Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0755%/8h= +82.6% APRpaid last 24h +0.153%

Price spread now: Phoenix against MEXC−0.473%7-day average +0.201% · you buy dearer than you sell

Net, funding: paid 7d − costs+$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.743%+$74 on $10k

Price spread, last 7 days+0.615%+$62 · spread now −0.473%, 7d avg +0.201%

Together, before fees+1.358%+$136 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.674% cheaper against MEXC than usual: you would sell low and buy high (spread −0.473% now, against its 7-day average of +0.201%). If the spread goes back, that is −$67 on $10k: about 3.0 days of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.743% in total) that is about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC NEAR_USDT	4.4790	0.0100	pay 0.0100% / 8h	5h 03m	$75.9M	$150.8M	200x
Short	Phoenix NEAR	4.4578	0.0855	get 0.0107% / 1h	3m 14s	$1.8M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now −0.473%Rate

Funding earned: $158.49
Price spread: −0.473% → +0.201%: −$67.42
Slippage, 4 orders: −$20.04
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $64.03
Costs to cover: 0.270%
Break-even: 4.2 days

Slippage from MEXC: live order book, 1 min ago; Phoenix: 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 MEXC live order book, 1 min ago	1.12 bp	1.8 bp −$2	4.2 bp −$42	44.1 bp −$4,410	96.2 bp −$48.1K
Sell Phoenix live order book, 5 min ago	1.10 bp	11.8 bp −$12	26.7 bp −$267	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	4.4750	−0.089%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.4728	−0.138%	$2.2M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4719	−0.158%	$110K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4708	−0.183%	$543K	$21.9M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4760	−0.068%	$168K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.546%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4750	−0.089%	$116K	$516K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4737	−0.118%	$427K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4729	−0.137%	$274.5M	$1.12B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4680	−0.246%	$223.5M	$429.2M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4690	−0.223%	$63.7M	$306.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4470	−0.715%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4769	−0.047%	$32.5M	$65.4M	75x	as long as short
MEXC NEAR_USDTlong	+0.0100%	8h	4.4790	long leg	$75.9M	$150.8M	200x
KuCoin NEARUSDTM	+0.0100%	8h	4.4800	+0.022%	$55.5M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4724	−0.147%	$73.6M	$131.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4750	−0.089%	—	$147.2M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4486	−0.678%	$8.6M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4501	−0.644%	$267K	$977K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4479	−0.695%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4460	−0.737%	$171K	$797K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4777	−0.029%	$250K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4721	−0.154%	$57K	$237K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4830	+0.089%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.4710	−0.179%	$8K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4730	−0.134%	$460K	$4.1M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4670	−0.268%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0102%	8h	4.4691	−0.221%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4731	−0.131%	$208K	$40K	3x	as long as short
Extended NEAR-USD	+0.0208%	1h	4.4674	−0.259%	$4.0M	$19.5M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4680	−0.246%	$14.4M	$33.6M	75x	as long as short
Aster NEARUSDT	+0.0286%	8h	4.4754	−0.080%	$3.1M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0354% / S −0.0235%	1h	4.4756	−0.076%	$268K	—	100x	as long as short
01 Exchange NEARUSD	+0.0376%	1h	4.4776	−0.031%	$13K	$7K	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.4810	+0.045%	$216K	$1.8M	10x	as long as short
Nado NEAR-PERP	+0.0470%	1h	4.4736	−0.121%	$1.9M	$3.2M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0533%	1h	4.4760	−0.067%	$2.0M	$4.5M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0533%	1h	4.4588	−0.451%	$1.4M	$6.7M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0690%	1h	4.4674	−0.258%	$8.3M	$41.3M	50x	as long as short
Lighter RH NEAR	+0.0704%	1h	4.4744	−0.103%	$1.6M	$7.2M	10x	as long as short
Hyperliquid NEAR	+0.0767%	1h	4.4817	+0.060%	$372.9M	$326.6M	10x	as long as short
Phoenix NEARshort	+0.0855%	1h	4.4578	−0.473%	$1.8M	$2.7M	10x
RISEx NEAR/USDC	+0.0924%	1h	4.4777	−0.028%	$574K	$1.4M	10x	as long as short
Lighter NEAR	+0.1120%	1h	4.4754	−0.081%	$18.0M	$27.1M	15x	as long as short
Aftermath Perps NEARUSD	+0.1611%	1h	4.4908	+0.264%	$6K	$12K	10x	as long as short