Funding you earn now, next payment 22:00 UTC−0.0240%/8h= −26.3% APRnext payment −$0.30 per $10,000 · paid last 24h +0.041%
Price spread now: Kraken Futures against Phoenix−0.452%71s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.027%−$3 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 −$7 a day on $10k at the current rate, and Kraken Futures is 0.452% cheaper against Phoenix than usual: you would sell low and buy high (−$45 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 71 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 -0.027% in total (about -1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 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 | 0.2025 | 0.0599 | pay 0.0075% / 1h | 36m 00s | $27K | $36K | 5x |
| Short | Kraken Futures PF_FETUSD | 0.2016 | 0.0359 | get 0.0045% / 1h | 36m 00s | $1.0M | $2.2M | 50x |
Phoenix FET
Kraken Futures PF_FETUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures 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
- −$50.34
- Price spread: −0.452% → 0.000%
- −$45.24
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$112.58
- Costs to cover
- 0.170%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Kraken Futures: live order book, 3 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 Kraken Futures live order book, 3 min ago | 12.36 bp | 26.0 bp −$26 | 72.0 bp −$720 | 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-PERPETUAL | −0.4691% | 1h | 0.2014 | −0.543% | $27K | $200K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.0744% | 1h | 0.2022 | −0.148% | $152K | $201K | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0012% | 1h | 0.2015 | −0.484% | $32K | — | 150x | as long as short |
| Gate FET_USDT | +0.0051% | 8h | 0.2012 | −0.642% | $2.7M | $11.9M | 50x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2015 | −0.500% | $342K | $535K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2014 | −0.553% | $31.5M | $107.3M | 75x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2013 | −0.593% | $34.5M | $25.1M | 200x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2014 | −0.543% | $10.4M | $19.1M | 50x | as long as short |
| Variational Omni FET | +0.0100% | 8h | 0.2023 | −0.086% | $275K | $317K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2014 | −0.543% | $37K | $5K | 10x | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
gTrade (Gains Network) FET/USD
Gate FET_USDT
Aster FETUSDT
Binance FETUSDT
MEXC FET_USDT
KuCoin FETUSDTM
Variational Omni FET
Orderly PERP_FET_USDCShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended FET-USD | +0.0104% | 1h | 0.2015 | −0.512% | $34K | $190K | 10x | as long as short |
| OKX FET-USDT-SWAP | +0.0158% | 4h | 0.2016 | −0.444% | $858K | $7.5M | 20x | as long as short |
| Hyperliquid FET | +0.0161% | 1h | 0.2015 | −0.478% | $8.9M | $7.9M | 5x | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0278% | 1h | 0.2013 | −0.587% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2018 | −0.346% | $1.7M | $2.6M | 100x | as long as short |
| BingX FET-USDT | +0.0299% | 8h | 0.2014 | −0.543% | — | $5.6M | — | as long as short |
| Bitget FETUSDT | +0.0315% | 8h | 0.2016 | −0.444% | $16.4M | $11.4M | 75x | as long as short |
| Kraken Futures PF_FETUSDshort | +0.0359% | 1h | 0.2016 | −0.452% | $1.0M | $2.2M | 50x | |
| Injective FET/USDC PERP | +0.0553% | 1h | 0.2010 | −0.741% | $3K | $166K | 12x | as long as short |
| Phoenix FETlong | +0.0599% | 1h | 0.2025 | long leg | $27K | $36K | 5x |
Extended FET-USD
OKX FET-USDT-SWAP
Hyperliquid FET
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
BingX FET-USDT
Bitget FETUSDT
Injective FET/USDC PERP