Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.220%

Price spread now: Coinbase International against Bybit−1.813%7-day average −2.479% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$1591.588% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.815%+$82 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now −1.813%, 7d avg −2.479%

Together, before fees+0.787%+$79 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.665% dearer against Bybit than usual: you sell high and buy low: +$67 more if the spread goes back to its 7-day average of −2.479%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPENAIUSDT	1,653.7	0	get 0.0000% / 8h	9m 52s	$735K	$269K	25x
Short	Coinbase International OPENAI-PERP-INTX	1,623.7	0.0072	get 0.0009% / 1h	9m 52s	$235K	$174K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now −1.813%Rate

Funding earned: $15.12
Price spread: −1.813% → −2.479%: $66.53
Slippage, 4 orders: −$137.78
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$77.14
Costs to cover: 1.588%
Break-even: 42.7 days

Slippage from Bybit: live order book, 25 min ago; Coinbase International: live order book, 28 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 Bybit live order book, 25 min ago	13.90 bp	28.1 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 28 min ago	8.07 bp	15.1 bp −$15	46.7 bp −$467	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	−0.0005%	1h	1,616.2	−2.272%	$1.2M	$627K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,705.9	+3.152%	$1.4M	$269K	5x	as long as short
Bybit OPENAIUSDTlong	0.0000%	8h	1,653.7	long leg	$735K	$269K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,641.2	−0.758%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,614.9	−2.346%	$45.5M	$14.1M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,617.3	−2.203%	$5.3M	$4.5M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,617.8	−2.173%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,617.6	−2.187%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,617.1	−2.214%	$79K	$225K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,616.3	−2.263%	$1.6M	$502K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,672.7	+1.145%	$2.7M	$6.2M	5x	as long as short
BloFin OPENAI-USDT	+0.0035%	8h	1,615.9	−2.288%	$475K	$294K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,616.3	−2.266%	$142K	$806K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,619.2	−2.088%	$211K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,616.6	−2.243%	$22.8M	$16.7M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,617.2	−2.208%	$6.6M	$5.0M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,616.4	−2.257%	$372K	$73K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,615.5	−2.314%	$2.6M	$760K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,616.4	−2.258%	$2K	$176K	10x	as long as short
Coinbase International OPENAI-PERP-INTXshort	+0.0072%	1h	1,623.7	−1.813%	$235K	$174K	5x
Aevo OPENAI-PERP	+0.0104%	1h	1,616.6	−2.245%	—	—	10x	as long as short
Entropy io:OAI	+0.0122%	1h	1,665.2	+0.694%	$7.6M	$2.3M	6x	as long as short