Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0948%/8h= +103.8% APRpaid last 24h +0.016%

Price spread now: BloFin against Coinbase International−0.244%7-day average −0.270% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.379%+$38 on $10k

Price spread, last 3 days (all we have)+0.135%+$14 · spread now −0.244%, 7d avg −0.270%

Together, before fees+0.514%+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and BloFin is 0.027% dearer against Coinbase International than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.270%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.379% in total (about 19.8% 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	0.2051	−0.0728	get 0.0091% / 1h	56m 39s	$153K	$205K	50x
Short	BloFin FET-USDT	0.2046	0.0220	get 0.0220% / 8h	56m 39s	$1.7M	$2.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.244%Rate

Funding earned: $199.08
Price spread: −0.244% → −0.270%: $2.67
Slippage, 4 orders: −$59.72
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $120.03
Costs to cover: 0.817%
Break-even: 2.8 days

Slippage from Coinbase International: live order book, 21 min ago; BloFin: live order book, 2 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, 21 min ago	7.45 bp	29.0 bp −$29	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	4.87 bp	29.4 bp −$29	39.3 bp −$393	130.4 bp −$13.0K	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	−0.3160%	1h	0.2046	−0.244%	$28K	$200K	10x	as long as short
Coinbase International FET-PERP-INTXlong	−0.0728%	1h	0.2051	long leg	$153K	$205K	50x
Kraken Futures PF_FETUSD	−0.0476%	1h	0.2049	−0.089%	$1.0M	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2047	−0.188%	$32K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−1.999%	$3K	$166K	12x	as long as short
Gate FET_USDT	+0.0071%	8h	0.2045	−0.293%	$2.8M	$12.0M	50x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2046	−0.232%	$342K	$540K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2048	−0.146%	$32.0M	$107.9M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2047	−0.195%	$34.1M	$24.7M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2047	−0.195%	$10.6M	$19.1M	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	0.2038	−0.623%	$288K	$327K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2045	−0.293%	$38K	$5K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2047	−0.207%	$34K	$190K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2046	−0.263%	$14K	—	100x	as long as short
BloFin FET-USDTshort	+0.0220%	8h	0.2046	−0.244%	$1.7M	$2.7M	100x
OKX FET-USDT-SWAP	+0.0291%	4h	0.2053	+0.098%	$995K	$7.8M	20x	as long as short
BingX FET-USDT	+0.0318%	8h	0.2049	−0.098%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0335%	8h	0.2049	−0.098%	$16.5M	$11.4M	75x	as long as short
Phoenix FET	+0.0599%	1h	0.2048	−0.132%	$36K	$45K	5x	as long as short
Hyperliquid FET	+0.1002%	1h	0.2050	−0.068%	$9.1M	$8.0M	5x	as long as short