Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.015%

Price spread now: Extended against Phemex+0.257%7-day average −0.065% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.496%−$50 · spread now +0.257%, 7d avg −0.065%

Together, before fees−0.434%+ Points / potential airdropExtended: Active · farm board−$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Extended is 0.322% dearer against Phemex than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of −0.065%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% 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	Phemex NEARUSDT	4.4830	0.0100	pay 0.0100% / 8h	1h 42m	$3.7M	$8.3M	50x
Short	Extended NEAR-USD	4.4945	0.0328	get 0.0041% / 1h	42m 25s	$3.7M	$18.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. 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 PhemexbpFee ExtendedbpOrdersPrice spread, now +0.257%Rate

Funding earned: $47.88
Price spread: +0.257% → −0.065%: $32.19
Slippage, 4 orders: −$35.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $27.16
Costs to cover: 0.529%
Break-even: 3.0 days

Slippage from Phemex: live order book, 1 min ago; Extended: live order book, 2 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 Phemex live order book, 1 min ago	6.68 bp	22.0 bp −$22	51.8 bp −$518	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.45 bp	4.5 bp −$5	13.8 bp −$138	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	4.5000	+0.380%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4926	+0.215%	$111K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4981	+0.338%	$169K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−7.629%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4990	+0.357%	$112K	$494K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.5009	+0.399%	$231.7M	$429.6M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4980	+0.335%	$63.6M	$302.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.5008	+0.397%	$256K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.5002	+0.384%	$35.1M	$60.2M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.5050	+0.491%	$53.8M	$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	4.4987	+0.350%	$74.5M	$127.2M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4687	−0.319%	$9.0M	$18.5M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4779	−0.114%	$262K	$967K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4740	−0.201%	$168K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4999	+0.377%	$281K	$4.0M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.5022	+0.428%	$59K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.5070	+0.535%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4960	+0.290%	$466K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.4830	long leg	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0107%	8h	4.4960	+0.290%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0123%	8h	4.4756	−0.165%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.5034	+0.454%	$209K	$40K	3x	as long as short
MEXC NEAR_USDT	+0.0184%	8h	4.5020	+0.424%	$86.4M	$145.6M	200x	as long as short
BingX NEAR-USDT	+0.0185%	8h	4.5010	+0.402%	—	$143.9M	—	as long as short
Binance NEARUSDT	+0.0187%	8h	4.5030	+0.446%	$274.1M	$1.09B	75x	as long as short
SoDEX NEAR-USD	+0.0199%	1h	4.4835	+0.011%	$5K	$52K	10x	as long as short
Kalshi KXNEARPERP	+0.0295%	8h	4.4847	+0.038%	$1.1M	$25.0M	2.2x	as long as short
BloFin NEAR-USDT	+0.0305%	8h	4.4830	0.000%	$13.6M	$33.1M	75x	as long as short
Extended NEAR-USDshort	+0.0328%	1h	4.4945	+0.257%	$3.7M	$18.9M	25x
GMX NEAR/USD [ETH-USDC]	L +0.0336% / S −0.0229%	1h	4.4991	+0.359%	$258K	—	100x	as long as short
Aster NEARUSDT	+0.0338%	8h	4.5030	+0.446%	$2.9M	$5.0M	50x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.4893	+0.141%	$2.3M	$16.5M	50x	as long as short
01 Exchange NEARUSD	+0.0480%	1h	4.4985	+0.346%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0538%	1h	4.5020	+0.424%	$1.8M	$3.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0578%	1h	4.4916	+0.192%	$1.3M	$6.5M	20x	as long as short
Hyperliquid NEAR	+0.0607%	1h	4.5068	+0.531%	$371.0M	$310.5M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0651%	1h	4.4812	−0.040%	$7.4M	$38.3M	50x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4980	+0.335%	$229K	$1.6M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4991	+0.359%	$1.9M	$2.5M	10x	as long as short
Lighter RH NEAR	+0.1008%	1h	4.5004	+0.388%	$1.5M	$6.7M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1017%	1h	4.5031	+0.448%	$2.0M	$12.3M	25x	as long as short
Lighter NEAR	+0.1056%	1h	4.5026	+0.438%	$17.7M	$24.7M	15x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4955	+0.279%	$414K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1225%	1h	4.4771	−0.132%	$6K	$12K	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4984	+0.345%	$674K	$1.4M	10x	as long as short