Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.014%

Price spread now: KuCoin against Lighter−5.350%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$3,528as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,073as in the Price arb table

costs, in and out, $10k−$3,53835.378% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. KuCoin is 5.350% cheaper against Lighter than usual: you would sell low and buy high (spread −5.350% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$535 on $10k: about 12 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OPENAI	1,711.7	0	get 0.0000% / 1h	4m 02s	$1.4M	$265K	5x
Short	KuCoin OPENAIUSDTM	1,620.1	0.0050	get 0.0050% / 8h	2h 04m	$372K	$71K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter. 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 LighterbpFee KuCoinbpOrdersPrice spread, now −5.350%Rate

Funding earned: $10.5
Price spread: −5.350% → 0.000%: −$535.02
Slippage, 4 orders: −$3,525.8
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$4,062.33
Costs to cover: 35.378%
Break-even: 2715.2 days

Slippage from Lighter: live order book, 2 min ago; KuCoin: live order book, 54 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 Lighter live order book, 2 min ago	2.05 bp	36.5 bp −$36	480.9 bp −$4,809	doesn't fit	doesn't fit
Sell KuCoin live order book, 54 min ago	8.00 bp	2878.3 bp −$2,878	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
QFEX OPENAI-USD	−0.0005%	1h	1,618.9	−5.422%	$1.2M	$611K	10x	as long as short
Lighter OPENAIlong	0.0000%	1h	1,711.7	long leg	$1.4M	$265K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,659.5	−3.050%	$753K	$205K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,648.2	−3.710%	$5.1M	$1.4M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,615.5	−5.618%	$52.3M	$19.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,619.2	−5.405%	$5.4M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,619.7	−5.375%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,619.1	−5.412%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,619.8	−5.368%	$79K	$226K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,618.7	−5.436%	$1.6M	$520K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International OPENAI-PERP-INTX	+0.0016%	1h	1,622.8	−5.194%	$226K	$162K	5x	as long as short
BloFin OPENAI-USDT	+0.0023%	8h	1,619.6	−5.379%	$469K	$290K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,678.3	−1.952%	$2.7M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,618.6	−5.437%	$141K	$896K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,622.9	−5.190%	$211K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,619.1	−5.410%	$22.8M	$17.4M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,618.8	−5.425%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTMshort	+0.0050%	8h	1,620.1	−5.350%	$372K	$71K	20x
Variational Omni OPENAI	+0.0050%	8h	1,619.1	−5.412%	$2.6M	$759K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,618.4	−5.451%	$2K	$171K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,618.3	−5.457%	—	—	10x	as long as short
Entropy io:OAI	+0.0165%	1h	1,669.3	−2.477%	$7.6M	$2.3M	6x	as long as short