A certain crypto whale converted its NEAR long position to spot amid funding rate pressure.

According to TradingBeats monitoring, a large crypto whale is adjusting its NEAR holdings by closing out NEAR perpetual contract long positions in batches while simultaneously purchasing an equivalent amount of NEAR spot. The whale currently holds around 738,700 NEAR spot tokens, valued at $3.8008 million (address: 0x089f). On September 23, the whale held approximately 1.1834 million NEAR perpetual contract long positions, with an average entry price of $4.468, and its earliest visible leverage setting was 1x. Since September 25, it has executed multiple rounds of futures-to-spot position swaps. Today, it launched a 24-hour Time-Weighted Average Price (TWAP) plan for 400,000 NEAR tokens; the plan is about 53% complete, with roughly 188,000 tokens remaining to be traded. The remaining contract long positions are valued at $2.2877 million, with an unrealized profit of $301,800. The whale’s total combined exposure from NEAR spot and contracts remains around 1.1832 million tokens, close to its prior position size. The whale has paid a net funding fee of approximately $12,300 for its NEAR contract positions in this round. By closing long positions and buying equivalent spot, it retains its original bullish exposure, likely to reduce ongoing funding fee costs. If the current TWAP plan continues, it is scheduled to end around 02:12 tomorrow. Additionally, the whale still holds a large amount of ZEC spot, valued at roughly $13.9824 million, with plans to sell between $1,725 and $1,775.