Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.016%

Price spread now: QFEX against KuCoin−0.161%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$1,113as in the Price arb table

costs, in and out, $10k−$1,10411.036% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.301%+$30 · spread now −0.161%, 7d avg −0.071%

Together, before fees+0.241%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and QFEX is 0.090% cheaper against KuCoin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin OPENAIUSDTM	1,631.6	0.0050	pay 0.0050% / 8h	7h 01m	$377K	$67K	20x
Short	QFEX OPENAI-USD	1,629	0.0000	pay 0.0000% / 1h	1m 30s	$1.2M	$422K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now −0.161%Rate

Funding earned: −$10.58
Price spread: −0.161% → −0.071%: −$8.98
Slippage, 4 orders: −$1,081.58
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$1,123.15
Costs to cover: 11.036%
Break-even: never at this rate

Slippage from KuCoin: live order book, 50 min ago; QFEX: live order book, 4 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 KuCoin live order book, 50 min ago	6.72 bp	581.4 bp −$581	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.60 bp	8.4 bp −$8	9.5 bp −$95	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	1,630.6	−0.059%	$226K	$150K	5x	as long as short
QFEX OPENAI-USDshort	0.0000%	1h	1,629	−0.161%	$1.2M	$422K	10x
Lighter OPENAI	0.0000%	1h	1,714.6	+5.086%	$1.4M	$288K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,669.7	+2.335%	$767K	$205K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,657.7	+1.600%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,626.1	−0.337%	$52.6M	$39.2M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,629.6	−0.123%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,629.1	−0.153%	—	$2.5M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,630.7	−0.055%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,630.7	−0.058%	$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	1,628.7	−0.179%	$1.6M	$563K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,681.7	+3.071%	$2.7M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,628.6	−0.185%	$132K	$716K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,636.2	+0.284%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,629.1	−0.156%	$23.1M	$18.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,629.2	−0.150%	$13.1M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTMlong	+0.0050%	8h	1,631.6	long leg	$377K	$67K	20x
Variational Omni OPENAI	+0.0050%	8h	1,629	−0.159%	$2.6M	$758K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.9	−0.166%	$2K	$138K	10x	as long as short
BloFin OPENAI-USDT	+0.0061%	8h	1,630	−0.099%	$475K	$280K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,629.1	−0.151%	—	—	10x	as long as short
Entropy io:OAI	+0.0110%	1h	1,673.4	+2.562%	$7.4M	$2.2M	6x	as long as short