Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.072%

Price spread now: Bybit against Entropy−0.262%7-day average −1.629% · you buy dearer than you sell

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

Long on Entropy Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.610%−$61 on $10k

Price spread, last 4 days (all we have)−2.607%−$261 · spread now −0.262%, 7d avg −1.629%

Together, before fees−3.218%−$322 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 1.368% dearer against Entropy than usual: you sell high and buy low (spread −0.262% now, against its 7-day average of −1.629%): +$137 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 43 days. At the pace of the last 7 days (−0.610% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:OAI	1,673.7	0.0106	pay 0.0013% / 1h	9m 52s	$7.4M	$2.2M	6x
Short	Bybit OPENAIUSDT	1,669.3	0	get 0.0000% / 8h	7h 09m	$768K	$207K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Entropy. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now −0.262%Rate

Funding earned: −$22.32
Price spread: −0.262% → −1.629%: $136.77
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $85.45
Costs to cover: 0.290%
Break-even: from the start

Slippage unknown: Entropy: live order book, 7 min ago; Bybit: live order book, 60 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 Entropy live order book, 7 min ago	1.79 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 60 min ago	12.60 bp	85.9 bp −$86	395.1 bp −$3,951	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
Coinbase International OPENAI-PERP-INTX	−0.0024%	1h	1,629	−2.673%	$226K	$149K	5x	as long as short
QFEX OPENAI-USD	0.0000%	1h	1,628.7	−2.691%	$1.2M	$415K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,713	+2.350%	$1.4M	$288K	5x	as long as short
Bybit OPENAIUSDTshort	0.0000%	8h	1,669.3	−0.262%	$768K	$207K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,659.2	−0.866%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,626.2	−2.841%	$52.6M	$39.2M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,630.3	−2.595%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,629.2	−2.659%	—	$2.5M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,629	−2.669%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,628.9	−2.678%	$79K	$214K	20x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex OPENAIUSDT	0.0000%	8h	1,628.9	−2.675%	$1.6M	$564K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,681.5	+0.468%	$2.7M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,628.6	−2.697%	$132K	$716K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,636.1	−2.245%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,628.9	−2.676%	$23.1M	$18.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,629	−2.671%	$13.1M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,630.6	−2.577%	$378K	$67K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,628.5	−2.703%	$2.6M	$757K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.9	−2.677%	$2K	$138K	10x	as long as short
BloFin OPENAI-USDT	+0.0074%	8h	1,629.2	−2.659%	$475K	$279K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,628.6	−2.697%	—	—	10x	as long as short
Entropy io:OAIlong	+0.0106%	1h	1,673.7	long leg	$7.4M	$2.2M	6x