Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.2265%/8h= +248.1% APRpaid last 24h +0.406%

Price spread now: Orderly against Deribit−0.097%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

Funding pays, the price is against you. Orderly is 0.097% cheaper against Deribit than usual: you would sell low and buy high (spread −0.097% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 3 hours of funding at the current rate (+$68 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit FET_USDC-PERPETUAL	0.2065	−0.2165	get 0.0271% / 1h	35m 43s	$40K	$212K	10x
Short	Orderly PERP_FET_USDC	0.2063	0.0100	get 0.0100% / 8h	7h 35m	$38K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.097%Rate

Funding earned: $475.75
Price spread: −0.097% → 0.000%: −$9.69
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $453.06
Costs to cover: 0.130%
Break-even: 0.3 days

Slippage unknown: Deribit: live order book, 38 min ago; Orderly: no order-book sample. 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, 38 min ago	4.90 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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-PERPETUALlong	−0.2165%	1h	0.2065	long leg	$40K	$212K	10x
Kraken Futures PF_FETUSD	−0.1252%	1h	0.2067	+0.074%	$1.0M	$2.2M	50x	as long as short
Coinbase International FET-PERP-INTX	−0.0704%	1h	0.2068	+0.145%	$154K	$209K	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0013%	1h	0.2065	−0.018%	$32K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−2.663%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2066	+0.034%	$343K	$542K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.2066	+0.051%	$32.3M	$110.0M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2065	0.000%	$2.8M	$12.0M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.2066	+0.048%	$35.0M	$24.9M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2068	+0.145%	$10.9M	$19.2M	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	0.2065	+0.009%	$363K	$399K	—	as long as short
Orderly PERP_FET_USDCshort	+0.0100%	8h	0.2063	−0.097%	$38K	$6K	10x
Extended FET-USD	+0.0104%	1h	0.2066	+0.067%	$35K	$242K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0278%	1h	0.2064	−0.048%	$14K	—	100x	as long as short
BloFin FET-USDT	+0.0220%	8h	0.2068	+0.145%	$1.7M	$2.7M	100x	as long as short
BingX FET-USDT	+0.0287%	8h	0.2067	+0.097%	—	$5.7M	—	as long as short
Bitget FETUSDT	+0.0301%	8h	0.2069	+0.194%	$16.7M	$11.5M	75x	as long as short
OKX FET-USDT-SWAP	+0.0305%	4h	0.2070	+0.242%	$1.0M	$8.1M	20x	as long as short
Hyperliquid FET	+0.0377%	1h	0.2069	+0.169%	$9.2M	$8.1M	5x	as long as short
Phoenix FET	+0.0467%	1h	0.2059	−0.300%	$36K	$45K	5x	as long as short