We characterize the volume-constrained minimizers of a nonlocal free energy given by the difference of the $t$-perimeter and the $s$-perimeter, with $s$ smaller than $t$. Exploiting the quantitative fractional isoperimetric inequality, we show that balls are the unique minimizers if the volume is sufficiently small, depending on $t-s$, 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 $s,\,t$. When $s=0$ this problem reduces to the fractional isoperimetric problem, for which it is well known that balls are the only minimizers.