Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0271%/8h= +29.7% APRpaid last 24h +0.069%

Price spread now: Variational Omni against Reya−0.304%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.304% cheaper against Reya than usual: you would sell low and buy high (spread −0.304% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 3.7 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya NEARRUSDPERP	4.3459	−0.0171	get 0.0021% / 1h	16m 34s	$2K	—	20x
Short	Variational Omni NEAR	4.3327	0.0100	get 0.0100% / 8h	3h 16m	$8.2M	$18.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now −0.304%Rate

Funding earned: $56.88
Price spread: −0.304% → 0.000%: −$30.38
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $20.5
Costs to cover: 0.060%
Break-even: 4.5 days

Slippage unknown: Reya: no order-book sample; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.87 bp	doesn't fit	12.4 bp −$124	29.0 bp −$2,901	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 NEARRUSDPERPlong	−0.0171%	1h	4.3459	long leg	$2K	—	20x
dYdX NEAR-USD	0.0000%	1h	4.3473	+0.032%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3479	+0.044%	$163K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.716%	$578	$301K	12x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0056%	1h	4.3516	+0.130%	$2.3M	$15.9M	50x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3460	+0.001%	$110K	$502K	50x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3510	+0.116%	$266.1M	$1.09B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3460	+0.001%	$215.0M	$425.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3460	+0.001%	$61.6M	$289.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3250	−0.481%	$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	4.3484	+0.057%	$32.2M	$61.8M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3530	+0.162%	$74.2M	$146.1M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3520	+0.139%	$54.0M	$45.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3470	+0.024%	$71.7M	$127.7M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3500	+0.093%	—	$144.7M	—	as long as short
Variational Omni NEARshort	+0.0100%	8h	4.3327	−0.304%	$8.2M	$18.0M	—
edgeX NEARUSDC	+0.0100%	4h	4.3370	−0.205%	$253K	$949K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3370	−0.206%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3460	+0.001%	$167K	$796K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3492	+0.075%	$274K	$3.9M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3540	+0.185%	$58K	$246K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3590	+0.300%	$2K	$1.4M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	+0.415%	$473K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3550	+0.208%	$3.7M	$8.3M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3476	+0.038%	$31K	$608	10x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3543	+0.191%	$202K	$37K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3600	+0.323%	$13.6M	$32.3M	75x	as long as short
Pacifica NEAR	+0.0263%	1h	4.3504	+0.102%	$402K	$1.3M	10x	as long as short
Kalshi KXNEARPERP	+0.0284%	8h	4.3496	+0.084%	$873K	$23.4M	2.2x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0324% / S −0.0198%	1h	4.3491	+0.073%	$235K	—	100x	as long as short
Aster NEARUSDT	+0.0336%	8h	4.3510	+0.116%	$2.9M	$5.5M	50x	as long as short
SoDEX NEAR-USD	+0.0367%	1h	4.3515	+0.128%	$6K	$53K	10x	as long as short
01 Exchange NEARUSD	+0.0520%	1h	4.3532	+0.167%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0559%	1h	4.3453	−0.015%	$1.8M	$3.1M	10x	as long as short
Hyperliquid NEAR	+0.0588%	1h	4.3503	+0.100%	$356.2M	$314.3M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0595%	1h	4.3540	+0.185%	$1.3M	$6.7M	20x	as long as short
Extended NEAR-USD	+0.0600%	1h	4.3492	+0.074%	$3.8M	$20.0M	25x	as long as short
Arcus NEAR-USD	+0.0627%	1h	4.3520	+0.139%	$214K	$1.6M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0708%	1h	4.3542	+0.190%	$7.6M	$39.0M	50x	as long as short
Lighter RH NEAR	+0.0912%	1h	4.3560	+0.231%	$1.5M	$7.4M	10x	as long as short
Phoenix NEAR	+0.0941%	1h	4.3602	+0.328%	$1.8M	$2.8M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.1015%	1h	4.3544	+0.195%	$1.9M	$9.5M	25x	as long as short
Lighter NEAR	+0.1104%	1h	4.3538	+0.181%	$17.6M	$25.1M	15x	as long as short
RISEx NEAR/USDC	+0.1162%	1h	4.3502	+0.098%	$687K	$1.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1576%	1h	4.3502	+0.098%	$5K	$13K	10x	as long as short