Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1359%/8h= +148.8% APRpaid last 24h −0.115%

Price spread now: Gate against Kraken Futures−0.139%7-day average −0.120% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$810.814% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.261%−$26 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.139%, 7d avg −0.120%

Together, before fees−0.159%−$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.120%, so right now this pair is about funding alone: +$41 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.261%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.261% in total (about -13.6% 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	Kraken Futures PF_FETUSD	0.2056	−0.1259	get 0.0157% / 1h	17m 13s	$999K	$2.2M	50x
Short	Gate FET_USDT	0.2053	0.0100	get 0.0100% / 8h	7h 17m	$2.8M	$12.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Kraken Futures. 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 Kraken FuturesbpFee GatebpOrdersPrice spread, now −0.139%Rate

Funding earned: $285.32
Price spread: −0.139% → −0.120%: −$1.84
Slippage, 4 orders: −$56.43
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $202.05
Costs to cover: 0.814%
Break-even: 2.0 days

Slippage from Kraken Futures: live order book, 1 min ago; Gate: live order book, 1 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 Kraken Futures live order book, 1 min ago	11.44 bp	21.1 bp −$21	58.3 bp −$583	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.44 bp	13.4 bp −$13	48.7 bp −$487	97.6 bp −$9,760	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	−0.4115%	1h	0.2053	−0.139%	$29K	$223K	10x	as long as short
Kraken Futures PF_FETUSDlong	−0.1259%	1h	0.2056	long leg	$999K	$2.2M	50x
Coinbase International FET-PERP-INTX	−0.0704%	1h	0.2057	+0.056%	$151K	$215K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0022%	1h	0.2054	−0.111%	$21K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−2.230%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2055	−0.025%	$341K	$544K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2054	−0.114%	$32.2M	$110.8M	75x	as long as short
Gate FET_USDTshort	+0.0100%	8h	0.2053	−0.139%	$2.8M	$12.4M	50x
MEXC FET_USDT	+0.0100%	8h	0.2053	−0.139%	$34.6M	$25.0M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2055	−0.041%	$10.9M	$19.2M	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	0.2051	−0.228%	$361K	$399K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2052	−0.187%	$38K	$7K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2053	−0.115%	$34K	$244K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0278%	1h	0.2053	−0.162%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2052	−0.187%	$1.7M	$2.7M	100x	as long as short
OKX FET-USDT-SWAP	+0.0283%	4h	0.2055	−0.041%	$1.0M	$8.2M	20x	as long as short
BingX FET-USDT	+0.0289%	8h	0.2054	−0.090%	—	$5.7M	—	as long as short
Bitget FETUSDT	+0.0301%	8h	0.2055	−0.041%	$16.6M	$11.6M	75x	as long as short
Hyperliquid FET	+0.0431%	1h	0.2057	+0.075%	$9.2M	$8.3M	5x	as long as short
Phoenix FET	+0.0467%	1h	0.2052	−0.173%	$36K	$45K	5x	as long as short