Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.2734%/8h= +299.4% APRpaid last 24h +0.377%

Price spread now: Gate against Deribit+0.049%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$590.587% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.490%+$49 on $10k

Price spread, last 3 days (all we have)−0.035%−$4 · spread now +0.049%, 7d avg −0.064%

Together, before fees+0.455%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$82 a day on $10k at the current rate, and Gate is 0.113% dearer against Deribit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.064%.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid 0.490% in total (about 31.8% 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	0.2055	−0.2661	get 0.0333% / 1h	49m 16s	$28K	$200K	10x
Short	Gate FET_USDT	0.2056	0.0073	get 0.0073% / 8h	49m 16s	$2.9M	$12.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.049%Rate

Funding earned: $574.18
Price spread: +0.049% → −0.064%: $11.28
Slippage, 4 orders: −$36.69
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $526.78
Costs to cover: 0.587%
Break-even: 0.6 days

Slippage from Deribit: live order book, 29 min ago; Gate: live order book, 4 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 Deribit live order book, 29 min ago	9.94 bp	13.4 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	4.88 bp	17.6 bp −$18	44.7 bp −$447	89.8 bp −$8,976	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-PERPETUALlong	−0.2661%	1h	0.2055	long leg	$28K	$200K	10x
Coinbase International FET-PERP-INTX	−0.0728%	1h	0.2055	0.000%	$154K	$205K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0474%	1h	0.2058	+0.127%	$1.0M	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0012%	1h	0.2057	+0.080%	$32K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−2.190%	$3K	$166K	12x	as long as short
Gate FET_USDTshort	+0.0073%	8h	0.2056	+0.049%	$2.9M	$12.0M	50x
Aster FETUSDT	+0.0100%	8h	0.2056	+0.046%	$343K	$540K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2056	+0.049%	$32.2M	$108.1M	75x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2057	+0.097%	$34.8M	$24.9M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2057	+0.097%	$10.6M	$19.1M	50x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni FET	+0.0100%	8h	0.2051	−0.183%	$294K	$332K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2055	0.000%	$38K	$5K	10x	as long as short
Extended FET-USD	+0.0104%	1h	0.2055	−0.020%	$34K	$190K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0201% / S −0.0278%	1h	0.2056	+0.064%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2057	+0.097%	$1.7M	$2.7M	100x	as long as short
BingX FET-USDT	+0.0321%	8h	0.2057	+0.097%	—	$5.6M	—	as long as short
OKX FET-USDT-SWAP	+0.0336%	4h	0.2060	+0.243%	$1.0M	$7.9M	20x	as long as short
Bitget FETUSDT	+0.0339%	8h	0.2057	+0.097%	$16.6M	$11.4M	75x	as long as short
Phoenix FET	+0.0508%	1h	0.2057	+0.097%	$36K	$45K	5x	as long as short
Hyperliquid FET	+0.1016%	1h	0.2060	+0.243%	$9.2M	$7.9M	5x	as long as short