Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bitget−0.140%56s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1971.971% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.323%+$32 · spread now −0.140%, 7d avg +0.011%

Together, before fees+0.323%+$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.152% cheaper against Bitget than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.011%. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget OPENAIUSDT	1,624.8	0	get 0.0000% / 8h	5h 33m	$5.5M	$5.1M	20x
Short	Phemex OPENAIUSDT	1,622.5	0	get 0.0000% / 8h	5h 33m	$1.6M	$542K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee PhemexbpOrdersPrice spread, now −0.140%Rate

Funding earned: $0
Price spread: −0.140% → +0.011%: −$15.17
Slippage, 4 orders: −$173.12
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$212.29
Costs to cover: 1.971%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Phemex: live order book, 5 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 Bitget live order book, 5 min ago	1.85 bp	32.6 bp −$33	36.3 bp −$363	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	1.54 bp	64.8 bp −$65	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	−0.0104%	1h	1,625.2	+0.026%	$225K	$159K	5x	as long as short
Lighter OPENAI	0.0000%	1h	1,709	+5.183%	$1.4M	$269K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,664.3	+2.432%	$763K	$203K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,653.2	+1.749%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,620.3	−0.275%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDTlong	0.0000%	8h	1,624.8	long leg	$5.5M	$5.1M	20x
SunX OPENAI-USDT	0.0000%	8h	1,624.3	−0.030%	—	$2.4M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623.8	−0.058%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,622.5	−0.140%	$1.6M	$542K	10x
QFEX OPENAI-USD	0.0000%	1h	1,623.5	−0.079%	$1.2M	$470K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,676.2	+3.164%	$2.7M	$6.2M	5x	as long as short
BloFin OPENAI-USDT	+0.0041%	8h	1,622.9	−0.118%	$476K	$277K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,623.2	−0.098%	$135K	$725K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,629.2	+0.270%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,623.6	−0.070%	$22.9M	$17.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,623.5	−0.076%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,623.3	−0.093%	$374K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,622.2	−0.157%	$2.6M	$754K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.2	−0.158%	$2K	$139K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,623.3	−0.093%	—	—	10x	as long as short
Entropy io:OAI	+0.0137%	1h	1,667	+2.599%	$7.4M	$2.1M	6x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.0811%	1h	1,626	+0.078%	—	$3	5x	as long as short