Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4781%/8h= +523.5% APRpaid last 24h +0.313%

Price spread now: KuCoin against Deribit+0.099%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$680.680% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.453%+$45 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now +0.099%, 7d avg +0.018%

Together, before fees+0.462%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$143 a day on $10k at the current rate, and KuCoin is 0.082% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.018%.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid 0.453% in total (about 29.7% 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	Deribit FET_USDC-PERPETUAL	0.2018	−0.4681	get 0.0585% / 1h	24m 11s	$27K	$209K	10x
Short	KuCoin FETUSDTM	0.2020	0.0100	get 0.0100% / 8h	2h 24m	$10.4M	$19.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Deribit. 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 DeribitbpFee KuCoinbpOrdersPrice spread, now +0.099%Rate

Funding earned: $1,004
Price spread: +0.099% → +0.018%: $8.15
Slippage, 4 orders: −$48.97
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $944.19
Costs to cover: 0.680%
Break-even: 0.4 days

Slippage from Deribit: live order book, 64 min ago; KuCoin: live order book, 5 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 Deribit live order book, 64 min ago	7.40 bp	10.9 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	4.98 bp	23.3 bp −$23	67.6 bp −$676	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-PERPETUALlong	−0.4681%	1h	0.2018	long leg	$27K	$209K	10x
Coinbase International FET-PERP-INTX	−0.0480%	1h	0.2022	+0.198%	$161K	$189K	50x	as long as short
Gate FET_USDT	−0.0036%	8h	0.2019	+0.050%	$2.7M	$11.8M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2019	+0.049%	$32K	—	150x	as long as short
Kraken Futures PF_FETUSD	+0.0032%	1h	0.2024	+0.297%	$1.0M	$2.1M	50x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2022	+0.198%	$348K	$529K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2020	+0.090%	$31.5M	$107.2M	75x	as long as short
OKX FET-USDT-SWAP	+0.0100%	4h	0.2021	+0.149%	$860K	$7.6M	20x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2019	+0.050%	$35.1M	$25.3M	200x	as long as short
KuCoin FETUSDTMshort	+0.0100%	8h	0.2020	+0.099%	$10.4M	$19.1M	50x

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni FET	+0.0100%	8h	0.2019	+0.071%	$273K	$315K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2018	0.000%	$37K	$5K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2020	+0.087%	$32K	$144K	10x	as long as short
BingX FET-USDT	+0.0169%	8h	0.2022	+0.198%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0191%	8h	0.2023	+0.248%	$16.5M	$11.4M	75x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2018	−0.007%	$13K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2023	+0.248%	$1.7M	$2.6M	100x	as long as short
Hyperliquid FET	+0.0224%	1h	0.2021	+0.168%	$9.1M	$7.6M	5x	as long as short
Injective FET/USDC PERP	+0.0371%	1h	0.2030	+0.595%	$3K	$118K	12x	as long as short
Phoenix FET	+0.0476%	1h	0.2023	+0.228%	$27K	$37K	5x	as long as short