Funding arb · Price arb /

NEAR

all NEAR markets

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: OKX against Phoenix−0.402%46s7-day average −0.226% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as 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−$410.411% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.728%−$73 on $10k

Price spread, last 7 days+0.213%+$21 · spread now −0.402%, 7d avg −0.226%

Together, before fees−0.515%−$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and OKX is 0.176% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.226%). Swap the legs. The two prices were read 46 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	4.3324	0.0941	pay 0.0118% / 1h	6m 45s	$1.8M	$2.8M	10x
Short	OKX NEAR-USDT-SWAP	4.3150	0.0100	get 0.0100% / 8h	3h 06m	$61.0M	$286.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.402%Rate

Funding earned: −$176.58
Price spread: −0.402% → −0.226%: −$17.59
Slippage, 4 orders: −$24.12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$235.29
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; OKX: 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, 2 min ago	0.92 bp	12.4 bp −$12	51.1 bp −$511	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.16 bp	8.0 bp −$8	12.9 bp −$129	32.2 bp −$3,224	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	4.3172	−0.350%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3132	−0.443%	$106K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3150	−0.402%	$162K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.418%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3234	−0.208%	$2.3M	$15.8M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3200	−0.286%	$110K	$501K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3180	−0.332%	$263.7M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3128	−0.452%	$213.4M	$425.7M	75x	as long as short
OKX NEAR-USDT-SWAPshort	+0.0100%	8h	4.3150	−0.402%	$61.0M	$286.7M	50x
Bulk NEAR-USD	+0.0100%	1h	4.3449	+0.289%	$248K	−$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	4.3154	−0.392%	$32.1M	$62.2M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3180	−0.332%	$74.0M	$146.9M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3180	−0.332%	$53.5M	$45.7M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3135	−0.436%	$71.2M	$127.3M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3160	−0.379%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3247	−0.178%	$8.2M	$17.9M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3144	−0.416%	$252K	$948K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3206	−0.273%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3130	−0.448%	$166K	$795K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3210	−0.263%	$270K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3191	−0.307%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3280	−0.102%	$1K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3280	−0.102%	$467K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3200	−0.286%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3121	−0.469%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3195	−0.298%	$201K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3210	−0.263%	$13.5M	$31.9M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3169	−0.358%	$398K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0264%	8h	4.3199	−0.289%	$869K	$23.5M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0323% / S −0.0198%	1h	4.3152	−0.397%	$233K	—	100x	as long as short
Aster NEARUSDT	+0.0335%	8h	4.3170	−0.355%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0335%	1h	4.3175	−0.344%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3256	−0.157%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0559%	1h	4.3158	−0.384%	$1.8M	$3.1M	10x	as long as short
Extended NEAR-USD	+0.0560%	1h	4.3164	−0.370%	$3.8M	$19.8M	25x	as long as short
Backpack NEAR_USDC_PERP	+0.0570%	1h	4.3191	−0.307%	$1.3M	$6.8M	20x	as long as short
Hyperliquid NEAR	+0.0583%	1h	4.3195	−0.298%	$353.8M	$312.5M	10x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3160	−0.379%	$212K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0714%	1h	4.3179	−0.335%	$7.6M	$38.9M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0816%	1h	4.3198	−0.291%	$1.9M	$9.9M	25x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.3210	−0.263%	$1.5M	$7.4M	10x	as long as short
Phoenix NEARlong	+0.0941%	1h	4.3324	long leg	$1.8M	$2.8M	10x
Lighter NEAR	+0.1072%	1h	4.3226	−0.226%	$17.4M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3230	−0.216%	$671K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1581%	1h	4.3250	−0.170%	$5K	$12K	10x	as long as short