Funding arb · Price arb /

OPENAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h —

Price spread now: Binance against Deribit−0.073%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 17 hours (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 0.073% cheaper against Deribit than usual: you would sell low and buy high (spread −0.073% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 4.8 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OPENAI_USDC-PERPETUAL	1,622.2	0	get 0.0000% / 1h	50m 49s	—	$3	5x
Short	Binance OPENAIUSDT	1,621	0.0050	get 0.0050% / 8h	3h 50m	$22.9M	$17.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.073%Rate

Funding earned: $10.5
Price spread: −0.073% → 0.000%: −$7.25
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$13.75
Costs to cover: 0.170%
Break-even: 16.2 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 5 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	1.23 bp	7.1 bp −$7	46.5 bp −$465	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0001%	1h	1,621.1	−0.062%	$1.2M	$557K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,712.1	+5.548%	$1.4M	$265K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,663.1	+2.526%	$755K	$207K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,651.4	+1.803%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,617.9	−0.264%	$52.3M	$25.3M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,623.1	+0.060%	$5.5M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623	+0.052%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUALlong	0.0000%	1h	1,622.2	long leg	—	$3	5x
HTX OPENAI-USDT	0.0000%	8h	1,622.6	+0.029%	$79K	$221K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,620.3	−0.113%	$1.6M	$543K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,680	+3.564%	$2.7M	$6.2M	5x	as long as short
BloFin OPENAI-USDT	+0.0046%	8h	1,621.3	−0.055%	$473K	$286K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,620.5	−0.100%	$141K	$737K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,627.6	+0.335%	$212K	$3K	20x	as long as short
Binance OPENAIUSDTshort	+0.0050%	8h	1,621	−0.073%	$22.9M	$17.9M	20x
MEXC OPENAI_USDT	+0.0050%	8h	1,620.6	−0.094%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,625.3	+0.196%	$375K	$68K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,620.4	−0.108%	$2.6M	$766K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,621.5	−0.041%	$2K	$155K	10x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.0056%	1h	1,621.6	−0.037%	$226K	$162K	5x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,620.9	−0.076%	—	—	10x	as long as short
Entropy io:OAI	+0.0165%	1h	1,674.2	+3.209%	$7.7M	$2.3M	6x	as long as short