Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.025%

Price spread now: Orderly against GMX+0.008%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX FET/USD [ETH-USDC]	0.1997	L +0.0201% / S −0.0301%	pay 0.0025% / 1h	26m 33s	$13K	—	100x
Short	Orderly PERP_FET_USDC	0.1997	0.0100	get 0.0100% / 8h	3h 26m	$37K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against GMX. 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 GMXbpFee OrderlybpOrdersPrice spread, now +0.008%Rate

Funding earned: −$21.2
Price spread: +0.008% → 0.000%: $0.75
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$38.44
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

GMX and 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-PERPETUAL	−0.4234%	1h	0.1998	+0.058%	$38K	$307K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.1192%	1h	0.2005	+0.408%	$148K	$257K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0366%	1h	0.2001	+0.206%	$978K	$2.2M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.1997	−0.017%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	+0.659%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.1998	+0.046%	$193K	$808K	10x	as long as short
Binance FETUSDT	+0.0100%	8h	0.1998	+0.035%	$30.5M	$113.9M	75x	as long as short
Gate FET_USDT	+0.0100%	8h	0.1997	+0.008%	$2.7M	$12.6M	50x	as long as short
MEXC FET_USDT	+0.0100%	8h	0.1997	+0.008%	$30.2M	$24.7M	200x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.1998	+0.058%	$10.4M	$18.7M	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	0.2003	+0.315%	$274K	$478K	—	as long as short
Orderly PERP_FET_USDCshort	+0.0100%	8h	0.1997	+0.008%	$37K	$7K	10x
Extended FET-USD	+0.0104%	1h	0.1997	+0.028%	$33K	$253K	10x	as long as short
GMX FET/USD [ETH-USDC]long	L +0.0201% / S −0.0301%	1h	0.1997	long leg	$13K	—	100x
BloFin FET-USDT	+0.0220%	8h	0.2001	+0.208%	$1.7M	$3.1M	100x	as long as short
BingX FET-USDT	+0.0246%	8h	0.1998	+0.058%	—	$5.9M	—	as long as short
Bitget FETUSDT	+0.0253%	8h	0.1998	+0.058%	$16.2M	$11.9M	75x	as long as short
OKX FET-USDT-SWAP	+0.0366%	4h	0.1998	+0.058%	$1.0M	$8.1M	20x	as long as short
Phoenix FET	+0.0435%	1h	0.2003	+0.303%	$35K	$38K	5x	as long as short
Hyperliquid FET	+0.0672%	1h	0.1999	+0.108%	$8.6M	$8.4M	5x	as long as short