Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against OKX−1.827%7-day average −2.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$181as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1811.810% of the position

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now −1.827%, 7d avg −2.015%

Together, before fees−0.119%−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.188% dearer against OKX than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −2.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX OPENAI-USDT-SWAP	1,650.9	0	get 0.0000% / 8h	3h 20m	$5.1M	$1.3M	20x
Short	Phemex OPENAIUSDT	1,620.7	0	get 0.0000% / 8h	3h 20m	$1.6M	$535K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against OKX. 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 OKXbpFee PhemexbpOrdersPrice spread, now −1.827%Rate

Funding earned: $0
Price spread: −1.827% → −2.015%: $18.85
Slippage, 4 orders: −$158.99
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$162.14
Costs to cover: 1.810%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Phemex: live order book, 2 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 OKX live order book, 2 min ago	2.73 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.86 bp	53.9 bp −$54	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	−0.0001%	1h	1,620.7	−1.827%	$1.2M	$574K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,710.5	+3.612%	$1.4M	$265K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,663.4	+0.754%	$755K	$206K	25x	as long as short
OKX OPENAI-USDT-SWAPlong	0.0000%	8h	1,650.9	long leg	$5.1M	$1.3M	20x
Gate OPENAI_USDT	0.0000%	8h	1,617.4	−2.032%	$52.4M	$25.4M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,622.4	−1.726%	$5.5M	$4.9M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,622.8	−1.702%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,621.4	−1.790%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,621.2	−1.797%	$79K	$221K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,620.7	−1.827%	$1.6M	$535K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OPENAI-USDT	+0.0023%	8h	1,620.8	−1.823%	$473K	$287K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,678.6	+1.678%	$2.7M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,620.2	−1.857%	$143K	$737K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,624.2	−1.616%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,620.7	−1.826%	$22.9M	$17.6M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,620.6	−1.833%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,623.1	−1.685%	$375K	$68K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,620.4	−1.846%	$2.6M	$766K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,620.6	−1.834%	$2K	$159K	10x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.0056%	1h	1,623.9	−1.636%	$226K	$161K	5x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,620.4	−1.847%	—	—	10x	as long as short
Entropy io:OAI	+0.0109%	1h	1,670.6	+1.193%	$7.6M	$2.3M	6x	as long as short