Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0601%/8h= −65.8% APRpaid last 24h —

Price spread now: Phemex against Deribit−0.081%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 13 hours (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Phemex is 0.081% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OPENAI_USDC-PERPETUAL	1,632.6	0.0601	pay 0.0075% / 1h	13m 37s	—	$3	5x
Short	Phemex OPENAIUSDT	1,631.3	0	get 0.0000% / 8h	13m 37s	$1.6M	$558K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$126.26
Price spread: −0.081% → 0.000%: −$8.15
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$153.41
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phemex: live order book, 4 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	3.25 bp	69.1 bp −$69	doesn't fit	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-INTX	−0.0168%	1h	1,632.3	−0.023%	$236K	$149K	5x	as long as short
QFEX OPENAI-USD	−0.0010%	1h	1,631.2	−0.086%	$1.2M	$387K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,711.2	+4.811%	$1.4M	$287K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,676.3	+2.677%	$772K	$210K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,660.9	+1.732%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,628.5	−0.250%	$52.7M	$39.6M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,632.7	+0.007%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,632.1	−0.032%	—	$2.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,632.3	−0.022%	$79K	$214K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,631.3	−0.081%	$1.6M	$558K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,683.1	+3.093%	$2.6M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,631.1	−0.095%	$132K	$667K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,636.6	+0.243%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,631.4	−0.077%	$23.2M	$18.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,631.3	−0.079%	$13.1M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,635	+0.146%	$377K	$63K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,631.7	−0.058%	$2.6M	$751K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.9	−0.226%	$2K	$140K	10x	as long as short
BloFin OPENAI-USDT	+0.0075%	8h	1,632.7	+0.002%	$474K	$279K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,631.4	−0.074%	—	—	10x	as long as short
Entropy io:OAI	+0.0248%	1h	1,673.9	+2.528%	$7.4M	$2.2M	6x	as long as short
Deribit OPENAI_USDC-PERPETUALlong	+0.0601%	1h	1,632.6	long leg	—	$3	5x