Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.50 per $10,000 · paid last 24h −0.015%
Price spread now: Phemex against Binance−0.150%7-day average −0.005% · you buy dearer than you sell
Net, funding: paid 7d − costs−$149as in the Funding arb table
Net, price: spread back to 7d avg − costs−$153as in the Price arb table
costs, in and out, $10k−$1381.384% of the position
Funding, last 7 days−0.105%−$11 on $10k
+Price spread, last 2 days (all we have)+0.138%+$14 · spread now −0.150%, 7d avg −0.005%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.145% cheaper against Binance than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.005%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance OPENAIUSDT | 1,632.3 | 0.0050 | pay 0.0050% / 8h | 7h 54m | $23.2M | $18.9M | 20x |
| Short | Phemex OPENAIUSDT | 1,629.8 | 0 | get 0.0000% / 8h | 7h 54m | $1.6M | $559K | 10x |
Binance OPENAIUSDT
Phemex OPENAIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$10.5
- Price spread: −0.150% → −0.005%
- −$14.47
- Slippage, 4 orders
- −$116.43
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$163.4
- Costs to cover
- 1.384%
- Break-even
- never at this rate
Slippage from Binance: live order book, 2 min ago; Phemex: live order book, 4 min ago.
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 Binance live order book, 2 min ago | 0.58 bp | 11.7 bp −$12 | 84.0 bp −$840 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 4 min ago | 5.15 bp | 61.5 bp −$62 | doesn't fit | doesn't fit | doesn't fit |
OPENAI on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International OPENAI-PERP-INTX | −0.0024% | 1h | 1,633.7 | +0.086% | $235K | $150K | 5x | as long as short |
| QFEX OPENAI-USD | 0.0000% | 1h | 1,631.5 | −0.047% | $1.2M | $387K | 10x | as long as short |
| Lighter OPENAI | 0.0000% | 1h | 1,712.2 | +4.894% | $1.4M | $282K | 5x | as long as short |
| Bybit OPENAIUSDT | 0.0000% | 8h | 1,674.5 | +2.587% | $771K | $209K | 25x | as long as short |
| OKX OPENAI-USDT-SWAP | 0.0000% | 8h | 1,660.7 | +1.741% | $5.1M | $1.4M | 20x | as long as short |
| Gate OPENAI_USDT | 0.0000% | 8h | 1,628 | −0.261% | $52.7M | $39.1M | 50x | as long as short |
| Bitget OPENAIUSDT | 0.0000% | 8h | 1,631.7 | −0.034% | $5.5M | $5.1M | 20x | as long as short |
| SunX OPENAI-USDT | 0.0000% | 8h | 1,632.7 | +0.026% | — | $2.6M | 10x | as long as short |
| Deribit OPENAI_USDC-PERPETUAL | 0.0000% | 1h | 1,632.3 | +0.001% | — | $3 | 5x | as long as short |
| HTX OPENAI-USDT | 0.0000% | 8h | 1,631.9 | −0.024% | $79K | $214K | 20x | as long as short |
Coinbase International OPENAI-PERP-INTX
QFEX OPENAI-USD
Lighter OPENAI
Bybit OPENAIUSDT
OKX OPENAI-USDT-SWAP
Gate OPENAI_USDT
Bitget OPENAIUSDT
SunX OPENAI-USDT
Deribit OPENAI_USDC-PERPETUAL
HTX OPENAI-USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex OPENAIUSDTshort | 0.0000% | 8h | 1,629.8 | −0.150% | $1.6M | $559K | 10x | |
| Lighter RH OPENAI | +0.0032% | 1h | 1,683.8 | +3.154% | $2.7M | $6.2M | 5x | as long as short |
| BloFin OPENAI-USDT | +0.0041% | 8h | 1,632.8 | +0.034% | $474K | $278K | 20x | as long as short |
| Extended OPENAI-USD | +0.0048% | 1h | 1,631.9 | −0.023% | $132K | $662K | 10x | as long as short |
| Aster OPENAIUSDT | +0.0050% | 8h | 1,637.1 | +0.295% | $213K | $3K | 20x | as long as short |
| Binance OPENAIUSDTlong | +0.0050% | 8h | 1,632.3 | long leg | $23.2M | $18.9M | 20x | |
| MEXC OPENAI_USDT | +0.0050% | 8h | 1,630.9 | −0.085% | $13.1M | $3.2M | 50x | as long as short |
| KuCoin OPENAIUSDTM | +0.0050% | 8h | 1,638.4 | +0.372% | $377K | $65K | 20x | as long as short |
| Variational Omni OPENAI | +0.0050% | 8h | 1,631.2 | −0.064% | $2.6M | $751K | — | as long as short |
| GRVT OPENAI_USDT_Perp | +0.0050% | 8h | 1,633.5 | +0.073% | $2K | $139K | 10x | as long as short |
| Aevo OPENAI-PERP | +0.0104% | 1h | 1,631.6 | −0.041% | — | — | 10x | as long as short |
| Entropy io:OAI | +0.0157% | 1h | 1,677.1 | +2.746% | $7.4M | $2.2M | 6x | as long as short |
Lighter RH OPENAI
BloFin OPENAI-USDT
Extended OPENAI-USD
Aster OPENAIUSDT
MEXC OPENAI_USDT
KuCoin OPENAIUSDTM
Variational Omni OPENAI
GRVT OPENAI_USDT_Perp
Aevo OPENAI-PERP
Entropy io:OAI