Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2296%/8h= −251.4% APRpaid last 24h −0.752%

Price spread now: Deribit against Variational Omni−0.008%7-day average −0.010% · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.776%−$78 on $10k

Price spread, last 4 days (all we have)−0.380%−$38 · spread now −0.008%, 7d avg −0.010%

Together, before fees−1.156%+ Points / potential airdropVariational Omni: Active · farm board−$116 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$69 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.776% in total (about -77.1% 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	Variational Omni FET	0.2039	0.0100	pay 0.0100% / 8h	7h 45m	$289K	$555K	—
Short	Deribit FET_USDC-PERPETUAL	0.2039	−0.2196	pay 0.0275% / 1h	45m 40s	$42K	$313K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. 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 Variational OmnibpFee DeribitbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$482.2
Price spread: −0.008% → −0.010%: $0.21
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$488.99
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 53 min ago; Deribit: live order book, 53 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 Variational Omni RFQ quote, 53 min ago	7.43 bp	doesn't fit	37.2 bp −$372	doesn't fit	doesn't fit
Sell Deribit live order book, 53 min ago	9.95 bp	13.4 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	−0.2196%	1h	0.2039	−0.008%	$42K	$313K	10x
Coinbase International FET-PERP-INTX	−0.0736%	1h	0.2040	+0.041%	$144K	$274K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0302%	1h	0.2042	+0.120%	$1.0M	$2.0M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2037	−0.130%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−1.430%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2037	−0.115%	$189K	$752K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2035	−0.204%	$2.8M	$12.0M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2036	−0.155%	$10.5M	$17.7M	50x	as long as short
Variational Omni FETlong	+0.0100%	8h	0.2039	long leg	$289K	$555K	—
Orderly PERP_FET_USDC	+0.0100%	8h	0.2038	−0.057%	$36K	$11K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget FETUSDT	+0.0116%	8h	0.2038	−0.057%	$16.7M	$11.7M	75x	as long as short
BingX FET-USDT	+0.0131%	8h	0.2035	−0.204%	—	$5.9M	—	as long as short
Extended FET-USD	+0.0136%	1h	0.2035	−0.181%	$30K	$203K	10x	as long as short
MEXC FET_USDT	+0.0136%	8h	0.2036	−0.155%	$30.1M	$25.1M	200x	as long as short
Binance FETUSDT	+0.0137%	8h	0.2036	−0.154%	$31.2M	$111.8M	75x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0301%	1h	0.2037	−0.119%	$13K	—	100x	as long as short
OKX FET-USDT-SWAP	+0.0232%	4h	0.2035	−0.204%	$1.0M	$8.0M	20x	as long as short
BloFin FET-USDT	+0.0253%	8h	0.2039	−0.008%	$1.7M	$3.3M	100x	as long as short
Phoenix FET	+0.0594%	1h	0.2028	−0.552%	$35K	$35K	5x	as long as short
Hyperliquid FET	+0.0781%	1h	0.2038	−0.052%	$8.5M	$8.5M	5x	as long as short