Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.057%

Price spread now: GMX against Binance−0.344%7-day average — · you buy dearer than you sell

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.344% cheaper against Binance than usual: you would sell low and buy high (spread −0.344% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$34 on $10k: about 6.4 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance FETUSDT	0.2013	0.0100	pay 0.0100% / 8h	2h 37m	$31.4M	$107.1M	75x
Short	GMX FET/USD [ETH-USDC]	0.2006	L +0.0201% / S −0.0278%	get 0.0035% / 1h	37m 39s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −0.344%Rate

Funding earned: $37.33
Price spread: −0.344% → 0.000%: −$34.38
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$19.05
Costs to cover: 0.220%
Break-even: 10.6 days

Slippage unknown: Binance: live order book, 5 min ago; GMX: 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 Binance live order book, 5 min ago	2.49 bp	12.0 bp −$12	23.0 bp −$230	167.9 bp −$16.8K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.3720%	1h	0.2007	−0.290%	$26K	$230K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0480%	1h	0.2009	−0.191%	$160K	$188K	50x	as long as short
Gate FET_USDT	−0.0082%	8h	0.2011	−0.091%	$2.7M	$11.8M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2007	−0.275%	$31K	—	150x	as long as short
Kraken Futures PF_FETUSD	+0.0032%	1h	0.2009	−0.186%	$1.0M	$2.1M	50x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2010	−0.141%	$346K	$527K	10x	as long as short
Binance FETUSDTlong	+0.0100%	8h	0.2013	long leg	$31.4M	$107.1M	75x
OKX FET-USDT-SWAP	+0.0100%	4h	0.2014	+0.058%	$857K	$7.6M	20x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2012	−0.042%	$35.2M	$25.3M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2010	−0.141%	$10.4M	$19.0M	50x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni FET	+0.0100%	8h	0.2008	−0.265%	$272K	$316K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2006	−0.340%	$37K	$5K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2013	+0.026%	$32K	$144K	10x	as long as short
BingX FET-USDT	+0.0136%	8h	0.2012	−0.042%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0146%	8h	0.2013	+0.008%	$16.4M	$11.4M	75x	as long as short
Hyperliquid FET	+0.0146%	1h	0.2012	−0.037%	$9.0M	$7.6M	5x	as long as short
GMX FET/USD [ETH-USDC]short	L +0.0201% / S −0.0278%	1h	0.2006	−0.344%	$13K	—	100x
BloFin FET-USDT	+0.0220%	8h	0.2004	−0.439%	$1.7M	$2.6M	100x	as long as short
Injective FET/USDC PERP	+0.0371%	1h	0.2030	+0.853%	$3K	$118K	12x	as long as short
Phoenix FET	+0.0476%	1h	0.2011	−0.076%	$27K	$37K	5x	as long as short