Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0138%/8h= −15.2% APRpaid last 24h −0.077%

Price spread now: Phemex against Kraken Futures−0.019%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$670.666% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now −0.019%, 7d avg −0.026%

Together, before fees−0.184%−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NEARUSD	4.2868	0.0221	pay 0.0028% / 1h	56m 34s	$7.8M	$37.8M	50x
Short	Phemex NEARUSDT	4.2860	0.0082	get 0.0082% / 8h	6h 56m	$3.8M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$29.08
Price spread: −0.019% → −0.026%: $0.71
Slippage, 4 orders: −$44.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$95.02
Costs to cover: 0.666%
Break-even: never at this rate

Slippage from Kraken Futures: 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 Kraken Futures live order book, 3 min ago	7.06 bp	16.4 bp −$16	20.0 bp −$200	54.4 bp −$5,442	6365.5 bp −$3.18M
Sell Phemex live order book, 2 min ago	4.64 bp	17.4 bp −$17	38.5 bp −$385	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	4.2914	+0.108%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3146	+0.649%	$2.2M	$13.4M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2802	−0.155%	$111K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2928	+0.140%	$394K	$18.8M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2881	+0.029%	$156K	—	150x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0007%	1h	4.2892	+0.056%	$1.9M	$4.0M	25x	as long as short
Variational Omni NEAR	+0.0016%	8h	4.2957	+0.209%	$8.2M	$18.8M	—	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.401%	$578	$302K	12x	as long as short
Phemex NEARUSDTshort	+0.0082%	8h	4.2860	−0.019%	$3.8M	$8.3M	50x
Popdex NEARUSDT	+0.0096%	1h	4.2870	+0.005%	$114K	$475K	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.2876	+0.019%	$57K	$162K	20x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2858	−0.023%	$3.0M	$5.8M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2820	−0.111%	$403K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2818	−0.116%	$255.7M	$1.05B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2790	−0.182%	$217.5M	$417.2M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2780	−0.205%	$60.3M	$274.8M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2840	−0.065%	$203K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3162	+0.687%	$246K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2794	−0.172%	$30.7M	$59.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2810	−0.135%	$73.2M	$136.2M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2810	−0.135%	$55.2M	$42.6M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2797	−0.165%	$70.8M	$122.8M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2810	−0.135%	—	$142.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3195	+0.764%	$259K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3258	+0.911%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3230	+0.845%	$177K	$776K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2979	+0.259%	$208K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3140	+0.635%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2850	−0.042%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2910	+0.098%	$448K	$3.7M	75x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2795	−0.171%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2782	−0.201%	$3.8M	$17.3M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2853	−0.034%	$200K	$31K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2890	+0.051%	$13.1M	$27.5M	75x	as long as short
Kraken Futures PF_NEARUSDlong	+0.0221%	1h	4.2868	long leg	$7.8M	$37.8M	50x
01 Exchange NEARUSD	+0.0304%	1h	4.2870	+0.005%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0382%	1h	4.2959	+0.212%	$1.9M	$3.1M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0388% / S −0.0329%	1h	4.2874	+0.015%	$286K	—	100x	as long as short
Lighter RH NEAR	+0.0496%	1h	4.2864	−0.009%	$1.6M	$6.9M	10x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3191	+0.754%	$1.8M	$2.5M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.2833	−0.082%	$425K	$1.2M	10x	as long as short
Hyperliquid NEAR	+0.0699%	1h	4.2850	−0.042%	$362.7M	$302.5M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0752%	1h	4.2867	−0.002%	$1.3M	$5.9M	20x	as long as short
Lighter NEAR	+0.1288%	1h	4.2907	+0.092%	$17.1M	$24.3M	15x	as long as short
Aftermath Perps NEARUSD	+0.1498%	1h	4.3145	+0.646%	$5K	$12K	10x	as long as short