Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0756%/8h= −82.8% APRpaid last 24h −0.234%

Price spread now: Phemex against Lighter−0.172%7-day average −0.166% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.857%−$86 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.172%, 7d avg −0.166%

Together, before fees−0.766%+ Points / potential airdropLighter: Season 3 · farm board−$77 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.166%, so right now this pair is about funding alone: −$23 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NEAR	4.2843	0.0856	pay 0.0107% / 1h	44m 30s	$16.8M	$25.0M	15x
Short	Phemex NEARUSDT	4.2770	0.0100	get 0.0100% / 8h	2h 44m	$3.6M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$158.76
Price spread: −0.172% → −0.166%: −$0.52
Slippage, 4 orders: −$21.76
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$193.04
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; Phemex: live order book, 4 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 Lighter live order book, 9 min ago	1.27 bp	1.3 bp −$1	12.9 bp −$129	74.2 bp −$7,419	doesn't fit
Sell Phemex live order book, 4 min ago	1.17 bp	18.1 bp −$18	42.3 bp −$423	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	4.2772	−0.166%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2768	−0.177%	$105K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.2703	−0.328%	$160K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.346%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2790	−0.125%	$111K	$500K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2830	−0.032%	$261.7M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.2773	−0.165%	$212.6M	$421.6M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2800	−0.102%	$60.3M	$284.2M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2835	−0.019%	$244K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2776	−0.158%	$32.0M	$59.7M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NEAR_USDT	+0.0100%	8h	4.2830	−0.032%	$70.5M	$142.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2820	−0.055%	$52.9M	$45.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2774	−0.162%	$70.7M	$127.4M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2790	−0.125%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.2678	−0.387%	$8.1M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2781	−0.146%	$250K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2766	−0.180%	$1.4M	$1.5M	10x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2802	−0.097%	$262K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.2755	−0.207%	$56K	$243K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.2830	−0.032%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2840	−0.008%	$458K	$4.0M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.2770	−0.172%	$3.6M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2775	−0.161%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2749	−0.221%	$199K	$37K	3x	as long as short
ApeX Omni NEARUSDT	+0.0148%	1h	4.2790	−0.125%	$164K	$794K	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2780	−0.148%	$13.2M	$31.5M	75x	as long as short
Kalshi KXNEARPERP	+0.0253%	8h	4.2761	−0.193%	$842K	$24.5M	2.2x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0256%	1h	4.2732	−0.260%	$2.3M	$15.7M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0322% / S −0.0198%	1h	4.2701	−0.334%	$231K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.2816	−0.065%	$2.8M	$5.4M	50x	as long as short
Nado NEAR-PERP	+0.0341%	1h	4.2778	−0.153%	$1.7M	$3.2M	10x	as long as short
Extended NEAR-USD	+0.0528%	1h	4.2777	−0.154%	$3.7M	$19.9M	25x	as long as short
SoDEX NEAR-USD	+0.0563%	1h	4.2745	−0.230%	$6K	$53K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0635%	1h	4.2754	−0.209%	$1.3M	$6.8M	20x	as long as short
Hyperliquid NEAR	+0.0677%	1h	4.2827	−0.039%	$349.9M	$311.6M	10x	as long as short
01 Exchange NEARUSD	+0.0728%	1h	4.2842	−0.004%	$13K	$7K	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0740%	1h	4.2740	−0.243%	$7.5M	$38.7M	50x	as long as short
Arcus NEAR-USD	+0.0814%	1h	4.2820	−0.055%	$210K	$1.6M	10x	as long as short
Pacifica NEAR	+0.0847%	1h	4.2810	−0.078%	$392K	$1.3M	10x	as long as short
Lighter NEARlong	+0.0856%	1h	4.2843	long leg	$16.8M	$25.0M	15x
Lighter RH NEAR	+0.1024%	1h	4.2832	−0.027%	$1.5M	$7.3M	10x	as long as short
Phoenix NEAR	+0.1033%	1h	4.2961	+0.274%	$1.8M	$2.5M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1108%	1h	4.2775	−0.160%	$1.9M	$11.0M	25x	as long as short
RISEx NEAR/USDC	+0.1220%	1h	4.2817	−0.061%	$687K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1463%	1h	4.2769	−0.175%	$5K	$12K	10x	as long as short