Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1056%/8h= −115.6% APRpaid last 24h −0.247%

Price spread now: BloFin against Coinbase International−0.263%7-day average −0.466% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.646%−$65 on $10k

Price spread, last 3 days (all we have)−0.974%−$97 · spread now −0.263%, 7d avg −0.466%

Together, before fees−1.620%−$162 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.203% dearer against Coinbase International than usual: you sell high and buy low (spread −0.263% now, against its 7-day average of −0.466%): +$20 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.646% in total) that is about 2.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.646% in total (about -33.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPENAI-PERP-INTX	1,633.2	0.1080	pay 0.0135% / 1h	5m 12s	$237K	$106K	5x
Short	BloFin OPENAI-USDT	1,628.9	0.0024	get 0.0024% / 8h	2h 05m	$473K	$295K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now −0.263%Rate

Funding earned: −$221.76
Price spread: −0.263% → −0.466%: $20.31
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$223.46
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 18 min ago; BloFin: live order book, 16 min ago. Net counts fees only.

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 Coinbase International live order book, 18 min ago	25.21 bp	41.6 bp −$42	66.9 bp −$669	doesn't fit	doesn't fit
Sell BloFin live order book, 16 min ago	0.15 bp	17.9 bp −$18	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
Lighter OPENAI	0.0000%	1h	1,697.6	+3.944%	$1.4M	$315K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,675.2	+2.572%	$761K	$225K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,660.8	+1.691%	$5.1M	$1.4M	20x	as long as short
QFEX OPENAI-USD	0.0000%	1h	1,627.8	−0.331%	$1.2M	$361K	10x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,624.7	−0.518%	$52.8M	$48.6M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,630.2	−0.182%	$5.5M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,629.3	−0.238%	—	$2.6M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,629.2	−0.243%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,629.6	−0.220%	$79K	$212K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,627.4	−0.356%	$1.6M	$584K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OPENAI-USDTshort	+0.0024%	8h	1,628.9	−0.263%	$473K	$295K	20x
Lighter RH OPENAI	+0.0032%	1h	1,664.6	+1.920%	$2.6M	$6.3M	5x	as long as short
Entropy io:OAI	+0.0045%	1h	1,662.3	+1.782%	$7.3M	$2.2M	6x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,627.8	−0.329%	$133K	$656K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,632.7	−0.032%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,628	−0.318%	$23.2M	$21.2M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,627.9	−0.323%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,640.2	+0.432%	$375K	$65K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,627.8	−0.332%	$2.6M	$755K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.5	−0.287%	$2K	$153K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,627.5	−0.349%	—	—	10x	as long as short
Coinbase International OPENAI-PERP-INTXlong	+0.1080%	1h	1,633.2	long leg	$237K	$106K	5x