Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: OKX against Phemex+1.823%7-day average +2.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$225as in the Price arb table

costs, in and out, $10k−$2042.043% of the position

Long on Phemex Short on OKX

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.131%+$13 · spread now +1.823%, 7d avg +2.030%

Together, before fees+0.131%+$13 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: OKX is 0.207% cheaper against Phemex than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +2.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,631.9	0	get 0.0000% / 8h	17m 57s	$1.6M	$558K	10x
Short	OKX OPENAI-USDT-SWAP	1,661.6	0	get 0.0000% / 8h	17m 57s	$5.1M	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +1.823%Rate

Funding earned: $0
Price spread: +1.823% → +2.030%: −$20.73
Slippage, 4 orders: −$182.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$225.03
Costs to cover: 2.043%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; OKX: 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	5.53 bp	63.6 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	4.22 bp	37.3 bp −$37	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
Coinbase International OPENAI-PERP-INTX	−0.0168%	1h	1,630.2	−0.103%	$235K	$149K	5x	as long as short
QFEX OPENAI-USD	−0.0010%	1h	1,629.9	−0.119%	$1.2M	$387K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,709.9	+4.784%	$1.4M	$287K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,676.3	+2.725%	$772K	$211K	25x	as long as short
OKX OPENAI-USDT-SWAPshort	0.0000%	8h	1,661.6	+1.823%	$5.1M	$1.4M	20x
Gate OPENAI_USDT	0.0000%	8h	1,629.2	−0.163%	$52.7M	$39.6M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,633.9	+0.126%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,632.1	+0.015%	—	$2.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,630.2	−0.100%	$79K	$214K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,631.9	long leg	$1.6M	$558K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OPENAI-USDT	+0.0032%	8h	1,629.4	−0.151%	$473K	$277K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,682.5	+3.103%	$2.6M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,630.3	−0.095%	$131K	$667K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,635.6	+0.227%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,630.7	−0.069%	$23.2M	$18.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,631.7	−0.012%	$13.1M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,632.1	+0.016%	$376K	$63K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,629.4	−0.149%	$2.6M	$751K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,627.7	−0.257%	$2K	$140K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,630.3	−0.096%	—	—	10x	as long as short
Entropy io:OAI	+0.0250%	1h	1,672.6	+2.497%	$7.4M	$2.2M	6x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.1172%	1h	1,633.1	+0.074%	—	$3	5x	as long as short