Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Phemex against Popdex−0.138%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$850.848% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.449%+$45 · spread now −0.138%, 7d avg −0.005%

Together, before fees+0.456%+$46 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.133% cheaper against Popdex than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex NEARUSDT	4.3450	0.0096	pay 0.0012% / 1h	14m 58s	$110K	$502K	50x
Short	Phemex NEARUSDT	4.3390	0.0100	get 0.0100% / 8h	3h 14m	$3.7M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Popdex. 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 PopdexbpFee PhemexbpOrdersPrice spread, now −0.138%Rate

Funding earned: $0.84
Price spread: −0.138% → −0.005%: −$13.35
Slippage, 4 orders: −$66.41
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$97.32
Costs to cover: 0.848%
Break-even: 818.0 days

Slippage from Popdex: live order book, 39 min ago; Phemex: live order book, 4 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 Popdex live order book, 39 min ago	14.94 bp	21.1 bp −$21	83.5 bp −$835	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	4.60 bp	23.1 bp −$23	45.0 bp −$450	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	4.3410	−0.093%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3431	−0.043%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3382	−0.156%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.695%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3493	+0.099%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDTlong	+0.0096%	1h	4.3450	long leg	$110K	$502K	50x
Binance NEARUSDT	+0.0100%	8h	4.3357	−0.215%	$265.0M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3306	−0.331%	$214.2M	$426.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3330	−0.276%	$61.3M	$288.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.460%	$246K	−$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	4.3320	−0.299%	$32.1M	$61.9M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3360	−0.207%	$73.8M	$146.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3370	−0.184%	$53.8M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3329	−0.278%	$71.4M	$127.6M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3330	−0.276%	—	$6.7M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.3447	−0.006%	$8.2M	$18.0M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3528	+0.179%	$254K	$951K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3530	+0.185%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3500	+0.115%	$167K	$796K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3485	+0.081%	$274K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3372	−0.180%	$57K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3500	+0.115%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3460	+0.023%	$469K	$3.9M	75x	as long as short
Phemex NEARUSDTshort	+0.0100%	8h	4.3390	−0.138%	$3.7M	$8.3M	50x
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3435	−0.035%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3370	−0.184%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3410	−0.092%	$13.5M	$32.1M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3484	+0.077%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0273%	8h	4.3465	+0.035%	$874K	$23.5M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3391	−0.136%	$235K	—	100x	as long as short
Aster NEARUSDT	+0.0336%	8h	4.3350	−0.230%	$2.8M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0356%	1h	4.3344	−0.244%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3520	+0.161%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0558%	1h	4.3430	−0.047%	$1.8M	$3.1M	10x	as long as short
Hyperliquid NEAR	+0.0577%	1h	4.3393	−0.130%	$355.3M	$314.3M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0597%	1h	4.3369	−0.186%	$1.3M	$6.8M	20x	as long as short
Extended NEAR-USD	+0.0600%	1h	4.3325	−0.287%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3510	+0.138%	$214K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0711%	1h	4.3356	−0.215%	$7.6M	$39.0M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0742%	1h	4.3375	−0.173%	$1.9M	$9.6M	25x	as long as short
Lighter RH NEAR	+0.0920%	1h	4.3427	−0.053%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3602	+0.350%	$1.8M	$2.8M	10x	as long as short
Lighter NEAR	+0.1056%	1h	4.3426	−0.055%	$17.5M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3501	+0.117%	$684K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1569%	1h	4.3451	+0.003%	$5K	$13K	10x	as long as short