Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h −0.251%

Price spread now: Bybit against Coinbase International+2.585%7-day average +2.496% · you sell dearer than you buy

Net, funding: paid 7d − costs−$274as in the Funding arb table

Net, price: spread back to 7d avg − costs−$187as in the Price arb table

costs, in and out, $10k−$1961.958% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.786%−$79 on $10k

Price spread, last 4 days (all we have)−0.632%−$63 · spread now +2.585%, 7d avg +2.496%

Together, before fees−1.418%−$142 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.088% dearer against Coinbase International than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +2.496%. Mind the row above: over the last 7 days funding on this pair cost −0.786%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPENAI-PERP-INTX	1,622.5	−0.0104	get 0.0013% / 1h	26m 32s	$225K	$159K	5x
Short	Bybit OPENAIUSDT	1,664.4	0	get 0.0000% / 8h	5h 26m	$761K	$204K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +2.585%Rate

Funding earned: $21.84
Price spread: +2.585% → +2.496%: $8.85
Slippage, 4 orders: −$174.85
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$165.16
Costs to cover: 1.958%
Break-even: 59.9 days

Slippage from Coinbase International: live order book, 36 min ago; Bybit: live order book, 33 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 Coinbase International live order book, 36 min ago	5.85 bp	19.2 bp −$19	46.7 bp −$467	doesn't fit	doesn't fit
Sell Bybit live order book, 33 min ago	15.71 bp	70.4 bp −$70	533.1 bp −$5,331	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-INTXlong	−0.0104%	1h	1,622.5	long leg	$225K	$159K	5x
Lighter OPENAI	0.0000%	1h	1,708.5	+5.300%	$1.4M	$269K	5x	as long as short
Bybit OPENAIUSDTshort	0.0000%	8h	1,664.4	+2.585%	$761K	$204K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,651	+1.757%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,619.4	−0.193%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,624.5	+0.124%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.5	+0.062%	—	$2.4M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623.4	+0.059%	$78K	$216K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,622.8	+0.022%	$1.6M	$543K	10x	as long as short
QFEX OPENAI-USD	0.0000%	1h	1,622.7	+0.015%	$1.2M	$474K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin OPENAI-USDT	+0.0029%	8h	1,622.9	+0.023%	$476K	$276K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,675.3	+3.255%	$2.7M	$6.2M	5x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.0047%	1h	1,624.8	+0.144%	—	$3	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,622.3	−0.012%	$135K	$722K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,628.9	+0.394%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,622.9	+0.024%	$22.9M	$17.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,622.8	+0.018%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,624.3	+0.112%	$374K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,624	+0.091%	$2.6M	$754K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.3	−0.012%	$2K	$140K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,622.2	−0.018%	—	—	10x	as long as short
Entropy io:OAI	+0.0144%	1h	1,667.1	+2.749%	$7.4M	$2.1M	6x	as long as short