Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0694%/8h= −76.0% APRpaid last 24h −0.164%

Price spread now: Bybit against Phoenix−0.359%66s7-day average −0.224% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$420.424% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.771%−$77 on $10k

Price spread, last 7 days+0.165%+$17 · spread now −0.359%, 7d avg −0.224%

Together, before fees−0.606%−$61 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bybit is 0.135% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.224%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix NEAR	4.4289	0.0794	pay 0.0099% / 1h	16m 20s	$1.8M	$2.8M	10x
Short	Bybit NEARUSDT	4.4130	0.0100	get 0.0100% / 8h	4h 16m	$222.1M	$424.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.359%Rate

Funding earned: −$145.71
Price spread: −0.359% → −0.224%: −$13.49
Slippage, 4 orders: −$24.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$201.57
Costs to cover: 0.424%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; Bybit: 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 Phoenix live order book, 2 min ago	0.90 bp	12.4 bp −$12	51.3 bp −$513	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.13 bp	8.6 bp −$9	13.8 bp −$138	35.6 bp −$3,559	157.7 bp −$78.9K

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	4.4135	−0.347%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0008%	1h	4.4152	−0.309%	$2.3M	$15.5M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4200	−0.202%	$109K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4196	−0.210%	$610K	$22.2M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4149	−0.317%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.500%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4180	−0.246%	$113K	$519K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4237	−0.118%	$420K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4190	−0.224%	$271.8M	$1.10B	75x	as long as short
Bybit NEARUSDTshort	+0.0100%	8h	4.4130	−0.359%	$222.1M	$424.7M	75x

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	4.4130	−0.359%	$63.0M	$299.7M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4098	−0.431%	$251K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4129	−0.361%	$32.1M	$64.2M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4160	−0.291%	$74.8M	$150.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4140	−0.336%	$54.7M	$46.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4121	−0.379%	$72.5M	$130.5M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.4160	−0.291%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4057	−0.524%	$8.5M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4247	−0.095%	$265K	$979K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4281	−0.019%	$1.5M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4180	−0.246%	$170K	$802K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4192	−0.219%	$245K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4172	−0.264%	$56K	$227K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.4330	+0.093%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4260	−0.065%	$458K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4190	−0.224%	$3.8M	$8.4M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4187	−0.230%	$32K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4185	−0.235%	$205K	$40K	3x	as long as short
SoDEX NEAR-USD	+0.0166%	1h	4.4150	−0.314%	$8K	$52K	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4290	+0.002%	$13.8M	$33.0M	75x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.4206	−0.188%	$3.0M	$5.5M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0321% / S −0.0190%	1h	4.4143	−0.330%	$234K	—	100x	as long as short
Backpack NEAR_USDC_PERP	+0.0324%	1h	4.4263	−0.059%	$1.4M	$6.5M	20x	as long as short
01 Exchange NEARUSD	+0.0336%	1h	4.4221	−0.154%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0351%	1h	4.4241	−0.108%	$364.9M	$324.7M	10x	as long as short
Extended NEAR-USD	+0.0408%	1h	4.4118	−0.385%	$4.0M	$19.7M	25x	as long as short
Nado NEAR-PERP	+0.0544%	1h	4.4155	−0.303%	$1.9M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0581%	1h	4.4230	−0.133%	$219K	$1.8M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0588%	1h	4.4169	−0.270%	$8.1M	$39.6M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0634%	1h	4.4168	−0.273%	$2.0M	$7.3M	25x	as long as short
Lighter RH NEAR	+0.0656%	1h	4.4216	−0.165%	$1.5M	$7.2M	10x	as long as short
Phoenix NEARlong	+0.0794%	1h	4.4289	long leg	$1.8M	$2.8M	10x
RISEx NEAR/USDC	+0.0926%	1h	4.4228	−0.137%	$592K	$1.4M	10x	as long as short
Lighter NEAR	+0.0960%	1h	4.4231	−0.131%	$17.8M	$26.5M	15x	as long as short
Aftermath Perps NEARUSD	+0.1577%	1h	4.4192	−0.218%	$5K	$12K	10x	as long as short