FET

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+0.303%

7d average—if it closes, per $10,000$30funding while held, a day+$23.31

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_FET_USDC	0.1980	0.0076	pay 0.0076% / 8h	2h 40m	$37K	$49K	10x
Short	Hyperliquid FET	0.1986	0.0853	get 0.0107% / 1h	40m 36s	$9.7M	$5.3M	5x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee OrderlybpFee HyperliquidbpOrdersClose when spread is

Spread captured: $30.3
Funding while held: $23.31
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $38.61
Spread needed to break even: 0.150%

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 3 min ago. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0777%
Per $10,000 a day: +$23.31
Average in range /8h: —

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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 3 min ago	0.25 bp	4.8 bp −$5	7.8 bp −$78	doesn't fit	doesn't fit

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 price on every exchange

against the cheapest. Click to use as the short leg.

Injective0.1740cheapest

Variational Omni0.1976+13.569%BloFin0.1978+13.678%Deribit0.1979+13.736%

Orderly0.1980+13.793%

GMX0.1981+13.830%Phoenix0.1982+13.891%gTrade (Gains Network)0.1982+13.930%Kraken Futures0.1984+14.001%Aster0.1984+14.016%KuCoin0.1985+14.080%

Hyperliquid0.1986+14.138%

Coinbase International0.1986+14.138%Binance0.1987+14.169%MEXC0.1987+14.195%BingX0.1987+14.195%Extended0.1988+14.243%Gate0.1988+14.253%Bitget0.1989+14.310%OKX0.1990+14.368%

FET on 20 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective FET/USDC PERP	−12.121%	+0.0033%	1h	$2K	$65K	12x	as long as short
Variational Omni FET	−0.197%	+0.0100%	8h	$275K	$138K	—	as long as short
BloFin FET-USDT	−0.101%	+0.0220%	8h	$1.6M	$1.8M	100x	as long as short
Deribit FET_USDC-PERPETUAL	−0.051%	−0.1264%	1h	$36K	$116K	10x	as long as short
Orderly PERP_FET_USDClong	0.000%	+0.0076%	8h	$37K	$49K	10x
GMX FET/USD [ETH-USDC]	+0.032%	L +0.0204% / S −0.0355%	1h	$13K	—	100x	as long as short
Phoenix FET	+0.086%	+0.0282%	1h	$27K	$43K	5x	as long as short
gTrade (Gains Network) FET/USD	+0.120%	L +0.0005% / S −0.0010%	1h	$38K	—	150x	as long as short
Kraken Futures PF_FETUSD	+0.182%	−0.0053%	1h	$1.0M	$2.3M	50x	as long as short
Aster FETUSDT	+0.196%	+0.0100%	8h	$193K	$261K	10x	as long as short

Show all 20 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
KuCoin FETUSDTM	+0.253%	+0.0100%	8h	$9.1M	$11.6M	50x	as long as short
Hyperliquid FETshort	+0.303%	+0.0853%	1h	$9.7M	$5.3M	5x
Coinbase International FET-PERP-INTX	+0.303%	+0.0088%	1h	$181K	$208K	50x	as long as short
Binance FETUSDT	+0.330%	+0.0100%	8h	$30.3M	$83.7M	75x	as long as short
MEXC FET_USDT	+0.354%	+0.0100%	8h	$36.7M	$16.0M	200x	as long as short
BingX FET-USDT	+0.354%	+0.0100%	8h	—	$4.1M	—	as long as short
Extended FET-USD	+0.396%	+0.0104%	1h	$30K	$144K	10x	as long as short
Gate FET_USDT	+0.404%	−0.0136%	8h	$2.6M	$8.0M	75x	as long as short
Bitget FETUSDT	+0.455%	+0.0100%	8h	$15.4M	$8.8M	75x	as long as short
OKX FET-USDT-SWAP	+0.505%	+0.0100%	4h	$886K	$5.4M	20x	as long as short