Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.055%

Price spread now: GMX against KuCoin−0.167%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on GMX

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

Funding pays, the price is against you. GMX is 0.167% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.167% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 3.1 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin FETUSDTM	0.2018	0.0100	pay 0.0100% / 8h	3h 54m	$10.6M	$18.7M	50x
Short	GMX FET/USD [ETH-USDC]	0.2015	L +0.0201% / S −0.0278%	get 0.0035% / 1h	54m 38s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −0.167%Rate

Funding earned: $37.33
Price spread: −0.167% → 0.000%: −$16.7
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$3.37
Costs to cover: 0.240%
Break-even: 7.6 days

Slippage unknown: KuCoin: live order book, 4 min ago; GMX: 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 KuCoin live order book, 4 min ago	2.47 bp	34.7 bp −$35	86.5 bp −$865	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.3703%	1h	0.2016	−0.099%	$38K	$307K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.1192%	1h	0.2017	−0.050%	$145K	$247K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0363%	1h	0.2019	+0.073%	$997K	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0011%	1h	0.2016	−0.112%	$33K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−0.396%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2015	−0.151%	$194K	$812K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2018	−0.010%	$30.9M	$113.3M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2016	−0.099%	$2.7M	$12.4M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2018	0.000%	$31.4M	$24.5M	200x	as long as short
KuCoin FETUSDTMlong	+0.0100%	8h	0.2018	long leg	$10.6M	$18.7M	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	0.2016	−0.092%	$277K	$478K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2015	−0.149%	$38K	$7K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2017	−0.028%	$33K	$253K	10x	as long as short
GMX FET/USD [ETH-USDC]short	L +0.0201% / S −0.0278%	1h	0.2015	−0.167%	$13K	—	100x
BloFin FET-USDT	+0.0220%	8h	0.2016	−0.099%	$1.7M	$3.1M	100x	as long as short
BingX FET-USDT	+0.0249%	8h	0.2018	0.000%	—	$5.9M	—	as long as short
OKX FET-USDT-SWAP	+0.0250%	4h	0.2020	+0.099%	$1.0M	$8.2M	20x	as long as short
Bitget FETUSDT	+0.0255%	8h	0.2019	+0.050%	$16.4M	$11.8M	75x	as long as short
Hyperliquid FET	+0.0446%	1h	0.2018	+0.020%	$8.7M	$8.4M	5x	as long as short
Phoenix FET	+0.0505%	1h	0.2020	+0.114%	$35K	$38K	5x	as long as short