Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.039%

Price spread now: Injective against Binance−1.157%7-day average −0.611% · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.224%+$22 on $10k

Price spread, last 3 days (all we have)+0.312%+$31 · spread now −1.157%, 7d avg −0.611%

Together, before fees+0.536%+$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.546% cheaper against Binance than usual: you would sell low and buy high (−$55 if the spread goes back to its 7-day average of −0.611%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.224%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance FETUSDT	0.2034	0.0100	pay 0.0100% / 8h	6h 00m	$31.6M	$111.7M	75x
Short	Injective FET/USDC PERP	0.2010	0.0033	get 0.0004% / 1h	0m 59s	$3K	$166K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −1.157%Rate

Funding earned: −$14
Price spread: −1.157% → −0.611%: −$54.59
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$78.61
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 12 min ago; 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 Binance live order book, 12 min ago	2.46 bp	10.0 bp −$10	17.5 bp −$175	167.7 bp −$16.8K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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 19 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	−0.4160%	1h	0.2032	−0.075%	$30K	$230K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0760%	1h	0.2041	+0.368%	$148K	$220K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0737%	1h	0.2036	+0.098%	$993K	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0015%	1h	0.2031	−0.110%	$23K	—	150x	as long as short
Injective FET/USDC PERPshort	+0.0033%	1h	0.2010	−1.157%	$3K	$166K	12x
Aster FETUSDT	+0.0100%	8h	0.2033	−0.026%	$260K	$719K	10x	as long as short
Binance FETUSDTlong	+0.0100%	8h	0.2034	long leg	$31.6M	$111.7M	75x
Gate FET_USDT	+0.0100%	8h	0.2032	−0.075%	$2.7M	$12.4M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2032	−0.075%	$31.1M	$25.3M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2033	−0.026%	$10.6M	$18.9M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni FET	+0.0100%	8h	0.2033	−0.019%	$336K	$420K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2031	−0.124%	$38K	$7K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2032	−0.052%	$35K	$252K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2031	−0.127%	$14K	—	100x	as long as short
OKX FET-USDT-SWAP	+0.0244%	4h	0.2034	+0.023%	$1.0M	$8.1M	20x	as long as short
BingX FET-USDT	+0.0363%	8h	0.2033	−0.026%	—	$6.0M	—	as long as short
Bitget FETUSDT	+0.0386%	8h	0.2035	+0.072%	$16.5M	$11.7M	75x	as long as short
Phoenix FET	+0.0474%	1h	0.2042	+0.402%	$36K	$43K	5x	as long as short
Hyperliquid FET	+0.0485%	1h	0.2034	−0.001%	$9.0M	$8.4M	5x	as long as short