Funding arb · Price arb /

FET

all FET markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.4247%/8h= +465.0% APRpaid last 24h +0.459%

Price spread now: Variational Omni against Deribit+0.056%7-day average +0.001% · you sell dearer than you buy

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.432%+$43 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now +0.056%, 7d avg +0.001%

Together, before fees+0.408%+ Points / potential airdropVariational Omni: Active · farm board+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$127 a day on $10k at the current rate, and Variational Omni is 0.055% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.001%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.432% in total (about 46.2% a year). A funding rate is set anew for every payment. 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	Deribit FET_USDC-PERPETUAL	0.2038	−0.4147	get 0.0518% / 1h	4m 01s	$30K	$231K	10x
Short	Variational Omni FET	0.2039	0.0100	get 0.0100% / 8h	6h 04m	$337K	$420K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 DeribitbpFee Variational OmnibpOrdersPrice spread, now +0.056%Rate

Funding earned: $891.8
Price spread: +0.056% → +0.001%: $5.53
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $890.33
Costs to cover: 0.070%
Break-even: 0.0 days

Slippage unknown: Deribit: live order book, 64 min ago; Variational Omni: RFQ quote, 65 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 Deribit live order book, 64 min ago	4.87 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 65 min ago	7.29 bp	doesn't fit	36.4 bp −$364	doesn't fit	doesn't fit

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-PERPETUALlong	−0.4147%	1h	0.2038	long leg	$30K	$231K	10x
Coinbase International FET-PERP-INTX	−0.0760%	1h	0.2041	+0.147%	$148K	$220K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0735%	1h	0.2041	+0.146%	$996K	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0015%	1h	0.2039	+0.028%	$23K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−1.374%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2038	0.000%	$261K	$719K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2040	+0.119%	$31.8M	$112.1M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2037	−0.049%	$2.7M	$12.4M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2037	−0.049%	$31.2M	$25.3M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2039	+0.049%	$10.7M	$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 FETshort	+0.0100%	8h	0.2039	+0.056%	$337K	$420K	—
Orderly PERP_FET_USDC	+0.0100%	8h	0.2037	−0.049%	$38K	$7K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2039	+0.026%	$33K	$250K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0278%	1h	0.2038	−0.011%	$14K	—	100x	as long as short
OKX FET-USDT-SWAP	+0.0236%	4h	0.2040	+0.098%	$1.0M	$8.1M	20x	as long as short
BingX FET-USDT	+0.0357%	8h	0.2039	+0.049%	—	$6.0M	—	as long as short
Bitget FETUSDT	+0.0382%	8h	0.2040	+0.098%	$16.5M	$11.8M	75x	as long as short
Hyperliquid FET	+0.0474%	1h	0.2040	+0.093%	$9.0M	$8.4M	5x	as long as short
Phoenix FET	+0.0474%	1h	0.2035	−0.128%	$35K	$43K	5x	as long as short