Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0178%/8h= +19.5% APRpaid last 24h +0.057%

Price spread now: GMX against Variational Omni−0.182%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. GMX is 0.182% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.182% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 3.4 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni FET	0.2023	0.0100	pay 0.0100% / 8h	1h 40m	$275K	$317K	—
Short	GMX FET/USD [ETH-USDC]	0.2020	L +0.0201% / S −0.0278%	get 0.0035% / 1h	40m 10s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee GMXbpOrdersPrice spread, now −0.182%Rate

Funding earned: $37.33
Price spread: −0.182% → 0.000%: −$18.18
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $7.15
Costs to cover: 0.120%
Break-even: 5.7 days

Slippage unknown: Variational Omni: RFQ quote, 44 min ago; GMX: 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 Variational Omni RFQ quote, 44 min ago	7.43 bp	doesn't fit	42.1 bp −$421	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.4188%	1h	0.2019	−0.211%	$27K	$200K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0744%	1h	0.2022	−0.063%	$158K	$191K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2022	−0.081%	$32K	—	150x	as long as short
Gate FET_USDT	+0.0053%	8h	0.2022	−0.063%	$2.7M	$11.9M	50x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2025	+0.061%	$342K	$534K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2023	−0.019%	$31.6M	$107.3M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2022	−0.063%	$34.8M	$25.1M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2022	−0.063%	$10.4M	$19.1M	50x	as long as short
Variational Omni FETlong	+0.0100%	8h	0.2023	long leg	$275K	$317K	—
Orderly PERP_FET_USDC	+0.0100%	8h	0.2019	−0.211%	$37K	$5K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FET-USD	+0.0104%	1h	0.2021	−0.126%	$34K	$190K	10x	as long as short
OKX FET-USDT-SWAP	+0.0170%	4h	0.2026	+0.135%	$860K	$7.6M	20x	as long as short
Hyperliquid FET	+0.0172%	1h	0.2026	+0.130%	$9.0M	$7.9M	5x	as long as short
GMX FET/USD [ETH-USDC]short	L +0.0201% / S −0.0278%	1h	0.2020	−0.182%	$13K	—	100x
BloFin FET-USDT	+0.0220%	8h	0.2022	−0.063%	$1.7M	$2.6M	100x	as long as short
BingX FET-USDT	+0.0290%	8h	0.2024	+0.036%	—	$5.6M	—	as long as short
Bitget FETUSDT	+0.0313%	8h	0.2026	+0.135%	$16.5M	$11.4M	75x	as long as short
Kraken Futures PF_FETUSD	+0.0358%	1h	0.2024	+0.019%	$1.0M	$2.2M	50x	as long as short
Injective FET/USDC PERP	+0.0553%	1h	0.2010	−0.656%	$3K	$166K	12x	as long as short
Phoenix FET	+0.0599%	1h	0.2025	+0.086%	$27K	$36K	5x	as long as short