Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.2170%/8h= +237.6% APRpaid last 24h +0.218%

Price spread now: Lighter against Variational Omni+0.349%7-day average +0.149% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.496%+$50 on $10k

Price spread, last 7 days−0.134%−$13 · spread now +0.349%, 7d avg +0.149%

Together, before fees+0.361%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$65 a day on $10k at the current rate, and Lighter is 0.200% dearer against Variational Omni than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.149%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.496% in total (about 54.2% 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	Variational Omni NEAR	4.2988	0.0014	pay 0.0014% / 8h	7h 51m	$7.9M	$18.6M	—
Short	Lighter NEAR	4.3138	0.2184	get 0.0273% / 1h	51m 26s	$17.2M	$23.8M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.349%Rate

Funding earned: $455.66
Price spread: +0.349% → +0.149%: $20.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $475.67
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 7 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 Variational Omni RFQ quote, 3 min ago	3.88 bp	doesn't fit	10.8 bp −$108	27.5 bp −$2,749	doesn't fit
Sell Lighter live order book, 7 min ago	2.19 bp	3.9 bp −$4	18.0 bp −$180	92.4 bp −$9,243	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
Phemex NEARUSDT	−0.1191%	8h	4.2960	−0.066%	$3.8M	$8.6M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.2997	+0.021%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0131%	1h	4.2967	−0.050%	$7.6M	$37.1M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.2951	−0.087%	$2.3M	$13.0M	50x	as long as short
Bybit NEARUSDT	−0.0088%	8h	4.2970	−0.043%	$219.0M	$419.2M	75x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.2978	−0.025%	$111K	$64K	10x	as long as short
01 Exchange NEARUSD	0.0000%	1h	4.3019	+0.071%	$13K	$7K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3071	+0.192%	$378K	$18.5M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3004	+0.036%	$204K	—	150x	as long as short
Variational Omni NEARlong	+0.0014%	8h	4.2988	long leg	$7.9M	$18.6M	—

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	−3.672%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3010	+0.050%	$111K	$478K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3006	+0.041%	$57K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.2991	+0.007%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3036	+0.112%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.2995	+0.015%	$403K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3000	+0.027%	$255.3M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.2970	−0.043%	$61.1M	$281.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3010	+0.050%	$197K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2646	−0.796%	$243K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.2996	+0.018%	$31.0M	$58.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3020	+0.074%	$79.9M	$138.5M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3020	+0.074%	$56.3M	$43.1M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.2997	+0.020%	$71.3M	$125.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.2990	+0.004%	—	$141.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3062	+0.170%	$267K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3082	+0.217%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3080	+0.213%	$180K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3015	+0.062%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3110	+0.283%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.2948	−0.094%	$5K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3040	+0.120%	$459K	$3.6M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.2968	−0.048%	$3.9M	$16.5M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3023	+0.080%	$200K	$28K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3090	+0.236%	$13.0M	$29.3M	75x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0239%	1h	4.2983	−0.012%	$1.9M	$2.9M	25x	as long as short
Hyperliquid NEAR	+0.0321%	1h	4.3061	+0.169%	$367.3M	$299.9M	10x	as long as short
GMX NEAR/USD [ETH-USDC]	L +0.0376% / S −0.0313%	1h	4.2997	+0.020%	$275K	—	100x	as long as short
Lighter RH NEAR	+0.0384%	1h	4.3068	+0.185%	$1.6M	$6.8M	10x	as long as short
Nado NEAR-PERP	+0.0408%	1h	4.2989	+0.002%	$1.9M	$3.3M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3028	+0.092%	$409K	$1.2M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0492%	1h	4.2982	−0.015%	$1.4M	$5.6M	20x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3136	+0.343%	$1.8M	$2.7M	10x	as long as short
Aftermath Perps NEARUSD	+0.1215%	1h	4.3001	+0.029%	$5K	$12K	10x	as long as short
Lighter NEARshort	+0.2184%	1h	4.3138	+0.349%	$17.2M	$23.8M	15x