Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0243%/8h= −26.7% APRpaid last 24h +0.029%

Price spread now: Injective against OKX−2.663%78s7-day average −0.615% · you buy dearer than you sell

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

Long on OKX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

Price spread, last 3 days (all we have)+1.809%+$181 · spread now −2.663%, 7d avg −0.615%

Together, before fees+2.042%+$204 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 2.048% cheaper against OKX than usual: you would sell low and buy high (−$205 if the spread goes back to its 7-day average of −0.615%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.233%, so the current rate has only just turned against you. The two prices were read 78 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX FET-USDT-SWAP	0.2065	0.0277	pay 0.0138% / 4h	3h 16m	$1.0M	$8.2M	20x
Short	Injective FET/USDC PERP	0.2010	0.0033	get 0.0004% / 1h	16m 00s	$3K	$166K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −2.663%Rate

Funding earned: −$51.13
Price spread: −2.663% → −0.615%: −$204.83
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$265.99
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; Injective: 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 OKX live order book, 2 min ago	4.86 bp	19.8 bp −$20	63.0 bp −$630	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.3617%	1h	0.2061	−0.194%	$30K	$223K	10x	as long as short
Kraken Futures PF_FETUSD	−0.1254%	1h	0.2064	−0.059%	$1.0M	$2.2M	50x	as long as short
Coinbase International FET-PERP-INTX	−0.0704%	1h	0.2060	−0.242%	$151K	$215K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0022%	1h	0.2063	−0.100%	$21K	—	150x	as long as short
Injective FET/USDC PERPshort	+0.0033%	1h	0.2010	−2.663%	$3K	$166K	12x
Aster FETUSDT	+0.0100%	8h	0.2061	−0.215%	$342K	$545K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2062	−0.163%	$32.3M	$111.0M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2060	−0.242%	$2.8M	$12.4M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2059	−0.291%	$34.7M	$25.0M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2062	−0.145%	$11.0M	$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	0.2061	−0.185%	$362K	$400K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2060	−0.242%	$38K	$7K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2062	−0.168%	$34K	$244K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0278%	1h	0.2061	−0.208%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2052	−0.630%	$1.7M	$2.7M	100x	as long as short
OKX FET-USDT-SWAPlong	+0.0277%	4h	0.2065	long leg	$1.0M	$8.2M	20x
BingX FET-USDT	+0.0289%	8h	0.2061	−0.194%	—	$5.7M	—	as long as short
Bitget FETUSDT	+0.0300%	8h	0.2064	−0.048%	$16.6M	$11.6M	75x	as long as short
Hyperliquid FET	+0.0429%	1h	0.2063	−0.087%	$9.2M	$8.3M	5x	as long as short
Phoenix FET	+0.0467%	1h	0.2052	−0.615%	$36K	$45K	5x	as long as short