Fetty Wap Granted Jail Release on $500k Bond After Rolling Loud Arrest

Fetty Wap is about to get out of jail as he awaits trial in his federal drug case ... TMZ has learned.

According to new legal docs, obtained by TMZ, the rapper's bail has been set at $500,000.

When Fetty is officially sprung from jail, he'll have a few conditions for his release. The docs say he must wear a GPS monitoring device, submit to drug testing, surrender his passport and get prior approval from authorities to travel for any professional tours.

As we reported ... the feds grabbed Fetty last month before he was set to hit the stage at Rolling Loud in New York, arresting him on drug charges.

Prosecutors allege Fetty and others distributed more than 100 kilograms of cocaine, fentanyl, heroin and crack cocaine across New Jersey and Long Island ... and claim the drugs were first obtained on the West Coast and smuggled East using secret compartments in USPS vehicles.

During their investigation, the feds say they obtained $1.5 million in cash, firearms, 16 kilos of cocaine, 2 kilos of heroin, plus fentanyl pills.