Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0881%/8h= −96.5% APRpaid last 24h −0.124%

Price spread now: Coinbase International against Bitget+0.299%47s7-day average +0.297% · you sell dearer than you buy

Net, funding: paid 7d − costs−$174as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1461.460% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$28 on $10k

Price spread, last 4 days (all we have)−0.191%−$19 · spread now +0.299%, 7d avg +0.297%

Together, before fees−0.466%−$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.297%, so right now this pair is about funding alone: −$26 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.275% in total (about -14.3% 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	Bitget FETUSDT	0.2006	0.0193	pay 0.0193% / 8h	1h 08m	$16.3M	$11.8M	75x
Short	Coinbase International FET-PERP-INTX	0.2012	−0.0688	pay 0.0086% / 1h	8m 35s	$151K	$264K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +0.299%Rate

Funding earned: −$185.01
Price spread: +0.299% → +0.297%: $0.24
Slippage, 4 orders: −$124
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$330.77
Costs to cover: 1.460%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Coinbase International: live order book, 34 min ago.

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 Bitget live order book, 5 min ago	2.49 bp	15.8 bp −$16	31.4 bp −$314	doesn't fit	doesn't fit
Sell Coinbase International live order book, 34 min ago	10.02 bp	56.2 bp −$56	doesn't fit	doesn't fit	doesn't fit

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	+0.050%	$41K	$313K	10x	as long as short
Coinbase International FET-PERP-INTXshort	−0.0688%	1h	0.2012	+0.299%	$151K	$264K	50x
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2006	+0.020%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	+0.199%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2005	−0.041%	$187K	$817K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2003	−0.150%	$2.6M	$12.9M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2003	−0.150%	$10.5M	$18.3M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2008	+0.106%	$285K	$506K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2006	0.000%	$36K	$11K	10x	as long as short
Extended FET-USD	+0.0128%	1h	0.2003	−0.153%	$37K	$203K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FET_USDT	+0.0130%	8h	0.2003	−0.150%	$29.5M	$25.2M	200x	as long as short
Binance FETUSDT	+0.0131%	8h	0.2004	−0.108%	$30.6M	$114.4M	75x	as long as short
Bitget FETUSDTlong	+0.0193%	8h	0.2006	long leg	$16.3M	$11.8M	75x
BingX FET-USDT	+0.0193%	8h	0.2005	−0.050%	—	$5.9M	—	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0301%	1h	0.2006	+0.020%	$13K	—	100x	as long as short
BloFin FET-USDT	+0.0250%	8h	0.2006	0.000%	$1.7M	$3.2M	100x	as long as short
OKX FET-USDT-SWAP	+0.0400%	4h	0.2004	−0.100%	$992K	$8.1M	20x	as long as short
Phoenix FET	+0.0635%	1h	0.2011	+0.224%	$35K	$38K	5x	as long as short
Kraken Futures PF_FETUSD	+0.0647%	1h	0.2008	+0.115%	$992K	$2.2M	50x	as long as short
Hyperliquid FET	+0.0653%	1h	0.2006	0.000%	$8.4M	$8.4M	5x	as long as short