Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0580%/8h= +63.5% APRpaid last 24h +0.036%

Price spread now: Lighter RH against Phemex+0.115%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$550.551% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.473%+$47 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now +0.115%, 7d avg +0.138%

Together, before fees+0.604%+ Points / potential airdropLighter RH: Points live · farm board+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.023% cheaper against Phemex than usual: you would sell low and buy high (spread +0.115% now, against its 7-day average of +0.138%). If the spread goes back, that is −$2 on $10k: about 3 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.473% in total) that is about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NEARUSDT	4.3580	0.0100	pay 0.0100% / 8h	6h 35m	$3.9M	$8.3M	50x
Short	Lighter RH NEAR	4.3630	0.0680	get 0.0085% / 1h	35m 31s	$1.6M	$6.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.115%Rate

Funding earned: $121.8
Price spread: +0.115% → +0.138%: −$2.31
Slippage, 4 orders: −$43.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $64.36
Costs to cover: 0.551%
Break-even: 3.3 days

Slippage from Phemex: live order book, 3 min ago; Lighter RH: 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 Phemex live order book, 3 min ago	6.92 bp	19.9 bp −$20	50.7 bp −$507	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	2.19 bp	3.2 bp −$3	7.1 bp −$71	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	4.3548	−0.073%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3611	+0.071%	$2.2M	$13.8M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3553	−0.061%	$109K	$69K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3580	0.000%	$522K	$19.6M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3549	−0.071%	$202K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.979%	$578	$302K	12x	as long as short
Variational Omni NEAR	+0.0052%	8h	4.3548	−0.073%	$8.3M	$19.1M	—	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3590	+0.023%	$116K	$479K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3583	+0.007%	$58K	$161K	20x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3585	+0.011%	$412K	$1.2M	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance NEARUSDT	+0.0100%	8h	4.3630	+0.115%	$260.7M	$1.06B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3650	+0.161%	$221.8M	$420.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3680	+0.229%	$61.6M	$283.1M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3640	+0.138%	$207K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3449	−0.300%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3568	−0.028%	$31.3M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3600	+0.046%	$75.7M	$138.3M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3600	+0.046%	$56.0M	$42.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3585	+0.011%	$72.1M	$123.7M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3590	+0.023%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3236	−0.789%	$260K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3339	−0.552%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3400	−0.413%	$180K	$775K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3575	−0.011%	$214K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3610	+0.069%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3571	−0.021%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3700	+0.275%	$445K	$3.9M	75x	as long as short
Phemex NEARUSDTlong	+0.0100%	8h	4.3580	long leg	$3.9M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3549	−0.070%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3574	−0.014%	$3.8M	$17.4M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3571	−0.021%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0122%	8h	4.3649	+0.159%	$3.0M	$5.8M	50x	as long as short
Kraken Futures PF_NEARUSD	+0.0217%	1h	4.3584	+0.010%	$7.7M	$40.3M	50x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3220	−0.826%	$13.2M	$27.6M	75x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0360% / S −0.0278%	1h	4.3545	−0.079%	$261K	—	100x	as long as short
01 Exchange NEARUSD	+0.0368%	1h	4.3669	+0.204%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0432%	1h	4.3695	+0.264%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3654	+0.171%	$546K	$1.3M	10x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3434	−0.335%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEARshort	+0.0680%	1h	4.3630	+0.115%	$1.6M	$6.9M	10x
Hyperliquid NEAR	+0.0759%	1h	4.3629	+0.112%	$366.2M	$303.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0783%	1h	4.3607	+0.062%	$1.9M	$4.1M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0805%	1h	4.3635	+0.126%	$1.4M	$5.9M	20x	as long as short
Aftermath Perps NEARUSD	+0.1440%	1h	4.3317	−0.605%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1480%	1h	4.3664	+0.193%	$17.4M	$24.8M	15x	as long as short