Funding arb · Price arb /

OPENAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Lighter against Phemex+4.959%7-day average +6.448% · you sell dearer than you buy

Net, funding: paid 7d − costs−$326as in the Funding arb table

Net, price: spread back to 7d avg − costs−$475as in the Price arb table

costs, in and out, $10k−$3263.263% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+2.893%+$289 · spread now +4.959%, 7d avg +6.448%

Together, before fees+2.896%+ Points / potential airdropLighter: Season 3 · farm board+$290 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: Lighter is 1.489% cheaper against Phemex than usual: you would sell low and buy high, −$149 on $10k if it goes back to its 7-day average of +6.448%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,628.6	0	get 0.0000% / 8h	19m 49s	$1.6M	$558K	10x
Short	Lighter OPENAI	1,709.4	0	get 0.0000% / 1h	19m 49s	$1.4M	$287K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +4.959%Rate

Funding earned: $0
Price spread: +4.959% → +6.448%: −$148.87
Slippage, 4 orders: −$314.31
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$475.19
Costs to cover: 3.263%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; Lighter: 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 Phemex live order book, 3 min ago	5.53 bp	63.6 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	2.31 bp	98.8 bp −$99	133.9 bp −$1,339	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	−0.0168%	1h	1,628.7	+0.006%	$236K	$147K	5x	as long as short
QFEX OPENAI-USD	−0.0010%	1h	1,629.3	+0.042%	$1.2M	$387K	10x	as long as short
Lighter OPENAIshort	0.0000%	1h	1,709.4	+4.959%	$1.4M	$287K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,674.9	+2.844%	$771K	$211K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,660.8	+1.978%	$5.1M	$1.4M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,626.7	−0.117%	$52.7M	$39.6M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,630.2	+0.101%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,630	+0.087%	—	$2.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,629.3	+0.042%	$79K	$213K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,628.6	long leg	$1.6M	$558K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,681.8	+3.270%	$2.6M	$6.3M	5x	as long as short
BloFin OPENAI-USDT	+0.0044%	8h	1,628.4	−0.012%	$473K	$278K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,629	+0.024%	$131K	$667K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,633.9	+0.328%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,629.3	+0.042%	$23.2M	$18.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,629.2	+0.037%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,630.8	+0.135%	$376K	$63K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,629.4	+0.051%	$2.6M	$751K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,627.7	−0.058%	$2K	$140K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,628.7	+0.008%	—	—	10x	as long as short
Entropy io:OAI	+0.0252%	1h	1,672.1	+2.672%	$7.4M	$2.2M	6x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.0671%	1h	1,630.9	+0.139%	—	$3	5x	as long as short