Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h −0.033%

Price spread now: Coinbase International against SunX+0.082%7-day average −0.165% · you sell dearer than you buy

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1541.542% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.225%−$22 on $10k

Price spread, last 4 days (all we have)−0.276%−$28 · spread now +0.082%, 7d avg −0.165%

Together, before fees−0.501%−$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.247% dearer against SunX than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.165%. Mind the row above: over the last 7 days funding on this pair cost −0.225%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.225% in total (about -11.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NEAR-USDT	4.4010	0.0100	pay 0.0100% / 8h	1h 29m	$2K	$1.3M	20x
Short	Coinbase International NEAR-PERP-INTX	4.4046	0.0424	get 0.0053% / 1h	29m 15s	$2.3M	$16.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.082%Rate

Funding earned: $68.04
Price spread: +0.082% → −0.165%: $24.71
Slippage, 4 orders: −$136.22
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$61.47
Costs to cover: 1.542%
Break-even: 13.3 days

Slippage from SunX: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	11.29 bp	68.0 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	3.50 bp	13.0 bp −$13	18.5 bp −$185	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	4.3933	−0.175%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4143	+0.302%	$109K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.4222	+0.481%	$165K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.908%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4030	+0.045%	$111K	$491K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3940	−0.159%	$222.7M	$434.9M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3940	−0.159%	$62.3M	$295.0M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4350	+0.773%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3930	−0.182%	$35.3M	$61.5M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4030	+0.045%	$53.3M	$46.2M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.3930	−0.182%	$72.6M	$127.0M	75x	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4217	+0.471%	$8.8M	$18.7M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4291	+0.638%	$259K	$967K	20x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4270	+0.591%	$167K	$805K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3992	−0.041%	$299K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3964	−0.105%	$59K	$236K	20x	as long as short
SunX NEAR-USDTlong	+0.0100%	8h	4.4010	long leg	$2K	$1.3M	20x
HTX NEAR-USDT	+0.0100%	8h	4.4010	0.000%	$462K	$4.0M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3990	−0.045%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0105%	8h	4.4080	+0.159%	$32K	$585	10x	as long as short
GRVT NEAR_USDT_Perp	+0.0113%	8h	4.4260	+0.568%	$1.5M	$1.5M	10x	as long as short
Aevo NEAR-PERP	+0.0128%	1h	4.3965	−0.102%	$204K	$38K	3x	as long as short
SoDEX NEAR-USD	+0.0185%	1h	4.3965	−0.102%	$5K	$53K	10x	as long as short
BingX NEAR-USDT	+0.0194%	8h	4.3940	−0.159%	—	$144.1M	—	as long as short
MEXC NEAR_USDT	+0.0200%	8h	4.3960	−0.114%	$79.9M	$148.3M	200x	as long as short
Binance NEARUSDT	+0.0200%	8h	4.3972	−0.086%	$268.4M	$1.09B	75x	as long as short
Extended NEAR-USD	+0.0216%	1h	4.3929	−0.183%	$3.7M	$18.4M	25x	as long as short
Kalshi KXNEARPERP	+0.0265%	8h	4.4145	+0.307%	$1.1M	$25.1M	2.2x	as long as short
Aster NEARUSDT	+0.0313%	8h	4.3960	−0.114%	$2.8M	$5.0M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0314% / S −0.0197%	1h	4.4211	+0.456%	$234K	—	100x	as long as short
BloFin NEAR-USDT	+0.0320%	8h	4.4290	+0.636%	$13.8M	$32.7M	75x	as long as short
Coinbase International NEAR-PERP-INTXshort	+0.0424%	1h	4.4046	+0.082%	$2.3M	$16.6M	50x
Backpack NEAR_USDC_PERP	+0.0445%	1h	4.4120	+0.250%	$1.4M	$6.8M	20x	as long as short
01 Exchange NEARUSD	+0.0456%	1h	4.4054	+0.100%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0475%	1h	4.3993	−0.039%	$359.5M	$314.3M	10x	as long as short
Nado NEAR-PERP	+0.0611%	1h	4.3975	−0.080%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0664%	1h	4.3921	−0.201%	$7.3M	$38.3M	50x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0706%	1h	4.3966	−0.100%	$1.9M	$13.1M	25x	as long as short
Lighter NEAR	+0.0840%	1h	4.4053	+0.097%	$17.3M	$25.2M	15x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.4150	+0.318%	$224K	$1.6M	10x	as long as short
Lighter RH NEAR	+0.0912%	1h	4.4136	+0.286%	$1.5M	$6.7M	10x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4297	+0.652%	$1.8M	$2.5M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.4042	+0.073%	$420K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.4204	+0.440%	$669K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1271%	1h	4.4286	+0.628%	$6K	$12K	10x	as long as short