Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0262%/8h= +28.7% APRpaid last 24h +0.072%

Price spread now: Entropy against Bybit−0.194%7-day average +1.651% · you buy dearer than you sell

Net, funding: paid 7d − costs−$126as in the Funding arb table

Net, price: spread back to 7d avg − costs−$372as in the Price arb table

costs, in and out, $10k−$1871.873% of the position

Long on Bybit Short on Entropy

What this pair did over the last

the charts below follow

Funding, last 7 days+0.611%+$61 on $10k

Price spread, last 4 days (all we have)+3.162%+$316 · spread now −0.194%, 7d avg +1.651%

Together, before fees+3.773%+$377 on $10k · with fees, hour by hour

Funding pays, the price is against you. Entropy is 1.845% cheaper against Bybit than usual: you would sell low and buy high (spread −0.194% now, against its 7-day average of +1.651%). If the spread goes back, that is −$185 on $10k: about 23 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPENAIUSDT	1,674.3	0	get 0.0000% / 8h	26m 43s	$766K	$215K	25x
Short	Entropy io:OAI	1,671	0.0262	get 0.0033% / 1h	26m 43s	$7.4M	$2.2M	6x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Entropy against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 EntropybpOrdersPrice spread, now −0.194%Rate

Funding earned: $55.01
Price spread: −0.194% → +1.651%: −$184.5
Slippage, 4 orders: −$158.27
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Entropy: 9 bp × 2 orders: −$18
Net: −$316.77
Costs to cover: 1.873%
Break-even: 47.3 days

Slippage from Bybit: live order book, 48 min ago; Entropy: live order book, 10 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, 48 min ago	10.55 bp	69.7 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Entropy live order book, 10 min ago	4.79 bp	25.4 bp −$25	39.6 bp −$396	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	−0.0168%	1h	1,627.2	−2.812%	$236K	$145K	5x	as long as short
QFEX OPENAI-USD	−0.0010%	1h	1,627.6	−2.785%	$1.2M	$387K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,708	+2.015%	$1.4M	$287K	5x	as long as short
Bybit OPENAIUSDTlong	0.0000%	8h	1,674.3	long leg	$766K	$215K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,661.9	−0.738%	$5.1M	$1.4M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,625.7	−2.899%	$52.6M	$39.6M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,629.3	−2.683%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,627.7	−2.780%	—	$2.6M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,627.5	−2.794%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,627	−2.823%	$79K	$213K	20x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex OPENAIUSDT	0.0000%	8h	1,627.9	−2.769%	$1.6M	$558K	10x	as long as short
BloFin OPENAI-USDT	+0.0022%	8h	1,626.9	−2.827%	$473K	$276K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,680.7	+0.383%	$2.6M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,627.2	−2.810%	$131K	$667K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,631.9	−2.530%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,627.5	−2.793%	$23.1M	$18.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,628.5	−2.733%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,629.9	−2.647%	$377K	$63K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,627.9	−2.769%	$2.6M	$751K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,625.6	−2.907%	$2K	$140K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,626.7	−2.841%	—	—	10x	as long as short
Entropy io:OAIshort	+0.0262%	1h	1,671	−0.194%	$7.4M	$2.2M	6x