Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0475%/8h= +52.0% APRpaid last 24h +0.213%

Price spread now: Backpack against OKX+0.054%7-day average +0.872% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 7 days−0.248%−$25 · spread now +0.054%, 7d avg +0.872%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.819% cheaper against OKX than usual: you would sell low and buy high (spread +0.054% now, against its 7-day average of +0.872%). If the spread goes back, that is −$82 on $10k: about 5.7 days of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.410% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX NEAR-USDT-SWAP	4.4640	0.0100	pay 0.0100% / 8h	1h 50m	$62.8M	$297.4M	50x
Short	Backpack NEAR_USDC_PERP	4.4664	0.0575	get 0.0072% / 1h	50m 40s	$1.3M	$6.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now +0.054%Rate

Funding earned: $99.78
Price spread: +0.054% → +0.872%: −$81.87
Slippage, 4 orders: −$15.7
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$17.79
Costs to cover: 0.357%
Break-even: 8.2 days

Slippage from OKX: live order book, 3 min ago; Backpack: live order book, 3 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 OKX live order book, 3 min ago	1.13 bp	10.6 bp −$11	17.8 bp −$178	37.5 bp −$3,746	doesn't fit
Sell Backpack live order book, 3 min ago	2.59 bp	7.6 bp −$8	302.1 bp −$3,021	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	4.4486	−0.345%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4633	−0.016%	$110K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4497	−0.321%	$167K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.236%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4880	+0.538%	$115K	$495K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4661	+0.047%	$228.3M	$424.9M	75x	as long as short
OKX NEAR-USDT-SWAPlong	+0.0100%	8h	4.4640	long leg	$62.8M	$297.4M	50x
Bulk NEAR-USD	+0.0100%	1h	4.4366	−0.613%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4643	+0.007%	$34.7M	$59.8M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4690	+0.112%	$53.7M	$45.8M	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	4.4636	−0.009%	$73.9M	$126.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4568	−0.162%	$8.9M	$18.4M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4503	−0.306%	$260K	$964K	20x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4491	−0.334%	$278K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4565	−0.168%	$58K	$233K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4580	−0.134%	$1K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4680	+0.090%	$463K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4600	−0.090%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0104%	8h	4.4645	+0.010%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0120%	8h	4.4474	−0.371%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0120%	1h	4.4584	−0.125%	$207K	$40K	3x	as long as short
ApeX Omni NEARUSDT	+0.0132%	1h	4.4470	−0.381%	$168K	$803K	50x	as long as short
BingX NEAR-USDC	+0.0154%	8h	4.4650	+0.022%	—	$6.7M	—	as long as short
MEXC NEAR_USDT	+0.0169%	8h	4.4690	+0.112%	$85.5M	$144.3M	200x	as long as short
Binance NEARUSDT	+0.0170%	8h	4.4640	0.000%	$270.4M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0288%	1h	4.4562	−0.175%	$5K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0290%	8h	4.4590	−0.112%	$13.6M	$32.9M	75x	as long as short
Kalshi KXNEARPERP	+0.0303%	8h	4.4427	−0.477%	$1.1M	$24.9M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0315% / S −0.0201%	1h	4.4498	−0.317%	$238K	—	100x	as long as short
Aster NEARUSDT	+0.0342%	8h	4.4640	0.000%	$2.9M	$5.0M	50x	as long as short
Extended NEAR-USD	+0.0376%	1h	4.4648	+0.018%	$3.7M	$19.0M	25x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4543	−0.217%	$2.3M	$16.4M	50x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.4759	+0.267%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0533%	1h	4.4465	−0.392%	$1.7M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0575%	1h	4.4664	+0.054%	$1.3M	$6.5M	20x
Kraken Futures PF_NEARUSD	+0.0655%	1h	4.4561	−0.176%	$7.4M	$38.7M	50x	as long as short
Hyperliquid NEAR	+0.0722%	1h	4.4683	+0.096%	$367.6M	$306.9M	10x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4730	+0.202%	$227K	$1.6M	10x	as long as short
Lighter NEAR	+0.0920%	1h	4.4693	+0.119%	$17.5M	$24.6M	15x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4489	−0.338%	$1.8M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1056%	1h	4.4708	+0.152%	$1.5M	$6.6M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4649	+0.019%	$410K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1200%	1h	4.4395	−0.548%	$6K	$12K	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1232%	1h	4.4587	−0.119%	$1.9M	$12.2M	25x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4713	+0.163%	$682K	$1.4M	10x	as long as short