Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.025%

Price spread now: Orderly against GMX+0.005%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX FET/USD [ETH-USDC]	0.2013	L +0.0201% / S −0.0278%	pay 0.0025% / 1h	27m 40s	$13K	—	100x
Short	Orderly PERP_FET_USDC	0.2013	0.0100	get 0.0100% / 8h	4h 27m	$38K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.005%Rate

Funding earned: −$21.26
Price spread: +0.005% → 0.000%: $0.5
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.76
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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-PERPETUAL	−0.4201%	1h	0.2013	+0.005%	$38K	$307K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0984%	1h	0.2017	+0.204%	$146K	$239K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0456%	1h	0.2016	+0.157%	$996K	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0011%	1h	0.2013	+0.015%	$33K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−0.144%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2014	+0.069%	$200K	$805K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2017	+0.222%	$30.9M	$113.9M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2015	+0.104%	$2.7M	$12.5M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2017	+0.204%	$30.1M	$24.5M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2017	+0.204%	$10.6M	$18.9M	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	0.2028	+0.757%	$339K	$418K	—	as long as short
Orderly PERP_FET_USDCshort	+0.0100%	8h	0.2013	+0.005%	$38K	$7K	10x
Extended FET-USD	+0.0104%	1h	0.2017	+0.198%	$33K	$252K	10x	as long as short
Hyperliquid FET	+0.0154%	1h	0.2017	+0.224%	$8.8M	$8.5M	5x	as long as short
GMX FET/USD [ETH-USDC]long	L +0.0201% / S −0.0278%	1h	0.2013	long leg	$13K	—	100x
BloFin FET-USDT	+0.0220%	8h	0.2022	+0.452%	$1.7M	$3.2M	100x	as long as short
OKX FET-USDT-SWAP	+0.0223%	4h	0.2019	+0.303%	$1.0M	$8.2M	20x	as long as short
BingX FET-USDT	+0.0281%	8h	0.2017	+0.204%	—	$6.0M	—	as long as short
Bitget FETUSDT	+0.0292%	8h	0.2016	+0.154%	$16.3M	$11.9M	75x	as long as short
Phoenix FET	+0.0505%	1h	0.2032	+0.959%	$35K	$39K	5x	as long as short