Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.215%

Price spread now: Backpack against SunX+0.119%7-day average −0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1591.586% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.362%+$36 on $10k

Price spread, last 3 days (all we have)−0.408%−$41 · spread now +0.119%, 7d avg −0.074%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Backpack is 0.193% dearer against SunX than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NEAR-USDT	4.2170	0.0100	pay 0.0100% / 8h	7h 34m	$1K	$1.4M	20x
Short	Backpack NEAR_USDC_PERP	4.2220	0.0384	get 0.0048% / 1h	34m 52s	$1.4M	$5.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.119%Rate

Funding earned: $59.61
Price spread: +0.119% → −0.074%: $19.29
Slippage, 4 orders: −$140.55
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$79.65
Costs to cover: 1.586%
Break-even: 16.4 days

Slippage from SunX: live order book, 10 min ago; Backpack: 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 SunX live order book, 10 min ago	31.46 bp	55.4 bp −$55	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	1.52 bp	7.1 bp −$7	14.8 bp −$148	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
Bybit NEARUSDT	−0.0181%	8h	4.2080	−0.213%	$213.3M	$418.3M	75x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.2084	−0.205%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0133%	1h	4.2156	−0.033%	$7.1M	$37.4M	50x	as long as short
Gate NEAR_USDT	−0.0132%	8h	4.2041	−0.306%	$30.2M	$59.2M	75x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2134	−0.085%	$2.2M	$12.9M	50x	as long as short
01 Exchange NEARUSD	−0.0032%	1h	4.2130	−0.095%	$12K	$7K	10x	as long as short
Variational Omni NEAR	−0.0004%	8h	4.2298	+0.305%	$7.9M	$18.8M	—	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2132	−0.090%	$109K	$64K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.2192	+0.052%	$417K	$18.6M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.2111	−0.140%	$199K	—	150x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−1.802%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.2120	−0.119%	$110K	$481K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0098%	8h	4.2126	−0.104%	$56K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0099%	8h	4.2133	−0.088%	$30K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.2169	−0.002%	$2.9M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2150	−0.047%	$395K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.2080	−0.213%	$249.4M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2080	−0.213%	$59.3M	$274.7M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.2130	−0.095%	$193K	$1.8M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2709	+1.279%	$243K	−$0	10x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.2060	−0.261%	$75.5M	$139.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.2070	−0.237%	$55.0M	$43.0M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2093	−0.183%	$69.8M	$125.1M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.2060	−0.261%	—	$6.6M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.2741	+1.354%	$275K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.2750	+1.375%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.2520	+0.830%	$178K	$788K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.2150	−0.047%	$200K	$3.5M	10x	as long as short
SunX NEAR-USDTlong	+0.0100%	8h	4.2170	long leg	$1K	$1.4M	20x
SoDEX NEAR-USD	+0.0100%	1h	4.2140	−0.071%	$5K	$52K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.2210	+0.095%	$452K	$3.6M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2051	−0.281%	$3.8M	$17.0M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.2115	−0.130%	$196K	$28K	3x	as long as short
Hyperliquid NEAR	+0.0134%	1h	4.2133	−0.088%	$353.0M	$303.5M	10x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.2180	+0.024%	$13.1M	$28.0M	75x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0320%	1h	4.2147	−0.055%	$1.9M	$3.2M	25x	as long as short
Lighter RH NEAR	+0.0328%	1h	4.2187	+0.040%	$1.6M	$6.9M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0370% / S −0.0308%	1h	4.2116	−0.128%	$269K	—	100x	as long as short
Backpack NEAR_USDC_PERPshort	+0.0384%	1h	4.2220	+0.119%	$1.4M	$5.7M	20x
Phemex NEARUSDT	+0.0394%	8h	4.2170	0.000%	$3.8M	$8.6M	50x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.2136	−0.080%	$398K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0499%	1h	4.2415	+0.581%	$1.8M	$2.7M	10x	as long as short
Nado NEAR-PERP	+0.0526%	1h	4.2113	−0.136%	$1.8M	$3.3M	10x	as long as short
Aftermath Perps NEARUSD	+0.1343%	1h	4.2600	+1.020%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1912%	1h	4.2265	+0.226%	$16.9M	$24.1M	15x	as long as short