Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0254%/8h= −27.8% APRpaid last 24h −0.072%

Price spread now: Phemex against Entropy−2.611%7-day average −4.469% · you buy dearer than you sell

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

Long on Entropy Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.611%−$61 on $10k

Price spread, last 3 days (all we have)−2.898%−$290 · spread now −2.611%, 7d avg −4.469%

Together, before fees−3.509%−$351 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 1.858% dearer against Entropy than usual: you sell high and buy low (spread −2.611% now, against its 7-day average of −4.469%): +$186 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 24 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Entropy io:OAI	1,671.9	0.0254	pay 0.0032% / 1h	21m 32s	$7.4M	$2.2M	6x
Short	Phemex OPENAIUSDT	1,628.3	0	get 0.0000% / 8h	21m 32s	$1.6M	$558K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −2.611%Rate

Funding earned: −$53.26
Price spread: −2.611% → −4.469%: $185.81
Slippage, 4 orders: no order book: not counted
Fee Entropy: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: $102.56
Costs to cover: 0.300%
Break-even: from the start

Slippage unknown: Entropy: live order book, 5 min ago; Phemex: live order book, 2 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, 5 min ago	3.59 bp	24.2 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	5.53 bp	70.3 bp −$70	doesn't fit	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	−0.0168%	1h	1,628.7	−2.584%	$236K	$147K	5x	as long as short
QFEX OPENAI-USD	−0.0010%	1h	1,628.5	−2.598%	$1.2M	$387K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,709	+2.219%	$1.4M	$287K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,675.7	+0.224%	$771K	$217K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,660.7	−0.670%	$5.1M	$1.4M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,626.4	−2.719%	$52.7M	$39.6M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,630.1	−2.498%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,629.4	−2.542%	—	$2.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,629.1	−2.562%	$79K	$213K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,628.3	−2.611%	$1.6M	$558K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,681.7	+0.584%	$2.6M	$6.3M	5x	as long as short
BloFin OPENAI-USDT	+0.0041%	8h	1,628.6	−2.593%	$474K	$277K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,628.1	−2.618%	$131K	$667K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,633.1	−2.320%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,628.4	−2.600%	$23.2M	$18.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,629	−2.566%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,630.4	−2.481%	$376K	$63K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,628.4	−2.602%	$2.6M	$751K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,627.7	−2.647%	$2K	$140K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,628.3	−2.610%	—	—	10x	as long as short
Entropy io:OAIlong	+0.0254%	1h	1,671.9	long leg	$7.4M	$2.2M	6x
Deribit OPENAI_USDC-PERPETUAL	+0.0536%	1h	1,630.2	−2.497%	—	$3	5x	as long as short