Funding arb · Price arb /

OPENAI

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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: Bitget against Phemex+0.131%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs−$183as in the Price arb table

costs, in and out, $10k−$1971.971% of the position

Long on Phemex Short on Bitget

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)−0.314%−$31 · spread now +0.131%, 7d avg −0.011%

Together, before fees−0.314%−$31 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: Bitget is 0.142% dearer against Phemex than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,622.7	0	get 0.0000% / 8h	5h 33m	$1.6M	$542K	10x
Short	Bitget OPENAIUSDT	1,624.9	0	get 0.0000% / 8h	5h 33m	$5.5M	$5.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now +0.131%Rate

Funding earned: $0
Price spread: +0.131% → −0.011%: $14.2
Slippage, 4 orders: −$173.12
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$182.91
Costs to cover: 1.971%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bitget: live order book, 5 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 Phemex live order book, 5 min ago	1.54 bp	56.8 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	1.85 bp	42.9 bp −$43	81.6 bp −$816	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	−0.0104%	1h	1,625.2	+0.152%	$225K	$159K	5x	as long as short
Lighter OPENAI	0.0000%	1h	1,709	+5.318%	$1.4M	$269K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,664.3	+2.559%	$763K	$203K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,653.2	+1.877%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,620.6	−0.134%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDTshort	0.0000%	8h	1,624.9	+0.131%	$5.5M	$5.1M	20x
SunX OPENAI-USDT	0.0000%	8h	1,624.4	+0.102%	—	$2.4M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623.8	+0.068%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,622.7	long leg	$1.6M	$542K	10x
QFEX OPENAI-USD	0.0000%	1h	1,623.5	+0.047%	$1.2M	$470K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OPENAI-USDT	+0.0028%	8h	1,622.9	+0.007%	$476K	$277K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,676.2	+3.296%	$2.7M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,623.2	+0.028%	$135K	$725K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,629.1	+0.394%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,623.7	+0.056%	$22.9M	$17.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,623.6	+0.054%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,623.3	+0.033%	$374K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,622.2	−0.032%	$2.6M	$754K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.2	−0.032%	$2K	$139K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,623.3	+0.033%	—	—	10x	as long as short
Entropy io:OAI	+0.0137%	1h	1,667	+2.727%	$7.4M	$2.1M	6x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.0355%	1h	1,625.6	+0.174%	—	$3	5x	as long as short