Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: QFEX against Phemex−0.020%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1401.399% of the position

Long on Phemex Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.020%, 7d avg +0.001%

Together, before fees−0.011%−$1 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: QFEX is 0.021% cheaper against Phemex than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,622.8	0	get 0.0000% / 8h	5h 53m	$1.6M	$546K	10x
Short	QFEX OPENAI-USD	1,622.5	0.0000	get 0.0000% / 1h	53m 02s	$1.2M	$437K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0.05
Price spread: −0.020% → +0.001%: −$2.11
Slippage, 4 orders: −$117.94
Fee Phemex: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$142
Costs to cover: 1.399%
Break-even: 19729.5 days

Slippage from Phemex: live order book, 5 min ago; QFEX: live order book, 8 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	1.51 bp	56.9 bp −$57	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 8 min ago	2.25 bp	9.3 bp −$9	15.4 bp −$154	doesn't fit	doesn't fit

OPENAI on 21 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	1,623.3	+0.030%	$224K	$158K	5x	as long as short
Lighter OPENAI	0.0000%	1h	1,708.3	+5.268%	$1.4M	$268K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,666.2	+2.677%	$764K	$203K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,651.1	+1.745%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,619.7	−0.187%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,624.3	+0.096%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.6	+0.051%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,624.1	+0.082%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623	+0.016%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,622.8	long leg	$1.6M	$546K	10x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX OPENAI-USDshort	0.0000%	1h	1,622.5	−0.020%	$1.2M	$437K	10x
Lighter RH OPENAI	+0.0032%	1h	1,675.6	+3.254%	$2.7M	$6.1M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,622.2	−0.039%	$131K	$720K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,628.4	+0.349%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,622.6	−0.014%	$22.9M	$17.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,622.6	−0.010%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,621.9	−0.054%	$373K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,623.1	+0.019%	$2.6M	$752K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622	−0.045%	$2K	$138K	10x	as long as short
Entropy io:OAI	+0.0102%	1h	1,668.1	+2.793%	$7.4M	$2.1M	6x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,621.9	−0.054%	—	—	10x	as long as short