Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0150%/8h= −16.5% APRpaid last 24h −0.010%

Price spread now: Variational Omni against OKX−0.140%7-day average +0.006% · you buy dearer than you sell

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

Long on OKX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 4 days (all we have)+0.665%+$66 · spread now −0.140%, 7d avg +0.006%

Together, before fees+0.655%+ Points / potential airdropVariational Omni: Active · farm board+$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.147% cheaper against OKX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX FET-USDT-SWAP	0.2066	0.0250	pay 0.0125% / 4h	1h 09m	$1.1M	$8.3M	20x
Short	Variational Omni FET	0.2063	0.0100	get 0.0100% / 8h	5h 09m	$345K	$424K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against OKX. 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 OKXbpFee Variational OmnibpOrdersPrice spread, now −0.140%Rate

Funding earned: −$31.56
Price spread: −0.140% → +0.006%: −$14.68
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$56.23
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Variational Omni: RFQ quote, 54 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 OKX live order book, 3 min ago	4.85 bp	15.9 bp −$16	55.7 bp −$557	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 54 min ago	7.35 bp	doesn't fit	41.7 bp −$417	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-PERPETUAL	−0.2644%	1h	0.2067	+0.048%	$39K	$294K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0872%	1h	0.2067	+0.048%	$152K	$233K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0015%	1h	0.2066	+0.022%	$23K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−2.711%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2066	+0.024%	$216K	$780K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2065	−0.048%	$32.0M	$112.3M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2064	−0.097%	$2.8M	$12.5M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2063	−0.145%	$30.9M	$24.3M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2065	−0.048%	$10.9M	$18.8M	50x	as long as short
Variational Omni FETshort	+0.0100%	8h	0.2063	−0.140%	$345K	$424K	—

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_FET_USDC	+0.0100%	8h	0.2067	+0.048%	$39K	$7K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2064	−0.084%	$34K	$246K	10x	as long as short
Kraken Futures PF_FETUSD	+0.0113%	1h	0.2069	+0.146%	$1.0M	$2.2M	50x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0278%	1h	0.2067	+0.053%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2070	+0.194%	$1.8M	$3.0M	100x	as long as short
OKX FET-USDT-SWAPlong	+0.0250%	4h	0.2066	long leg	$1.1M	$8.3M	20x
BingX FET-USDT	+0.0372%	8h	0.2065	−0.048%	—	$6.0M	—	as long as short
Bitget FETUSDT	+0.0377%	8h	0.2066	0.000%	$16.8M	$11.8M	75x	as long as short
Hyperliquid FET	+0.0482%	1h	0.2066	0.000%	$9.1M	$8.4M	5x	as long as short
Phoenix FET	+0.0669%	1h	0.2058	−0.382%	$36K	$39K	5x	as long as short