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Funding arb · Price arb /

OPENAI

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 01:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.072%
Price spread now: Entropy against Gate+2.972%49s7-day average +5.478% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GateShort on Entropy
What this pair did over the last
the charts below follow
Funding, last 7 days+0.610%+$61 on $10k
Price spread, last 7 days+3.620%+$362 · spread now +2.972%, 7d avg +5.478%
Together, before fees+4.230%+$423 on $10k · with fees, hour by hour
Funding pays, the price is against you. Entropy is 2.505% cheaper against Gate than usual: you would sell low and buy high (spread +2.972% now, against its 7-day average of +5.478%). If the spread goes back, that is −$251 on $10k: about 3 months of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.610% in total) that is about 29 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGate OPENAI_USDT1,625.30get 0.0000% / 8h7h 08m$52.6M$39.2M50x
ShortEntropy io:OAI1,673.60.0106get 0.0013% / 1h8m 52s$7.4M$2.2M6x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Entropy against Gate. 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

Funding earned
$22.33
Price spread: +2.972% → +5.478%
−$250.53
Slippage, 4 orders
no order book: not counted
Fee Gate: 7.5 bp × 2 orders
−$15
Fee Entropy: 9 bp × 2 orders
−$18
Net
−$261.21
Costs to cover
0.330%
Break-even
88.9 days
Slippage unknown: Gate: live order book, 5 min ago; Entropy: live order book, 8 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Gate live order book, 5 min ago2.64 bp22.9 bp −$23314.1 bp −$3,141doesn't fitdoesn't fit
Sell Entropy live order book, 8 min ago1.79 bpdoesn't fitdoesn't fitdoesn't fitdoesn't fit

OPENAI on 22 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Coinbase International OPENAI-PERP-INTX−0.0024%1h1,629+0.226%$226K$149K5xas long as short
QFEX OPENAI-USD0.0000%1h1,628.9+0.220%$1.2M$415K10xas long as short
Lighter OPENAI0.0000%1h1,713.6+5.432%$1.4M$288K5xas long as short
Bybit OPENAIUSDT0.0000%8h1,669.3+2.709%$768K$207K25xas long as short
OKX OPENAI-USDT-SWAP0.0000%8h1,659.1+2.080%$5.1M$1.3M20xas long as short
Gate OPENAI_USDTlong0.0000%8h1,625.3long leg$52.6M$39.2M50x
Bitget OPENAIUSDT0.0000%8h1,629.2+0.242%$5.5M$5.1M20xas long as short
SunX OPENAI-USDT0.0000%8h1,629.2+0.241%—$2.5M10xas long as short
Deribit OPENAI_USDC-PERPETUAL0.0000%1h1,628.9+0.225%—$35xas long as short
HTX OPENAI-USDT0.0000%8h1,629.5+0.257%$79K$214K20xas long as short
Show all 22 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex OPENAIUSDT0.0000%8h1,628.6+0.201%$1.6M$564K10xas long as short
Lighter RH OPENAI+0.0032%1h1,681.5+3.459%$2.7M$6.3M5xas long as short
BloFin OPENAI-USDT+0.0033%8h1,629.2+0.243%$475K$279K20xas long as short
Extended OPENAI-USD+0.0048%1h1,628.6+0.201%$132K$716K10xas long as short
Aster OPENAIUSDT+0.0050%8h1,636.4+0.683%$213K$3K20xas long as short
Binance OPENAIUSDT+0.0050%8h1,628.9+0.224%$23.1M$18.9M20xas long as short
MEXC OPENAI_USDT+0.0050%8h1,628.5+0.196%$13.1M$3.2M50xas long as short
KuCoin OPENAIUSDTM+0.0050%8h1,630.6+0.328%$378K$67K20xas long as short
Variational Omni OPENAI+0.0050%8h1,628.5+0.195%$2.6M$757K—as long as short
GRVT OPENAI_USDT_Perp+0.0050%8h1,628.9+0.222%$2K$138K10xas long as short
Aevo OPENAI-PERP+0.0104%1h1,628.7+0.210%——10xas long as short
Entropy io:OAIshort+0.0106%1h1,673.6+2.972%$7.4M$2.2M6x