Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1080%/8h= −118.3% APRpaid last 24h −0.265%

Price spread now: Gate against Coinbase International−0.337%7-day average −0.662% · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$780.780% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.757%−$76 on $10k

Price spread, last 3 days (all we have)−1.092%−$109 · spread now −0.337%, 7d avg −0.662%

Together, before fees−1.848%−$185 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.325% dearer against Coinbase International than usual: you sell high and buy low (spread −0.337% now, against its 7-day average of −0.662%): +$33 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 7 days (−0.757% in total) that is about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPENAI-PERP-INTX	1,633.9	0.1080	pay 0.0135% / 1h	25m 17s	$237K	$107K	5x
Short	Gate OPENAI_USDT	1,628.4	0	get 0.0000% / 8h	2h 25m	$53.0M	$48.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Coinbase International. 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 Coinbase InternationalbpFee GatebpOrdersPrice spread, now −0.337%Rate

Funding earned: −$226.8
Price spread: −0.337% → −0.662%: $32.51
Slippage, 4 orders: −$52.96
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$272.26
Costs to cover: 0.780%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 62 min ago; Gate: 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 Coinbase International live order book, 62 min ago	8.82 bp	34.9 bp −$35	51.3 bp −$513	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.73 bp	12.3 bp −$12	1299.4 bp −$13.0K	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
Deribit OPENAI_USDC-PERPETUAL	−0.1141%	1h	1,631.5	−0.149%	—	$3	5x	as long as short
Lighter OPENAI	0.0000%	1h	1,706.8	+4.459%	$1.4M	$313K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,677.6	+2.674%	$757K	$222K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,663.1	+1.786%	$5.1M	$1.4M	20x	as long as short
QFEX OPENAI-USD	0.0000%	1h	1,632.7	−0.076%	$1.2M	$359K	10x	as long as short
Gate OPENAI_USDTshort	0.0000%	8h	1,628.4	−0.337%	$53.0M	$48.5M	50x
Bitget OPENAIUSDT	0.0000%	8h	1,634.9	+0.062%	$5.5M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,634.4	+0.029%	—	$2.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,632.2	−0.108%	$79K	$211K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,630.6	−0.201%	$1.6M	$581K	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-USDT	+0.0024%	8h	1,631.5	−0.151%	$473K	$292K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,669.6	+2.185%	$2.6M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,631.3	−0.162%	$134K	$656K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,633.6	−0.021%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,631.4	−0.156%	$23.3M	$21.1M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,631.1	−0.170%	$12.9M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,640.4	+0.399%	$374K	$65K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,636.3	+0.144%	$2.7M	$659K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,637.2	+0.200%	$2K	$154K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,631.4	−0.155%	—	—	10x	as long as short
Entropy io:OAI	+0.0123%	1h	1,670.2	+2.220%	$7.3M	$2.2M	6x	as long as short
Coinbase International OPENAI-PERP-INTXlong	+0.1080%	1h	1,633.9	long leg	$237K	$107K	5x