Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.3275%/8h= +358.6% APRpaid last 24h +0.383%

Price spread now: Orderly against Deribit+0.049%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

Both sides work for this trade now. Funding pays +$98 a day on $10k at the current rate, and Orderly is 0.049% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit FET_USDC-PERPETUAL	0.2037	−0.3175	get 0.0397% / 1h	28m 21s	$28K	$201K	10x
Short	Orderly PERP_FET_USDC	0.2038	0.0100	get 0.0100% / 8h	28m 21s	$38K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.049%Rate

Funding earned: $687.68
Price spread: +0.049% → 0.000%: $4.91
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $679.59
Costs to cover: 0.130%
Break-even: 0.1 days

Slippage unknown: Deribit: live order book, 50 min ago; Orderly: 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 Deribit live order book, 50 min ago	9.94 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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-PERPETUALlong	−0.3175%	1h	0.2037	long leg	$28K	$201K	10x
Coinbase International FET-PERP-INTX	−0.0728%	1h	0.2043	+0.295%	$153K	$202K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0478%	1h	0.2039	+0.119%	$1.0M	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0013%	1h	0.2040	+0.129%	$32K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−1.325%	$3K	$166K	12x	as long as short
Gate FET_USDT	+0.0054%	8h	0.2039	+0.098%	$2.8M	$12.1M	50x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2040	+0.161%	$339K	$543K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2038	+0.061%	$31.8M	$108.7M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2038	+0.049%	$34.4M	$25.0M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2040	+0.147%	$10.5M	$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	0.2043	+0.308%	$299K	$339K	—	as long as short
Orderly PERP_FET_USDCshort	+0.0100%	8h	0.2038	+0.049%	$38K	$6K	10x
Extended FET-USD	+0.0104%	1h	0.2039	+0.080%	$33K	$191K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2038	+0.053%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2041	+0.196%	$1.7M	$2.7M	100x	as long as short
OKX FET-USDT-SWAP	+0.0303%	4h	0.2039	+0.098%	$992K	$7.9M	20x	as long as short
BingX FET-USDT	+0.0304%	8h	0.2041	+0.196%	—	$5.7M	—	as long as short
Bitget FETUSDT	+0.0313%	8h	0.2041	+0.196%	$16.5M	$11.5M	75x	as long as short
Phoenix FET	+0.0508%	1h	0.2043	+0.314%	$36K	$45K	5x	as long as short
Hyperliquid FET	+0.0549%	1h	0.2041	+0.221%	$9.0M	$8.0M	5x	as long as short