Funding arb · Price arb /

FET

all FET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0791%/8h= +86.6% APRpaid last 24h +0.103%

Price spread now: Binance against Coinbase International−0.299%7-day average −0.318% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1441.441% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.191%+$19 on $10k

Price spread, last 4 days (all we have)+0.272%+$27 · spread now −0.299%, 7d avg −0.318%

Together, before fees+0.464%+$46 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.318%, so right now this pair is about funding alone: +$24 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.191% in total (about 10.0% 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	Coinbase International FET-PERP-INTX	0.2005	−0.0688	get 0.0086% / 1h	43m 18s	$150K	$263K	50x
Short	Binance FETUSDT	0.1999	0.0103	get 0.0103% / 8h	1h 43m	$30.5M	$115.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.299%Rate

Funding earned: $166.11
Price spread: −0.299% → −0.318%: $1.83
Slippage, 4 orders: −$124.12
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $23.83
Costs to cover: 1.441%
Break-even: 6.0 days

Slippage from Coinbase International: live order book, 65 min ago; Binance: live order book, 15 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 Coinbase International live order book, 65 min ago	10.08 bp	66.3 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	2.48 bp	12.3 bp −$12	23.1 bp −$231	127.3 bp −$12.7K	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	−0.4230%	1h	0.2000	−0.249%	$41K	$312K	10x	as long as short
Coinbase International FET-PERP-INTXlong	−0.0688%	1h	0.2005	long leg	$150K	$263K	50x
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2000	−0.244%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	+0.249%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2001	−0.217%	$190K	$817K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2000	−0.249%	$2.6M	$12.8M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2001	−0.200%	$10.4M	$18.4M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.1998	−0.342%	$284K	$491K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.1999	−0.299%	$37K	$7K	10x	as long as short
MEXC FET_USDT	+0.0103%	8h	0.2001	−0.200%	$29.2M	$25.2M	200x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance FETUSDTshort	+0.0103%	8h	0.1999	−0.299%	$30.5M	$115.1M	75x
Extended FET-USD	+0.0104%	1h	0.2001	−0.223%	$33K	$202K	10x	as long as short
BingX FET-USDT	+0.0192%	8h	0.2001	−0.200%	—	$5.9M	—	as long as short
Bitget FETUSDT	+0.0194%	8h	0.2002	−0.150%	$16.3M	$11.9M	75x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0301%	1h	0.1999	−0.281%	$13K	—	100x	as long as short
BloFin FET-USDT	+0.0223%	8h	0.2000	−0.249%	$1.7M	$3.2M	100x	as long as short
OKX FET-USDT-SWAP	+0.0440%	4h	0.1999	−0.299%	$986K	$8.2M	20x	as long as short
Hyperliquid FET	+0.0613%	1h	0.2002	−0.160%	$8.5M	$8.4M	5x	as long as short
Phoenix FET	+0.0635%	1h	0.1999	−0.299%	$35K	$38K	5x	as long as short
Kraken Futures PF_FETUSD	+0.0649%	1h	0.2002	−0.170%	$1.0M	$2.1M	50x	as long as short