Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0111%/8h= +12.2% APRpaid last 24h −0.028%

Price spread now: Orderly against Kraken Futures−0.086%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures 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 0.086% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.086% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_FETUSD	0.2019	−0.0011	get 0.0001% / 1h	11m 48s	$1.0M	$2.1M	50x
Short	Orderly PERP_FET_USDC	0.2017	0.0100	get 0.0100% / 8h	11m 48s	$36K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.086%Rate

Funding earned: $23.39
Price spread: −0.086% → 0.000%: −$8.57
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.18
Costs to cover: 0.160%
Break-even: 7.4 days

Slippage unknown: Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	8.89 bp	23.6 bp −$24	56.6 bp −$566	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-PERPETUAL	−0.3205%	1h	0.2019	+0.013%	$42K	$313K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0792%	1h	0.2025	+0.311%	$152K	$262K	50x	as long as short
Kraken Futures PF_FETUSDlong	−0.0011%	1h	0.2019	long leg	$1.0M	$2.1M	50x
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2017	−0.082%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−0.432%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2018	−0.036%	$187K	$751K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2017	−0.086%	$2.7M	$12.8M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2018	−0.036%	$10.5M	$17.8M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2012	−0.324%	$276K	$524K	—	as long as short
Orderly PERP_FET_USDCshort	+0.0100%	8h	0.2017	−0.086%	$36K	$11K	10x

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FET_USDT	+0.0132%	8h	0.2018	−0.036%	$29.9M	$25.1M	200x	as long as short
Bitget FETUSDT	+0.0132%	8h	0.2017	−0.086%	$16.5M	$11.6M	75x	as long as short
Binance FETUSDT	+0.0133%	8h	0.2019	−0.004%	$30.8M	$111.7M	75x	as long as short
BingX FET-USDT	+0.0134%	8h	0.2018	−0.036%	—	$5.9M	—	as long as short
Extended FET-USD	+0.0136%	1h	0.2018	−0.013%	$37K	$200K	10x	as long as short
GMX FET/USD [ETH-USDC]	L +0.0202% / S −0.0301%	1h	0.2017	−0.104%	$13K	—	100x	as long as short
BloFin FET-USDT	+0.0252%	8h	0.2023	+0.212%	$1.7M	$3.2M	100x	as long as short
OKX FET-USDT-SWAP	+0.0272%	4h	0.2020	+0.063%	$1.0M	$8.0M	20x	as long as short
Phoenix FET	+0.0597%	1h	0.2021	+0.098%	$35K	$37K	5x	as long as short
Hyperliquid FET	+0.0644%	1h	0.2020	+0.083%	$8.5M	$8.5M	5x	as long as short