Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0499%/8h= +54.7% APRpaid last 24h +0.083%

Price spread now: Phoenix against Aster+0.050%7-day average — · you sell dearer than you buy

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

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Phoenix is 0.050% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster FETUSDT	0.2041	0.0100	pay 0.0100% / 8h	1h 01m	$341K	$540K	10x
Short	Phoenix FET	0.2042	0.0599	get 0.0075% / 1h	1m 19s	$36K	$36K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.050%Rate

Funding earned: $104.82
Price spread: +0.050% → 0.000%: $4.99
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $94.81
Costs to cover: 0.150%
Break-even: 0.7 days

Slippage unknown: Aster: live order book, 16 min ago; Phoenix: no order-book sample. 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 Aster live order book, 16 min ago	9.93 bp	27.6 bp −$28	353.9 bp −$3,539	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

FET on 20 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
Deribit FET_USDC-PERPETUAL	−0.3166%	1h	0.2042	+0.045%	$28K	$200K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0744%	1h	0.2043	+0.094%	$153K	$204K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2039	−0.095%	$32K	—	150x	as long as short
Gate FET_USDT	+0.0073%	8h	0.2038	−0.151%	$2.8M	$12.1M	50x	as long as short
Aster FETUSDTlong	+0.0100%	8h	0.2041	long leg	$341K	$540K	10x
Binance FETUSDT	+0.0100%	8h	0.2039	−0.111%	$31.9M	$107.8M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2038	−0.151%	$34.9M	$25.2M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2038	−0.151%	$10.7M	$19.1M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2029	−0.581%	$285K	$327K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2038	−0.151%	$38K	$5K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FET-USD	+0.0104%	1h	0.2039	−0.093%	$34K	$190K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2038	−0.141%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2040	−0.053%	$1.7M	$2.7M	100x	as long as short
OKX FET-USDT-SWAP	+0.0240%	4h	0.2043	+0.094%	$987K	$7.8M	20x	as long as short
BingX FET-USDT	+0.0317%	8h	0.2041	−0.004%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0335%	8h	0.2042	+0.045%	$16.5M	$11.5M	75x	as long as short
Hyperliquid FET	+0.0341%	1h	0.2041	−0.001%	$9.0M	$7.9M	5x	as long as short
Kraken Futures PF_FETUSD	+0.0354%	1h	0.2045	+0.177%	$1.0M	$2.2M	50x	as long as short
Injective FET/USDC PERP	+0.0553%	1h	0.2010	−1.523%	$3K	$166K	12x	as long as short
Phoenix FETshort	+0.0599%	1h	0.2042	+0.050%	$36K	$36K	5x