Funding arb · Price arb /

NEAR

all NEAR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0755%/8h= +82.6% APRpaid last 24h +0.153%

Price spread now: Phoenix against SunX−0.061%7-day average +0.029% · you buy dearer than you sell

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.703%+$70 on $10k

Price spread, last 4 days (all we have)−0.295%−$30 · spread now −0.061%, 7d avg +0.029%

Together, before fees+0.407%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.090% cheaper against SunX than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of +0.029%). If the spread goes back, that is −$9 on $10k: about 10 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.703% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX NEAR-USDT	4.4490	0.0100	pay 0.0100% / 8h	5h 28m	$2K	$1.4M	20x
Short	Phoenix NEAR	4.4463	0.0855	get 0.0107% / 1h	28m 56s	$1.8M	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.061%Rate

Funding earned: $158.49
Price spread: −0.061% → +0.029%: −$8.96
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $134.53
Costs to cover: 0.150%
Break-even: 1.1 days

Slippage unknown: SunX: live order book, 6 min ago; Phoenix: live order book, 5 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 SunX live order book, 6 min ago	826.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	0.90 bp	11.8 bp −$12	29.1 bp −$291	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	4.4417	−0.164%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0016%	1h	4.4412	−0.175%	$2.2M	$14.7M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.4341	−0.336%	$109K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.4412	−0.175%	$606K	$19.7M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.4447	−0.096%	$201K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−6.923%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.4350	−0.315%	$116K	$490K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.4326	−0.369%	$418K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.4311	−0.402%	$269.0M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.4280	−0.472%	$222.6M	$419.6M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.4240	−0.562%	$63.5M	$293.5M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.4421	−0.156%	$253K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.4293	−0.443%	$32.0M	$62.9M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.4310	−0.405%	$76.6M	$143.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.4330	−0.360%	$55.6M	$44.5M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.4282	−0.468%	$73.0M	$127.2M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.4250	−0.539%	—	$145.2M	—	as long as short
Variational Omni NEAR	+0.0100%	8h	4.4186	−0.683%	$8.7M	$18.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.4477	−0.028%	$267K	$989K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.4180	−0.697%	$1.5M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.4160	−0.742%	$172K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.4456	−0.076%	$216K	$3.7M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.4445	−0.101%	$60K	$195K	20x	as long as short
SunX NEAR-USDTlong	+0.0100%	8h	4.4490	long leg	$2K	$1.4M	20x
SoDEX NEAR-USD	+0.0100%	1h	4.4425	−0.146%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.4520	+0.067%	$463K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.4340	−0.337%	$3.9M	$8.1M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.4352	−0.310%	$32K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.4272	−0.489%	$3.8M	$18.7M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.4441	−0.110%	$207K	$34K	3x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0110%	1h	4.4466	−0.054%	$1.9M	$4.4M	25x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.4520	+0.067%	$13.7M	$31.7M	75x	as long as short
Aster NEARUSDT	+0.0238%	8h	4.4377	−0.254%	$3.0M	$5.4M	50x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0352% / S −0.0245%	1h	4.4450	−0.091%	$261K	—	100x	as long as short
01 Exchange NEARUSD	+0.0384%	1h	4.4354	−0.306%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0385%	1h	4.4415	−0.169%	$1.9M	$3.1M	10x	as long as short
Arcus NEAR-USD	+0.0410%	1h	4.4370	−0.270%	$211K	$1.7M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0564%	1h	4.4416	−0.166%	$1.4M	$6.6M	20x	as long as short
Kraken Futures PF_NEARUSD	+0.0693%	1h	4.4431	−0.133%	$8.3M	$41.0M	50x	as long as short
Lighter RH NEAR	+0.0712%	1h	4.4466	−0.054%	$1.6M	$6.9M	10x	as long as short
Hyperliquid NEAR	+0.0729%	1h	4.4407	−0.187%	$369.8M	$309.1M	10x	as long as short
Phoenix NEARshort	+0.0855%	1h	4.4463	−0.061%	$1.8M	$2.7M	10x
RISEx NEAR/USDC	+0.0924%	1h	4.4386	−0.234%	$559K	$1.3M	10x	as long as short
Lighter NEAR	+0.1288%	1h	4.4450	−0.090%	$17.8M	$25.9M	15x	as long as short
Aftermath Perps NEARUSD	+0.1651%	1h	4.4260	−0.517%	$6K	$12K	10x	as long as short