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We characterize the volume-constrained minimizers of a nonlocal free energy given by the difference of the -perimeter and the -perimeter, with smaller than . Exploiting the quantitative fractional isoperimetric inequality, we show that balls are the unique minimizers if the volume is sufficiently small, depending on , while the existence vs. nonexistence of minimizers for large volumes remains open. We also consider the corresponding isoperimetric problem and prove existence and regularity of minimizers for all . When this problem reduces to the fractional isoperimetric problem, for which it is well known that balls are the only minimizers.

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