Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.260%

Price spread now: OKX against Coinbase International+1.635%7-day average +1.565% · you sell dearer than you buy

Net, funding: paid 7d − costs−$199as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1231.231% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.754%−$75 on $10k

Price spread, last 3 days (all we have)−0.743%−$74 · spread now +1.635%, 7d avg +1.565%

Together, before fees−1.497%−$150 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.070% dearer against Coinbase International than usual: you sell high and buy low (spread +1.635% now, against its 7-day average of +1.565%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.8 days. At the pace of the last 7 days (−0.754% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International OPENAI-PERP-INTX	1,630.6	0.0024	pay 0.0003% / 1h	57m 34s	$226K	$150K	5x
Short	OKX OPENAI-USDT-SWAP	1,657.3	0	get 0.0000% / 8h	6h 57m	$5.1M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +1.635%Rate

Funding earned: −$5.04
Price spread: +1.635% → +1.565%: $7.04
Slippage, 4 orders: −$103.15
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$121.15
Costs to cover: 1.231%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 10 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 Coinbase International live order book, 10 min ago	5.96 bp	31.5 bp −$31	54.6 bp −$546	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	3.62 bp	40.2 bp −$40	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
QFEX OPENAI-USD	−0.0004%	1h	1,627.3	−0.205%	$1.2M	$422K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,713.7	+5.094%	$1.4M	$280K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,669.4	+2.378%	$767K	$205K	25x	as long as short
OKX OPENAI-USDT-SWAPshort	0.0000%	8h	1,657.3	+1.635%	$5.1M	$1.3M	20x
Gate OPENAI_USDT	0.0000%	8h	1,624.3	−0.391%	$52.6M	$31.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,628.7	−0.120%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,628.5	−0.131%	—	$2.5M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,629.8	−0.050%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,628.1	−0.158%	$79K	$214K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,627.8	−0.176%	$1.6M	$561K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International OPENAI-PERP-INTXlong	+0.0024%	1h	1,630.6	long leg	$226K	$150K	5x
BloFin OPENAI-USDT	+0.0030%	8h	1,628.6	−0.124%	$475K	$279K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,680.8	+3.079%	$2.7M	$6.1M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,626.9	−0.232%	$132K	$716K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,634.7	+0.249%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,627.3	−0.203%	$23.1M	$19.0M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,627.3	−0.205%	$13.1M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,631.6	+0.059%	$377K	$67K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,628.8	−0.110%	$2.6M	$757K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.8	−0.110%	$2K	$138K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,628.1	−0.155%	—	—	10x	as long as short
Entropy io:OAI	+0.0193%	1h	1,673.6	+2.635%	$7.4M	$2.2M	6x	as long as short