Funding you earn now, next payment 06:00 UTC−0.4359%/8h= −477.3% APRnext payment −$5.45 per $10,000 · paid last 24h −0.778%
Price spread now: Deribit against Phoenix−0.254%70s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 6 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$131 a day on $10k at the current rate, and Deribit is 0.254% cheaper against Phoenix than usual: you would sell low and buy high (−$25 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix FET | 0.2010 | 0.0635 | pay 0.0079% / 1h | 2m 19s | $35K | $38K | 5x |
| Short | Deribit FET_USDC-PERPETUAL | 0.2005 | −0.3724 | pay 0.0466% / 1h | 2m 19s | $41K | $313K | 10x |
Phoenix FET
Deribit FET_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. 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
- −$915.43
- Price spread: −0.254% → 0.000%
- −$25.37
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$954.8
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Deribit: live order book, 41 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Deribit live order book, 41 min ago | 10.00 bp | 13.5 bp −$14 | doesn't fit | doesn't fit | doesn't fit |
Phoenix: 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-PERPETUALshort | −0.3724% | 1h | 0.2005 | −0.254% | $41K | $313K | 10x | |
| Coinbase International FET-PERP-INTX | −0.0688% | 1h | 0.2012 | +0.095% | $151K | $264K | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0004% | 1h | 0.2004 | −0.305% | $20K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | −0.005% | $3K | $166K | 12x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2006 | −0.211% | $187K | $817K | 10x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.2003 | −0.353% | $2.6M | $12.9M | 50x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2005 | −0.254% | $10.5M | $18.2M | 50x | as long as short |
| Variational Omni FET | +0.0100% | 8h | 0.2008 | −0.097% | $285K | $506K | — | as long as short |
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2004 | −0.303% | $36K | $11K | 10x | as long as short |
| MEXC FET_USDT | +0.0132% | 8h | 0.2004 | −0.303% | $29.5M | $25.3M | 200x | as long as short |
Coinbase International FET-PERP-INTX
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Aster FETUSDT
Gate FET_USDT
KuCoin FETUSDTM
Variational Omni FET
Orderly PERP_FET_USDC
MEXC FET_USDTShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance FETUSDT | +0.0133% | 8h | 0.2006 | −0.213% | $30.7M | $114.1M | 75x | as long as short |
| Extended FET-USD | +0.0136% | 1h | 0.2004 | −0.294% | $37K | $203K | 10x | as long as short |
| Bitget FETUSDT | +0.0193% | 8h | 0.2006 | −0.204% | $16.2M | $11.8M | 75x | as long as short |
| BingX FET-USDT | +0.0194% | 8h | 0.2005 | −0.254% | — | $5.9M | — | as long as short |
| GMX FET/USD [ETH-USDC] | L +0.0201% / S −0.0301% | 1h | 0.2003 | −0.330% | $13K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0253% | 8h | 0.2007 | −0.154% | $1.7M | $3.2M | 100x | as long as short |
| OKX FET-USDT-SWAP | +0.0371% | 4h | 0.2005 | −0.254% | $991K | $8.1M | 20x | as long as short |
| Phoenix FETlong | +0.0635% | 1h | 0.2010 | long leg | $35K | $38K | 5x | |
| Kraken Futures PF_FETUSD | +0.0648% | 1h | 0.2006 | −0.203% | $990K | $2.2M | 50x | as long as short |
| Hyperliquid FET | +0.0668% | 1h | 0.2007 | −0.154% | $8.4M | $8.4M | 5x | as long as short |
Binance FETUSDT
Extended FET-USD
Bitget FETUSDT
BingX FET-USDT
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
OKX FET-USDT-SWAP
Kraken Futures PF_FETUSD
Hyperliquid FET