Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1292%/8h= −141.5% APRpaid last 24h −0.072%

Price spread now: Coinbase International against Orderly+0.151%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 5 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 pays, funding is against you. Coinbase International is 0.151% dearer against Orderly than usual: you sell high and buy low (spread +0.151% now, against zero (this spread has no 7-day history yet)): +$15 on $10k if it goes back. Holding the pair costs −$39 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_FET_USDC	0.1993	0.0100	pay 0.0100% / 8h	3h 32m	$37K	$7K	10x
Short	Coinbase International FET-PERP-INTX	0.1996	−0.1192	pay 0.0149% / 1h	32m 10s	$148K	$256K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.151%Rate

Funding earned: −$271.32
Price spread: +0.151% → 0.000%: $15.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$272.27
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 21 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 21 min ago	7.42 bp	12.4 bp −$12	doesn't fit	doesn't fit	doesn't fit

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	−0.4740%	1h	0.1994	+0.050%	$38K	$307K	10x	as long as short
Coinbase International FET-PERP-INTXshort	−0.1192%	1h	0.1996	+0.151%	$148K	$256K	50x
Kraken Futures PF_FETUSD	−0.0367%	1h	0.1997	+0.179%	$976K	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0011%	1h	0.1993	−0.005%	$33K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	+0.853%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.1992	−0.043%	$192K	$807K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.1994	+0.055%	$30.5M	$113.8M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.1993	0.000%	$2.7M	$12.5M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.1993	0.000%	$30.2M	$24.7M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.1993	0.000%	$10.3M	$18.7M	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	0.1993	+0.008%	$273K	$478K	—	as long as short
Orderly PERP_FET_USDClong	+0.0100%	8h	0.1993	long leg	$37K	$7K	10x
Extended FET-USD	+0.0104%	1h	0.1994	+0.071%	$33K	$253K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0301%	1h	0.1992	−0.033%	$13K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.1994	+0.050%	$1.7M	$3.1M	100x	as long as short
BingX FET-USDT	+0.0244%	8h	0.1996	+0.151%	—	$5.9M	—	as long as short
Bitget FETUSDT	+0.0259%	8h	0.1995	+0.100%	$16.1M	$11.9M	75x	as long as short
OKX FET-USDT-SWAP	+0.0360%	4h	0.1995	+0.100%	$1.0M	$8.1M	20x	as long as short
Phoenix FET	+0.0435%	1h	0.1994	+0.030%	$35K	$38K	5x	as long as short
Hyperliquid FET	+0.0674%	1h	0.1995	+0.107%	$8.6M	$8.4M	5x	as long as short