Funding you earn now, next payment 01:00 UTC−0.4425%/8h= −484.5% APRnext payment −$5.53 per $10,000 · paid last 24h −0.438%
Price spread now: Deribit against Coinbase International−0.297%7-day average −0.325% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$137as in the Price arb table
costs, in and out, $10k−$1401.396% of the position
Funding, last 6 days (all we have)−0.707%−$71 on $10k
+Price spread, last 3 days (all we have)+0.207%+$21 · spread now −0.297%, 7d avg −0.325%
=The price spread pays, funding is against you. Deribit is 0.028% dearer against Coinbase International than usual: you sell high and buy low (spread −0.297% now, against its 7-day average of −0.325%): +$3 on $10k if it goes back. Holding the pair costs −$133 a day in funding at the current rate, which eats that in about under an hour. At the pace of the last 6 days (−0.707% in total) that is about 5 hours.
The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.707% in total (about -45.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.53 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 | Coinbase International FET-PERP-INTX | 0.2019 | −0.0760 | get 0.0095% / 1h | 45m 55s | $147K | $215K | 50x |
| Short | Deribit FET_USDC-PERPETUAL | 0.2013 | −0.5185 | pay 0.0648% / 1h | 45m 55s | $29K | $231K | 10x |
Coinbase International FET-PERP-INTX
Deribit FET_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Coinbase International. 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
- −$929.2
- Price spread: −0.297% → −0.325%
- $2.79
- Slippage, 4 orders
- −$122.6
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$1,066.01
- Costs to cover
- 1.396%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 22 min ago; Deribit: live order book, 23 min ago.
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 Coinbase International live order book, 22 min ago | 7.30 bp | 61.0 bp −$61 | doesn't fit | doesn't fit | doesn't fit |
| Sell Deribit live order book, 23 min ago | 4.87 bp | 13.2 bp −$13 | doesn't fit | doesn't fit | doesn't fit |
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 | −0.5185% | 1h | 0.2013 | −0.297% | $29K | $231K | 10x | |
| Coinbase International FET-PERP-INTXlong | −0.0760% | 1h | 0.2019 | long leg | $147K | $215K | 50x | |
| Kraken Futures PF_FETUSD | −0.0744% | 1h | 0.2015 | −0.188% | $980K | $2.2M | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0022% | 1h | 0.2014 | −0.270% | $21K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | −0.446% | $3K | $166K | 12x | as long as short |
| Gate FET_USDT | +0.0062% | 8h | 0.2013 | −0.297% | $2.7M | $12.2M | 50x | as long as short |
| Hyperliquid FET | +0.0100% | 1h | 0.2016 | −0.139% | $9.0M | $8.3M | 5x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2013 | −0.310% | $306K | $577K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2014 | −0.248% | $31.3M | $112.0M | 75x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2013 | −0.297% | $31.2M | $24.8M | 200x | as long as short |
Kraken Futures PF_FETUSD
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Gate FET_USDT
Hyperliquid FET
Aster FETUSDT
Binance FETUSDT
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 | 0.2014 | −0.248% | $10.6M | $19.2M | 50x | as long as short |
| Variational Omni FET | +0.0100% | 8h | 0.2016 | −0.139% | $333K | $420K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2012 | −0.347% | $38K | $7K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.2013 | −0.318% | $33K | $247K | 10x | as long as short |
| OKX FET-USDT-SWAP | +0.0150% | 4h | 0.2015 | −0.198% | $995K | $8.0M | 20x | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0278% | 1h | 0.2012 | −0.327% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2020 | +0.050% | $1.7M | $2.8M | 100x | as long as short |
| BingX FET-USDT | +0.0287% | 8h | 0.2015 | −0.198% | — | $6.0M | — | as long as short |
| Bitget FETUSDT | +0.0311% | 8h | 0.2015 | −0.198% | $16.2M | $11.7M | 75x | as long as short |
| Phoenix FET | +0.0474% | 1h | 0.2026 | +0.347% | $35K | $43K | 5x | as long as short |
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
Phoenix FET