Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0815%/8h= −89.2% APRpaid last 24h +0.028%

Price spread now: Coinbase International against Gate+0.049%7-day average +0.397% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$107as in the Price arb table

costs, in and out, $10k−$730.725% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now +0.049%, 7d avg +0.397%

Together, before fees−0.096%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Coinbase International is 0.348% cheaper against Gate than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of +0.397%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.102% in total (about -5.3% 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	Gate FET_USDT	0.2045	0.0071	pay 0.0071% / 8h	1h 00m	$2.8M	$12.1M	50x
Short	Coinbase International FET-PERP-INTX	0.2046	−0.0744	pay 0.0093% / 1h	0m 17s	$153K	$205K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$171.15
Price spread: +0.049% → +0.397%: −$34.78
Slippage, 4 orders: −$47.53
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$278.46
Costs to cover: 0.725%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Coinbase International: live order book, 18 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 Gate live order book, 3 min ago	2.45 bp	16.5 bp −$16	39.1 bp −$391	55.3 bp −$5,529	doesn't fit
Sell Coinbase International live order book, 18 min ago	7.45 bp	12.4 bp −$12	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	−0.2674%	1h	0.2046	+0.049%	$28K	$200K	10x	as long as short
Coinbase International FET-PERP-INTXshort	−0.0744%	1h	0.2046	+0.049%	$153K	$205K	50x
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2045	+0.006%	$32K	—	150x	as long as short
Gate FET_USDTlong	+0.0071%	8h	0.2045	long leg	$2.8M	$12.1M	50x
Aster FETUSDT	+0.0100%	8h	0.2044	−0.063%	$341K	$540K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2046	+0.049%	$32.0M	$107.9M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2045	0.000%	$35.2M	$25.2M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2046	+0.049%	$10.7M	$19.1M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2038	−0.331%	$288K	$327K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2044	−0.049%	$38K	$5K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FET-USD	+0.0104%	1h	0.2046	+0.042%	$34K	$190K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2044	−0.036%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2040	−0.244%	$1.7M	$2.7M	100x	as long as short
OKX FET-USDT-SWAP	+0.0254%	4h	0.2051	+0.293%	$994K	$7.8M	20x	as long as short
BingX FET-USDT	+0.0317%	8h	0.2047	+0.098%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0335%	8h	0.2048	+0.147%	$16.5M	$11.5M	75x	as long as short
Kraken Futures PF_FETUSD	+0.0354%	1h	0.2048	+0.136%	$1.0M	$2.2M	50x	as long as short
Hyperliquid FET	+0.0354%	1h	0.2048	+0.132%	$9.0M	$7.9M	5x	as long as short
Injective FET/USDC PERP	+0.0553%	1h	0.2010	−1.711%	$3K	$166K	12x	as long as short
Phoenix FET	+0.0599%	1h	0.2042	−0.142%	$36K	$36K	5x	as long as short