Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

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: Phemex against Bybit−2.560%7-day average −2.951% · you buy dearer than you sell

Net, funding: paid 7d − costs−$284as in the Funding arb table

Net, price: spread back to 7d avg − costs−$245as in the Price arb table

costs, in and out, $10k−$2842.843% of the position

Long on Bybit Short on Phemex

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)−0.325%−$32 · spread now −2.560%, 7d avg −2.951%

Together, before fees−0.325%−$32 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: Phemex is 0.391% dearer against Bybit than usual: you sell high and buy low, +$39 on $10k if it goes back to its 7-day average of −2.951%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit OPENAIUSDT	1,664.3	0	get 0.0000% / 8h	5h 48m	$763K	$203K	25x
Short	Phemex OPENAIUSDT	1,621.7	0	get 0.0000% / 8h	5h 48m	$1.6M	$544K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −2.560%Rate

Funding earned: $0
Price spread: −2.560% → −2.951%: $39.07
Slippage, 4 orders: −$261.27
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$245.2
Costs to cover: 2.843%
Break-even: never at this rate

Slippage from Bybit: live order book, 11 min ago; Phemex: 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 Bybit live order book, 11 min ago	15.71 bp	93.3 bp −$93	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.17 bp	66.9 bp −$67	doesn't fit	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	−2.464%	$224K	$158K	5x	as long as short
Lighter OPENAI	0.0000%	1h	1,707.3	+2.584%	$1.4M	$268K	5x	as long as short
Bybit OPENAIUSDTlong	0.0000%	8h	1,664.3	long leg	$763K	$203K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,650.9	−0.803%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,618.5	−2.748%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,623	−2.482%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.4	−2.456%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,621.8	−2.555%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623.9	−2.428%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,621.7	−2.560%	$1.6M	$544K	10x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX OPENAI-USD	0.0000%	1h	1,621.5	−2.571%	$1.2M	$443K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,674.8	+0.635%	$2.7M	$6.1M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,621.2	−2.587%	$131K	$720K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,626.5	−2.268%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,621.6	−2.561%	$22.9M	$17.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,621.8	−2.549%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,622.1	−2.533%	$374K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,622.7	−2.499%	$2.6M	$752K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.3	−2.521%	$2K	$137K	10x	as long as short
Entropy io:OAI	+0.0098%	1h	1,667.4	+0.188%	$7.4M	$2.1M	6x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,621.7	−2.559%	—	—	10x	as long as short