Funding arb · Price arb /

FET

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0022%/8h= +2.5% APRpaid last 24h +0.041%

Price spread now: GMX against OKX−0.264%7-day average — · you buy dearer than you sell

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

Long on OKX Short on GMX

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

Funding pays, the price is against you. GMX is 0.264% cheaper against OKX than usual: you would sell low and buy high (spread −0.264% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 39 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX FET-USDT-SWAP	0.2014	0.0279	pay 0.0139% / 4h	15m 33s	$1.0M	$8.0M	20x
Short	GMX FET/USD [ETH-USDC]	0.2009	L +0.0201% / S −0.0301%	get 0.0038% / 1h	15m 33s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.264%Rate

Funding earned: $4.72
Price spread: −0.264% → 0.000%: −$26.42
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$43.7
Costs to cover: 0.220%
Break-even: 71.8 days

Slippage unknown: OKX: live order book, 2 min ago; GMX: 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 OKX live order book, 2 min ago	2.48 bp	17.5 bp −$17	60.2 bp −$602	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.3710%	1h	0.2012	−0.099%	$41K	$313K	10x	as long as short
Coinbase International FET-PERP-INTX	−0.0792%	1h	0.2016	+0.099%	$152K	$261K	50x	as long as short
Kraken Futures PF_FETUSD	−0.0011%	1h	0.2013	−0.039%	$1.0M	$2.1M	50x	as long as short
gTrade (Gains Network) FET/USD	L +0.0006% / S −0.0004%	1h	0.2010	−0.186%	$20K	—	150x	as long as short
Injective FET/USDC PERP	+0.0033%	1h	0.2010	−0.199%	$3K	$166K	12x	as long as short
Aster FETUSDT	+0.0100%	8h	0.2014	0.000%	$187K	$751K	10x	as long as short
Gate FET_USDT	+0.0100%	8h	0.2012	−0.099%	$2.7M	$12.8M	50x	as long as short
KuCoin FETUSDTM	+0.0100%	8h	0.2014	0.000%	$10.5M	$17.8M	50x	as long as short
Variational Omni FET	+0.0100%	8h	0.2012	−0.090%	$276K	$524K	—	as long as short
Orderly PERP_FET_USDC	+0.0100%	8h	0.2010	−0.199%	$36K	$11K	10x	as long as short

Show all 20 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FET-USD	+0.0128%	1h	0.2014	−0.015%	$37K	$200K	10x	as long as short
MEXC FET_USDT	+0.0129%	8h	0.2013	−0.050%	$29.7M	$25.1M	200x	as long as short
Binance FETUSDT	+0.0130%	8h	0.2014	−0.011%	$30.8M	$111.7M	75x	as long as short
Bitget FETUSDT	+0.0135%	8h	0.2014	0.000%	$16.4M	$11.6M	75x	as long as short
BingX FET-USDT	+0.0138%	8h	0.2014	0.000%	—	$5.9M	—	as long as short
GMX FET/USD [ETH-USDC]short	L +0.0201% / S −0.0301%	1h	0.2009	−0.264%	$13K	—	100x
BloFin FET-USDT	+0.0247%	8h	0.2016	+0.099%	$1.7M	$3.2M	100x	as long as short
OKX FET-USDT-SWAPlong	+0.0279%	4h	0.2014	long leg	$1.0M	$8.0M	20x
Phoenix FET	+0.0597%	1h	0.2009	−0.263%	$35K	$37K	5x	as long as short
Hyperliquid FET	+0.0634%	1h	0.2016	+0.074%	$8.5M	$8.5M	5x	as long as short