Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0660%/8h= −72.3% APRpaid last 24h −0.044%

Price spread now: Phemex against Lighter RH−0.240%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.481%−$48 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.240%, 7d avg −0.138%

Together, before fees−0.487%+ Points / potential airdropLighter RH: Points live · farm board−$49 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.102% cheaper against Lighter RH than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.138%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH NEAR	4.3715	0.0760	pay 0.0095% / 1h	48m 29s	$1.6M	$6.9M	10x
Short	Phemex NEARUSDT	4.3610	0.0100	get 0.0100% / 8h	5h 48m	$3.8M	$8.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter RH. 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 Lighter RHbpFee PhemexbpOrdersPrice spread, now −0.240%Rate

Funding earned: −$138.6
Price spread: −0.240% → −0.138%: −$10.23
Slippage, 4 orders: −$45.08
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$205.92
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Phemex: live order book, 5 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 RH live order book, 5 min ago	1.82 bp	4.7 bp −$5	12.0 bp −$120	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.57 bp	24.4 bp −$24	61.1 bp −$611	doesn't fit	doesn't fit

NEAR on 44 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	4.3707	−0.018%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.3541	−0.398%	$2.2M	$14.1M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3708	−0.016%	$108K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3580	−0.309%	$548K	$19.3M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3546	−0.388%	$197K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.273%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3770	+0.126%	$115K	$484K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3705	−0.023%	$413K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3765	+0.114%	$265.7M	$1.07B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3705	−0.023%	$220.9M	$416.7M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3690	−0.057%	$62.3M	$288.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3657	−0.133%	$249K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3746	+0.071%	$31.5M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3740	+0.057%	$75.4M	$139.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3810	+0.217%	$54.7M	$44.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3715	0.000%	$71.8M	$126.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3750	+0.080%	—	$144.1M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3926	+0.484%	$8.5M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3800	+0.195%	$268K	$994K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3910	+0.446%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3790	+0.172%	$195K	$778K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3744	+0.066%	$206K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3559	−0.357%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3710	−0.011%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3565	−0.343%	$5K	$50K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	−0.172%	$456K	$3.8M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3610	−0.240%	$3.8M	$8.1M	50x
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3732	+0.040%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3726	+0.025%	$3.8M	$18.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3575	−0.320%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0193%	8h	4.3693	−0.049%	$3.0M	$5.5M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0232%	1h	4.3575	−0.320%	$1.9M	$4.3M	25x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0348% / S −0.0244%	1h	4.3550	−0.376%	$255K	—	100x	as long as short
Nado NEAR-PERP	+0.0385%	1h	4.3725	+0.023%	$1.9M	$3.0M	10x	as long as short
01 Exchange NEARUSD	+0.0392%	1h	4.3790	+0.172%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.3810	+0.217%	$209K	$1.7M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0658%	1h	4.3688	−0.062%	$1.4M	$6.4M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0707%	1h	4.3586	−0.295%	$8.1M	$41.0M	50x	as long as short
Lighter RH NEARlong	+0.0760%	1h	4.3715	long leg	$1.6M	$6.9M	10x
Hyperliquid NEAR	+0.0763%	1h	4.3720	+0.011%	$368.2M	$304.6M	10x	as long as short
Phoenix NEAR	+0.0855%	1h	4.3944	+0.524%	$1.8M	$2.7M	10x	as long as short
RISEx NEAR/USDC	+0.0924%	1h	4.3789	+0.170%	$552K	$1.3M	10x	as long as short
Lighter NEAR	+0.1208%	1h	4.3728	+0.030%	$17.5M	$25.6M	15x	as long as short
Aftermath Perps NEARUSD	+0.1703%	1h	4.3758	+0.099%	$6K	$12K	10x	as long as short