Funding you earn now, next payment 03:00 UTC−0.0472%/8h= −51.7% APRnext payment −$0.59 per $10,000 · paid last 24h −0.074%
Price spread now: Injective against Phoenix−2.199%112s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.088%−$9 on $10k
+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 −$14 a day on $10k at the current rate, and Injective is 2.199% cheaper against Phoenix than usual: you would sell low and buy high (−$220 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 112 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.088% in total (about -4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.59 per $10,000. 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 | Phoenix FET | 0.2055 | 0.0505 | pay 0.0063% / 1h | 53m 27s | $36K | $39K | 5x |
| Short | Injective FET/USDC PERP | 0.2010 | 0.0033 | get 0.0004% / 1h | 53m 27s | $3K | $166K | 12x |
Phoenix FET
Injective FET/USDC PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Injective 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
- −$99.06
- Price spread: −2.199% → 0.000%
- −$219.93
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Injective: 0.01 bp × 2 orders
- −$0.02
- Net
- −$326.01
- Costs to cover
- 0.070%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Injective no order-book sample | — | — | — | — | — |
Phoenix and 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 | −0.3146% | 1h | 0.2054 | −0.058% | $39K | $304K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.0984% | 1h | 0.2062 | +0.331% | $150K | $235K | 50x | as long as short |
| Kraken Futures PF_FETUSD | −0.0447% | 1h | 0.2056 | +0.036% | $1.0M | $2.2M | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0015% | 1h | 0.2049 | −0.312% | $23K | — | 150x | as long as short |
| Injective FET/USDC PERPshort | +0.0033% | 1h | 0.2010 | −2.199% | $3K | $166K | 12x | |
| Hyperliquid FET | +0.0100% | 1h | 0.2050 | −0.243% | $9.0M | $8.4M | 5x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2049 | −0.308% | $211K | $792K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2048 | −0.354% | $31.7M | $112.6M | 75x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.2045 | −0.496% | $2.8M | $12.4M | 50x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2047 | −0.399% | $30.6M | $23.9M | 200x | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
Kraken Futures PF_FETUSD
gTrade (Gains Network) FET/USD
Hyperliquid FET
Aster FETUSDT
Binance FETUSDT
Gate FET_USDT
MEXC FET_USDTShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2048 | −0.350% | $10.8M | $18.8M | 50x | as long as short |
| Variational Omni FET | +0.0100% | 8h | 0.2066 | +0.533% | $345K | $423K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2052 | −0.156% | $38K | $7K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.2046 | −0.426% | $36K | $249K | 10x | as long as short |
| OKX FET-USDT-SWAP | +0.0200% | 4h | 0.2050 | −0.253% | $1.1M | $8.3M | 20x | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0202% / S −0.0278% | 1h | 0.2054 | −0.062% | $14K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2061 | +0.282% | $1.8M | $3.1M | 100x | as long as short |
| BingX FET-USDT | +0.0333% | 8h | 0.2047 | −0.399% | — | $5.9M | — | as long as short |
| Bitget FETUSDT | +0.0343% | 8h | 0.2050 | −0.253% | $16.6M | $11.8M | 75x | as long as short |
| Phoenix FETlong | +0.0505% | 1h | 0.2055 | long leg | $36K | $39K | 5x |
KuCoin FETUSDTM
Variational Omni FET
Orderly PERP_FET_USDC
Extended FET-USD
OKX FET-USDT-SWAP
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
BingX FET-USDT
Bitget FETUSDT