A whale is reshuffling its NEAR position by gradually closing perpetual long contracts and buying an equivalent amount of spot, according to TradingBeats data cited by BlockBeats on Sept. 28. The wallet, identified as 0x089f, now holds about 738,700 NEAR in spot worth $3.8008 million. It previously held roughly 1.1834 million NEAR in long contracts on Sept. 23, with an average entry price of $4.468 and the earliest visible leverage set at 1x. Since Sept. 25, the whale has carried out several spot-futures rotation trades. It also launched a new 24-hour TWAP order today for 400,000 NEAR, with about 53% completed and around 188,000 tokens still left to execute. The remaining futures long is valued at $2.2877 million and is showing an unrealized profit of $301,800. Combined spot and futures exposure still stands near 1.1832 million NEAR, close to the earlier size. TradingBeats said the whale has paid about $12,300 in net funding fees on this NEAR futures position, which may explain the move to replace part of the long with spot while maintaining bullish exposure. The TWAP is expected to finish around 02:12 tomorrow if execution continues. The same whale also holds a large ZEC spot position worth about $13.9824 million and plans to sell between $1,725 and $1,775.
A whale is adjusting its NEAR position by gradually closing long futures and buying the same amount of spot at the same time, according to TradingBeats data cited by BlockBeats on Sept. 28.
The wallet, 0x089f, currently holds about 738,700 NEAR in spot, valued at $3.8008 million.
Earlier futures position reached 1.1834 million NEAR
TradingBeats data shows the whale had already built a long futures position of about 1.1834 million NEAR on Sept. 23. The average entry price was $4.468, and the earliest visible leverage setting was 1x.
Since Sept. 25, the wallet has carried out multiple spot-futures rotation trades. Today, it started another 24-hour TWAP plan covering 400,000 NEAR. About 53% of that order has been completed, leaving roughly 188,000 NEAR still to be executed.
Combined exposure remains close to the previous level
The whale's remaining NEAR futures long is now worth about $2.2877 million, with an unrealized profit of $301,800. Its combined spot and futures exposure still stands at about 1.1832 million NEAR, close to the earlier position size.
TradingBeats said the whale has paid about $12,300 in net funding fees on this round of NEAR futures holdings. By closing longs and replacing them with spot on a one-for-one basis, the wallet keeps its bullish exposure while cutting ongoing funding costs.
If the current TWAP continues, the plan is expected to end at around 02:12 tomorrow.
Large ZEC spot holding remains on the books
Separate from the NEAR trade, the whale also still holds a large ZEC spot position worth about $13.9824 million. The stated sell plan is between $1,725 and $1,775.
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