Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0841%/8h= −92.1% APRpaid last 24h −0.156%

Price spread now: KuCoin against Phoenix−0.189%63s7-day average −0.181% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as 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−$590.595% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.752%−$75 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.189%, 7d avg −0.181%

Together, before fees−0.744%−$74 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.181%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate. The two prices were read 63 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	4.3302	0.0941	pay 0.0118% / 1h	42m 19s	$1.8M	$2.8M	10x
Short	KuCoin NEARUSDTM	4.3220	0.0100	get 0.0100% / 8h	3h 42m	$53.7M	$46.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.189%Rate

Funding earned: −$176.58
Price spread: −0.189% → −0.181%: −$0.87
Slippage, 4 orders: −$40.45
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$236.9
Costs to cover: 0.595%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; KuCoin: 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 Phoenix live order book, 1 min ago	0.92 bp	12.3 bp −$12	51.2 bp −$512	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	1.15 bp	17.3 bp −$17	36.1 bp −$361	99.7 bp −$9,970	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	4.3185	−0.270%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3254	−0.111%	$107K	$69K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3168	−0.309%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.369%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3140	−0.374%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3240	−0.143%	$107K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3230	−0.167%	$265.2M	$1.10B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3064	−0.550%	$214.5M	$428.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3070	−0.536%	$61.6M	$289.8M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3400	+0.226%	$247K	−$0	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NEAR_USDT	+0.0100%	8h	4.3175	−0.293%	$31.6M	$60.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3210	−0.212%	$73.4M	$144.5M	200x	as long as short
KuCoin NEARUSDTMshort	+0.0100%	8h	4.3220	−0.189%	$53.7M	$46.3M	75x
Bitget NEARUSDT	+0.0100%	8h	4.3077	−0.520%	$70.7M	$128.9M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3190	−0.259%	—	$6.6M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3397	+0.220%	$8.4M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3444	+0.328%	$254K	$950K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3214	−0.203%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3100	−0.466%	$166K	$799K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3216	−0.199%	$261K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3106	−0.453%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3270	−0.074%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3200	−0.236%	$468K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3170	−0.305%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3185	−0.271%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3118	−0.424%	$200K	$37K	3x	as long as short
Kalshi KXNEARPERP	+0.0130%	8h	4.3392	+0.208%	$654K	$23.1M	2.2x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3390	+0.203%	$13.8M	$32.2M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3278	−0.056%	$411K	$1.2M	10x	as long as short
Aster NEARUSDT	+0.0309%	8h	4.3226	−0.176%	$2.9M	$5.6M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0320% / S −0.0194%	1h	4.3170	−0.305%	$231K	—	100x	as long as short
SoDEX NEAR-USD	+0.0403%	1h	4.3085	−0.501%	$8K	$49K	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0512%	1h	4.3350	+0.111%	$1.4M	$6.5M	20x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3247	−0.127%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0602%	1h	4.3242	−0.139%	$354.8M	$320.8M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3240	−0.143%	$212K	$1.6M	10x	as long as short
Extended NEAR-USD	+0.0672%	1h	4.3067	−0.543%	$3.8M	$19.8M	25x	as long as short
Nado NEAR-PERP	+0.0678%	1h	4.3210	−0.211%	$1.8M	$3.1M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0679%	1h	4.3108	−0.448%	$2.0M	$8.8M	25x	as long as short
Kraken Futures PF_NEARUSD	+0.0715%	1h	4.3102	−0.461%	$7.6M	$39.6M	50x	as long as short
Lighter RH NEAR	+0.0888%	1h	4.3355	+0.122%	$1.5M	$7.4M	10x	as long as short
Phoenix NEARlong	+0.0941%	1h	4.3302	long leg	$1.8M	$2.8M	10x
Lighter NEAR	+0.1152%	1h	4.3299	−0.007%	$17.5M	$24.9M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3232	−0.162%	$654K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1598%	1h	4.3368	+0.153%	$5K	$12K	10x	as long as short