Funding you earn now, next payment 04:00 UTC−0.4682%/8h= −512.7% APRnext payment −$5.85 per $10,000 · paid last 24h −0.694%
Price spread now: Deribit against Phoenix−0.175%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 6 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
Both sides work against this trade now: funding costs −$140 a day on $10k at the current rate, and Deribit is 0.175% cheaper against Phoenix than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix FET | 0.1996 | 0.0435 | pay 0.0054% / 1h | 12m 55s | $35K | $38K | 5x |
| Short | Deribit FET_USDC-PERPETUAL | 0.1992 | −0.4248 | pay 0.0531% / 1h | 12m 55s | $38K | $308K | 10x |
Phoenix FET
Deribit FET_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$983.28
- Price spread: −0.175% → 0.000%
- −$17.54
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$1,014.82
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Deribit: live order book, 41 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Deribit live order book, 41 min ago | 2.47 bp | 6.0 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
Phoenix: 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-PERPETUALshort | −0.4248% | 1h | 0.1992 | −0.175% | $38K | $308K | 10x | |
| Coinbase International FET-PERP-INTX | −0.1192% | 1h | 0.2001 | +0.276% | $148K | $257K | 50x | as long as short |
| Kraken Futures PF_FETUSD | −0.0368% | 1h | 0.1993 | −0.110% | $975K | $2.2M | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0004% | 1h | 0.1992 | −0.177% | $20K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | +0.727% | $3K | $166K | 12x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.1990 | −0.274% | $192K | $808K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.1990 | −0.276% | $30.3M | $113.9M | 75x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.1991 | −0.226% | $2.7M | $12.6M | 50x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.1990 | −0.276% | $30.1M | $24.9M | 200x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.1992 | −0.175% | $10.3M | $18.6M | 50x | as long as short |
Coinbase International FET-PERP-INTX
Kraken Futures PF_FETUSD
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Aster FETUSDT
Binance FETUSDT
Gate FET_USDT
MEXC FET_USDT
KuCoin FETUSDTMShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni FET | +0.0100% | 8h | 0.1996 | +0.033% | $273K | $478K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.1991 | −0.226% | $37K | $7K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.1990 | −0.255% | $33K | $215K | 10x | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0301% | 1h | 0.1991 | −0.201% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.1993 | −0.125% | $1.7M | $3.1M | 100x | as long as short |
| BingX FET-USDT | +0.0236% | 8h | 0.1991 | −0.226% | — | $5.9M | — | as long as short |
| Bitget FETUSDT | +0.0242% | 8h | 0.1992 | −0.175% | $16.2M | $11.9M | 75x | as long as short |
| OKX FET-USDT-SWAP | +0.0395% | 4h | 0.1992 | −0.175% | $1.0M | $8.1M | 20x | as long as short |
| Phoenix FETlong | +0.0435% | 1h | 0.1996 | long leg | $35K | $38K | 5x | |
| Hyperliquid FET | +0.0675% | 1h | 0.1993 | −0.140% | $8.5M | $8.4M | 5x | as long as short |
Variational Omni FET
Orderly PERP_FET_USDC
Extended FET-USD
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
BingX FET-USDT
Bitget FETUSDT
OKX FET-USDT-SWAP
Hyperliquid FET