Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h +0.233%

Price spread now: Coinbase International against Bybit−2.530%54s7-day average −2.482% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as 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−$1711.708% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.817%+$82 on $10k

Price spread, last 4 days (all we have)+0.686%+$69 · spread now −2.530%, 7d avg −2.482%

Together, before fees+1.504%+$150 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.048% cheaper against Bybit than usual: you would sell low and buy high (spread −2.530% now, against its 7-day average of −2.482%). If the spread goes back, that is −$5 on $10k: about 10.0 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.817% in total) that is about 10 hours. The two prices were read 54 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	Bybit OPENAIUSDT	1,659.9	0	get 0.0000% / 8h	2h 35m	$754K	$204K	25x
Short	Coinbase International OPENAI-PERP-INTX	1,617.9	0.0016	get 0.0002% / 1h	35m 25s	$225K	$161K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −2.530%Rate

Funding earned: $3.36
Price spread: −2.530% → −2.482%: −$4.78
Slippage, 4 orders: −$149.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$172.19
Costs to cover: 1.708%
Break-even: 365.7 days

Slippage from Bybit: live order book, 9 min ago; Coinbase International: live order book, 12 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 Bybit live order book, 9 min ago	15.35 bp	33.5 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 12 min ago	8.88 bp	21.0 bp −$21	56.4 bp −$564	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
QFEX OPENAI-USD	−0.0005%	1h	1,615.6	−2.670%	$1.2M	$604K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,706.5	+2.812%	$1.4M	$264K	5x	as long as short
Bybit OPENAIUSDTlong	0.0000%	8h	1,659.9	long leg	$754K	$204K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,644.9	−0.901%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,612.4	−2.857%	$52.2M	$19.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,618.4	−2.500%	$5.4M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,616.6	−2.606%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,615.3	−2.683%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,615.1	−2.695%	$79K	$221K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,615.3	−2.683%	$1.6M	$526K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International OPENAI-PERP-INTXshort	+0.0016%	1h	1,617.9	−2.530%	$225K	$161K	5x
Lighter RH OPENAI	+0.0032%	1h	1,674.1	+0.860%	$2.6M	$6.1M	5x	as long as short
BloFin OPENAI-USDT	+0.0040%	8h	1,614.1	−2.757%	$473K	$286K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,615.1	−2.695%	$142K	$895K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,618.6	−2.486%	$211K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,615.6	−2.669%	$22.8M	$17.4M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,616.1	−2.638%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,619.4	−2.435%	$373K	$69K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,615	−2.703%	$2.6M	$757K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,614.4	−2.737%	$2K	$166K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,614.7	−2.723%	—	—	10x	as long as short
Entropy io:OAI	+0.0114%	1h	1,665.1	+0.316%	$7.6M	$2.3M	6x	as long as short