Funding you earn now, next payment 02:00 UTC+0.0555%/8h= +60.8% APRnext payment +$0.69 per $10,000 · paid last 24h +0.021%
Price spread now: Phoenix against Kraken Futures+0.437%71s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.104%+$10 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Phoenix is 0.437% dearer against Kraken Futures than usual: you sell high and buy low: +$44 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.104% in total (about 5.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.69 per $10,000. 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 | Kraken Futures PF_FETUSD | 0.2060 | 0.0113 | pay 0.0014% / 1h | 5m 42s | $1.0M | $2.2M | 50x |
| Short | Phoenix FET | 0.2069 | 0.0669 | get 0.0084% / 1h | 5m 42s | $36K | $39K | 5x |
Kraken Futures PF_FETUSD
Phoenix FETFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $116.62
- Price spread: +0.437% → 0.000%
- $43.72
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $143.33
- Costs to cover
- 0.170%
- Break-even
- from the start
Slippage unknown: Kraken Futures: live order book, 3 min ago; Phoenix: 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, 3 min ago | 8.23 bp | 17.7 bp −$18 | 71.3 bp −$713 | doesn't fit | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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 | −0.3622% | 1h | 0.2058 | −0.078% | $39K | $303K | 10x | as long as short |
| Coinbase International FET-PERP-INTX | −0.0872% | 1h | 0.2058 | −0.078% | $151K | $232K | 50x | as long as short |
| gTrade (Gains Network) FET/USD | L +0.0006% / S −0.0015% | 1h | 0.2057 | −0.104% | $23K | — | 150x | as long as short |
| Injective FET/USDC PERP | +0.0033% | 1h | 0.2010 | −2.408% | $3K | $166K | 12x | as long as short |
| Aster FETUSDT | +0.0100% | 8h | 0.2056 | −0.164% | $215K | $789K | 10x | as long as short |
| Binance FETUSDT | +0.0100% | 8h | 0.2053 | −0.301% | $31.8M | $112.3M | 75x | as long as short |
| Gate FET_USDT | +0.0100% | 8h | 0.2055 | −0.223% | $2.8M | $12.5M | 50x | as long as short |
| MEXC FET_USDT | +0.0100% | 8h | 0.2052 | −0.369% | $30.6M | $24.4M | 200x | as long as short |
| KuCoin FETUSDTM | +0.0100% | 8h | 0.2052 | −0.369% | $10.8M | $18.9M | 50x | as long as short |
| Variational Omni FET | +0.0100% | 8h | 0.2057 | −0.121% | $345K | $424K | — | as long as short |
Deribit FET_USDC-PERPETUAL
Coinbase International FET-PERP-INTX
gTrade (Gains Network) FET/USD
Injective FET/USDC PERP
Aster FETUSDT
Binance FETUSDT
Gate FET_USDT
MEXC FET_USDT
KuCoin FETUSDTM
Variational Omni FETShow all 20 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_FET_USDC | +0.0100% | 8h | 0.2057 | −0.126% | $39K | $7K | 10x | as long as short |
| Extended FET-USD | +0.0104% | 1h | 0.2055 | −0.229% | $34K | $246K | 10x | as long as short |
| Kraken Futures PF_FETUSDlong | +0.0113% | 1h | 0.2060 | long leg | $1.0M | $2.2M | 50x | |
| GMX FET/USD [ETH-USDC] | L +0.0202% / S −0.0278% | 1h | 0.2058 | −0.069% | $14K | — | 100x | as long as short |
| BloFin FET-USDT | +0.0220% | 8h | 0.2063 | +0.165% | $1.7M | $3.0M | 100x | as long as short |
| OKX FET-USDT-SWAP | +0.0229% | 4h | 0.2053 | −0.320% | $1.1M | $8.2M | 20x | as long as short |
| BingX FET-USDT | +0.0358% | 8h | 0.2056 | −0.175% | — | $6.0M | — | as long as short |
| Bitget FETUSDT | +0.0365% | 8h | 0.2053 | −0.320% | $16.7M | $11.8M | 75x | as long as short |
| Hyperliquid FET | +0.0435% | 1h | 0.2057 | −0.136% | $9.0M | $8.4M | 5x | as long as short |
| Phoenix FETshort | +0.0669% | 1h | 0.2069 | +0.437% | $36K | $39K | 5x |
Orderly PERP_FET_USDC
Extended FET-USD
GMX FET/USD [ETH-USDC]
BloFin FET-USDT
OKX FET-USDT-SWAP
BingX FET-USDT
Bitget FETUSDT
Hyperliquid FET