as long as short
Binance NEARUSDT	+0.0187%	8h	4.4971	+0.026%	$273.8M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0205%	1h	4.4900	−0.133%	$5K	$52K	10x	as long as short
Kalshi KXNEARPERP	+0.0293%	8h	4.4945	−0.033%	$1.1M	$25.0M	2.2x	as long as short
BloFin NEAR-USDT	+0.0305%	8h	4.4830	−0.289%	$13.6M	$33.1M	75x	as long as short
Extended NEAR-USD	+0.0320%	1h	4.4910	−0.110%	$3.7M	$18.8M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0336% / S −0.0229%	1h	4.4991	+0.070%	$258K	—	100x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.4970	+0.023%	$2.9M	$5.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.5012	+0.116%	$2.3M	$16.6M	50x	as long as short
01 Exchange NEARUSD	+0.0480%	1h	4.4985	+0.056%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0538%	1h	4.5020	+0.134%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0582%	1h	4.4959	−0.002%	$1.3M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0592%	1h	4.4976	+0.036%	$370.6M	$310.9M	10x	as long as short
Kraken Futures PF_NEARUSDlong	+0.0649%	1h	4.4960	long leg	$7.5M	$38.3M	50x
Arcus NEAR-USD	+0.0880%	1h	4.4980	+0.045%	$229K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0992%	1h	4.5037	+0.172%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4991	+0.069%	$1.9M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1017%	1h	4.5031	+0.158%	$2.0M	$12.3M	25x	as long as short
Lighter NEAR	+0.1040%	1h	4.5049	+0.199%	$17.7M	$24.7M	15x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4955	−0.011%	$414K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1225%	1h	4.4771	−0.421%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4984	+0.055%	$674K	$1.4M	10x	as long as short