Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.051%

Price spread now: BloFin against Entropy−3.078%7-day average −4.321% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as in the Funding arb table

Net, price: spread back to 7d avg − costs+$51as in the Price arb table

costs, in and out, $10k−$730.734% of the position

Long on Entropy Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.488%−$49 on $10k

Price spread, last 4 days (all we have)−2.385%−$238 · spread now −3.078%, 7d avg −4.321%

Together, before fees−2.873%−$287 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 1.243% dearer against Entropy than usual: you sell high and buy low (spread −3.078% now, against its 7-day average of −4.321%): +$124 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 35 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:OAI	1,668.8	0.0150	pay 0.0019% / 1h	2m 40s	$7.6M	$2.3M	6x
Short	BloFin OPENAI-USDT	1,617.4	0.0030	get 0.0030% / 8h	1h 02m	$473K	$301K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Entropy. 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 EntropybpFee BloFinbpOrdersPrice spread, now −3.078%Rate

Funding earned: −$25.14
Price spread: −3.078% → −4.321%: $124.35
Slippage, 4 orders: −$43.44
Fee Entropy: 9 bp × 2 orders: −$18
Fee BloFin: 6 bp × 2 orders: −$12
Net: $25.77
Costs to cover: 0.734%
Break-even: from the start

Slippage from Entropy: live order book, 4 min ago; BloFin: live order book, 18 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 Entropy live order book, 4 min ago	1.20 bp	24.7 bp −$25	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 18 min ago	0.22 bp	11.7 bp −$12	12.1 bp −$121	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
QFEX OPENAI-USD	−0.0002%	1h	1,616.9	−3.108%	$1.2M	$624K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,710.4	+2.492%	$1.4M	$267K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,658.4	−0.626%	$751K	$208K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,647.3	−1.288%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,615.6	−3.189%	$44.9M	$18.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,619.3	−2.969%	$5.4M	$4.7M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,616.4	−3.140%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,615.9	−3.171%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,615.5	−3.195%	$79K	$227K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,617.5	−3.075%	$1.6M	$514K	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	+0.0030%	8h	1,617.4	−3.078%	$473K	$301K	20x
Lighter RH OPENAI	+0.0032%	1h	1,677	+0.490%	$2.6M	$6.2M	5x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.0040%	1h	1,618.1	−3.038%	$227K	$163K	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,616.5	−3.135%	$141K	$586K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,619.6	−2.949%	$211K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,616.9	−3.112%	$22.9M	$17.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,618.3	−3.028%	$6.7M	$5.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,621.2	−2.855%	$373K	$69K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,614.7	−3.244%	$2.6M	$757K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,615.4	−3.200%	$2K	$180K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,615	−3.222%	—	—	10x	as long as short
Entropy io:OAIlong	+0.0150%	1h	1,668.8	long leg	$7.6M	$2.3M	6x