Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1087%/8h= −119.0% APRpaid last 24h −0.017%

Price spread now: Phemex against Pacifica−0.109%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$630.625% of the position

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.109%, 7d avg −0.018%

Together, before fees−0.028%+ Points / potential airdropPacifica: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Phemex is 0.090% cheaper against Pacifica than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica NEAR	4.3988	0.1187	pay 0.0148% / 1h	14m 10s	$420K	$1.4M	10x
Short	Phemex NEARUSDT	4.3940	0.0100	get 0.0100% / 8h	1h 14m	$3.6M	$8.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$228.28
Price spread: −0.109% → −0.018%: −$9.05
Slippage, 4 orders: −$42.52
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$299.84
Costs to cover: 0.625%
Break-even: never at this rate

Slippage from Pacifica: 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 Pacifica live order book, 5 min ago	3.49 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.52 bp	17.5 bp −$17	44.3 bp −$443	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	4.3868	−0.271%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3927	−0.139%	$108K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3888	−0.228%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.860%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3920	−0.154%	$111K	$484K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3942	−0.104%	$222.6M	$430.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3930	−0.131%	$61.9M	$293.9M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4150	+0.369%	$252K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3924	−0.145%	$35.7M	$62.1M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3960	−0.063%	$53.2M	$45.9M	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	4.3928	−0.136%	$72.6M	$127.8M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3847	−0.319%	$8.8M	$18.7M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4016	+0.063%	$257K	$918K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4000	+0.028%	$166K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3932	−0.127%	$290K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3951	−0.084%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3970	−0.040%	$1K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4030	+0.096%	$460K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3940	−0.109%	$3.6M	$8.2M	50x
Paradex NEAR-USD-PERP	+0.0104%	8h	4.3963	−0.057%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0109%	8h	4.4271	+0.644%	$1.5M	$1.5M	10x	as long as short
Extended NEAR-USD	+0.0112%	1h	4.3921	−0.153%	$3.6M	$18.1M	25x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.3966	−0.051%	$204K	$38K	3x	as long as short
SoDEX NEAR-USD	+0.0138%	1h	4.3935	−0.120%	$5K	$53K	10x	as long as short
BingX NEAR-USDT	+0.0202%	8h	4.3940	−0.109%	—	$144.1M	—	as long as short
MEXC NEAR_USDT	+0.0212%	8h	4.3960	−0.063%	$78.7M	$149.9M	200x	as long as short
Binance NEARUSDT	+0.0214%	8h	4.3954	−0.077%	$267.6M	$1.08B	75x	as long as short
Kalshi KXNEARPERP	+0.0236%	8h	4.3966	−0.050%	$1.0M	$24.9M	2.2x	as long as short
Aster NEARUSDT	+0.0289%	8h	4.3940	−0.109%	$2.8M	$4.8M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0314% / S −0.0199%	1h	4.3909	−0.179%	$234K	—	100x	as long as short
BloFin NEAR-USDT	+0.0332%	8h	4.4050	+0.141%	$13.6M	$32.5M	75x	as long as short
Backpack NEAR_USDC_PERP	+0.0413%	1h	4.3955	−0.075%	$1.3M	$6.9M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.3988	0.000%	$2.3M	$16.6M	50x	as long as short
01 Exchange NEARUSD	+0.0456%	1h	4.3957	−0.070%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0512%	1h	4.3988	0.000%	$359.0M	$313.4M	10x	as long as short
Nado NEAR-PERP	+0.0539%	1h	4.3884	−0.235%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0664%	1h	4.3913	−0.170%	$7.3M	$38.2M	50x	as long as short
Lighter NEAR	+0.0784%	1h	4.3993	+0.012%	$17.3M	$25.3M	15x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.3990	+0.005%	$226K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0888%	1h	4.3998	+0.023%	$1.5M	$6.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0934%	1h	4.3960	−0.063%	$1.9M	$13.0M	25x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4002	+0.032%	$1.8M	$2.5M	10x	as long as short
Pacifica NEARlong	+0.1187%	1h	4.3988	long leg	$420K	$1.4M	10x
RISEx NEAR/USDC	+0.1259%	1h	4.3965	−0.051%	$662K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1303%	1h	4.4055	+0.153%	$5K	$12K	10x	as long as short