Funding arb · Price arb /

OPENAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0554%/8h= −60.6% APRpaid last 24h —

Price spread now: Bybit against Deribit+2.204%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 21 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

The price spread pays, funding is against you. Bybit is 2.204% dearer against Deribit than usual: you sell high and buy low (spread +2.204% now, against zero (this spread has no 7-day history yet)): +$220 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OPENAI_USDC-PERPETUAL	1,624.3	0.0554	pay 0.0069% / 1h	52m 16s	—	$3	5x
Short	Bybit OPENAIUSDT	1,660.1	0	get 0.0000% / 8h	7h 52m	$729K	$273K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +2.204%Rate

Funding earned: −$116.31
Price spread: +2.204% → 0.000%: $220.41
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $86.09
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Bybit: live order book, 42 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 Bybit live order book, 42 min ago	13.90 bp	93.9 bp −$94	430.8 bp −$4,308	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	−0.0004%	1h	1,623.8	−0.028%	$1.2M	$632K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,711.1	+5.343%	$1.4M	$273K	5x	as long as short
Bybit OPENAIUSDTshort	0.0000%	8h	1,660.1	+2.204%	$729K	$273K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,650.6	+1.620%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,622.1	−0.137%	$45.7M	$9.2M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,624.4	+0.004%	$5.4M	$3.9M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.8	−0.030%	—	$2.4M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,624.3	−0.001%	$79K	$225K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,623.7	−0.036%	$1.6M	$499K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,679.3	+3.385%	$2.7M	$6.1M	5x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended OPENAI-USD	+0.0048%	1h	1,623	−0.080%	$141K	$808K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,625.9	+0.099%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,623.5	−0.046%	$22.9M	$16.5M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,624.3	0.000%	$6.6M	$2.4M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,623.7	−0.037%	$374K	$87K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,621.7	−0.157%	$2.6M	$760K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,620.9	−0.209%	$2K	$176K	10x	as long as short
BloFin OPENAI-USDT	+0.0072%	8h	1,623.2	−0.070%	$476K	$296K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,624.3	0.000%	—	—	10x	as long as short
Entropy io:OAI	+0.0246%	1h	1,666.9	+2.624%	$7.6M	$2.3M	6x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.0344%	1h	1,629	+0.291%	$236K	$173K	5x	as long as short
Deribit OPENAI_USDC-PERPETUALlong	+0.0554%	1h	1,624.3	long leg	—	$3	5x