Funding you earn now, next payment 10:00 UTC−0.0712%/8h= −78.0% APRpaid last 24h −0.217%
Price spread now: Phemex against Coinbase International−0.165%7-day average −0.449% · you buy dearer than you sell
Net, funding: paid 7d − costs−$242as in the Funding arb table
Net, price: spread back to 7d avg − costs−$130as in the Price arb table
costs, in and out, $10k−$1581.581% of the position
Funding, last 7 days−0.837%−$84 on $10k
+Price spread, last 4 days (all we have)−0.933%−$93 · spread now −0.165%, 7d avg −0.449%
=The price spread pays, funding is against you. Phemex is 0.285% dearer against Coinbase International than usual: you sell high and buy low (spread −0.165% now, against its 7-day average of −0.449%): +$28 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 32 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International OPENAI-PERP-INTX | 1,645.3 | 0.0712 | pay 0.0089% / 1h | 8m 17s | $232K | $176K | 5x |
| Short | Phemex OPENAIUSDT | 1,642.6 | 0 | get 0.0000% / 8h | 5h 08m | $1.6M | $507K | 10x |
Coinbase International OPENAI-PERP-INTX
Phemex OPENAIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$149.52
- Price spread: −0.165% → −0.449%
- $28.48
- Slippage, 4 orders
- −$136.13
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$279.17
- Costs to cover
- 1.581%
- Break-even
- never at this rate
Slippage from Coinbase International: live order book, 38 min ago; Phemex: live order book, 3 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, 38 min ago | 10.24 bp | 35.2 bp −$35 | 67.2 bp −$672 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 3.82 bp | 56.1 bp −$56 | doesn't fit | doesn't fit | doesn't fit |
OPENAI on 22 exchanges
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 | −0.0003% | 1h | 1,642.5 | −0.170% | $1.2M | $675K | 10x | as long as short |
| Bybit OPENAIUSDT | 0.0000% | 8h | 1,677.7 | +1.969% | $719K | $288K | 25x | as long as short |
| OKX OPENAI-USDT-SWAP | 0.0000% | 8h | 1,665.4 | +1.220% | $5.1M | $1.2M | 20x | as long as short |
| Gate OPENAI_USDT | 0.0000% | 8h | 1,640.5 | −0.292% | $50.0M | $16.7M | 50x | as long as short |
| Bitget OPENAIUSDT | 0.0000% | 8h | 1,643.4 | −0.120% | $5.5M | $3.5M | 20x | as long as short |
| SunX OPENAI-USDT | 0.0000% | 8h | 1,641.1 | −0.257% | — | $1.6M | 10x | as long as short |
| HTX OPENAI-USDT | 0.0000% | 8h | 1,643.2 | −0.131% | $80K | $174K | 20x | as long as short |
| Phemex OPENAIUSDTshort | 0.0000% | 8h | 1,642.6 | −0.165% | $1.6M | $507K | 10x | |
| Lighter OPENAI | +0.0008% | 1h | 1,722.5 | +4.691% | $1.4M | $277K | 5x | as long as short |
| BloFin OPENAI-USDT | +0.0024% | 8h | 1,640.4 | −0.299% | $488K | $324K | 20x | as long as short |
QFEX OPENAI-USD
Bybit OPENAIUSDT
OKX OPENAI-USDT-SWAP
Gate OPENAI_USDT
Bitget OPENAIUSDT
SunX OPENAI-USDT
HTX OPENAI-USDT
Lighter OPENAI
BloFin OPENAI-USDTShow all 22 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH OPENAI | +0.0032% | 1h | 1,688.9 | +2.646% | $2.8M | $6.4M | 5x | as long as short |
| Extended OPENAI-USD | +0.0048% | 1h | 1,641.1 | −0.254% | $142K | $810K | 10x | as long as short |
| Aster OPENAIUSDT | +0.0050% | 8h | 1,644.3 | −0.063% | $214K | $3K | 20x | as long as short |
| Binance OPENAIUSDT | +0.0050% | 8h | 1,641.7 | −0.220% | $23.2M | $17.7M | 20x | as long as short |
| MEXC OPENAI_USDT | +0.0050% | 8h | 1,641.4 | −0.241% | $6.7M | $2.5M | 50x | as long as short |
| KuCoin OPENAIUSDTM | +0.0050% | 8h | 1,647 | +0.099% | $383K | $271K | 20x | as long as short |
| Variational Omni OPENAI | +0.0050% | 8h | 1,637.2 | −0.493% | $2.6M | $769K | — | as long as short |
| GRVT OPENAI_USDT_Perp | +0.0050% | 8h | 1,636.7 | −0.526% | $2K | $170K | 10x | as long as short |
| Aevo OPENAI-PERP | +0.0104% | 1h | 1,641.6 | −0.224% | — | — | 10x | as long as short |
| Entropy io:OAI | +0.0165% | 1h | 1,676.8 | +1.913% | $7.8M | $2.5M | 6x | as long as short |
| Coinbase International OPENAI-PERP-INTXlong | +0.0712% | 1h | 1,645.3 | long leg | $232K | $176K | 5x | |
| Deribit OPENAI_USDC-PERPETUAL | +0.1050% | 1h | 1,642.1 | −0.197% | $3K | $3K | 5x | as long as short |
Lighter RH OPENAI
Extended OPENAI-USD
Aster OPENAIUSDT
Binance OPENAIUSDT
MEXC OPENAI_USDT
KuCoin OPENAIUSDTM
Variational Omni OPENAI
GRVT OPENAI_USDT_Perp
Aevo OPENAI-PERP
Entropy io:OAI
Deribit OPENAI_USDC-PERPETUAL