Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.014%

Price spread now: KuCoin against Lighter−5.171%7-day average −6.370% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4,465as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,355as in the Price arb table

costs, in and out, $10k−$4,47544.753% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−1.950%−$195 · spread now −5.171%, 7d avg −6.370%

Together, before fees−1.847%+ Points / potential airdropLighter: Season 3 · farm board−$185 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 1.199% dearer against Lighter than usual: you sell high and buy low: +$120 more if the spread goes back to its 7-day average of −6.370%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OPENAI	1,713.6	0.0008	pay 0.0001% / 1h	33m 49s	$1.4M	$266K	5x
Short	KuCoin OPENAIUSDTM	1,625	0.0050	get 0.0050% / 8h	4h 33m	$375K	$70K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Lighter. 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 LighterbpFee KuCoinbpOrdersPrice spread, now −5.171%Rate

Funding earned: $8.82
Price spread: −5.171% → −6.370%: $119.92
Slippage, 4 orders: −$4,463.28
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$4,346.54
Costs to cover: 44.753%
Break-even: 3456.6 days

Slippage from Lighter: live order book, 7 min ago; KuCoin: live order book, 48 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 Lighter live order book, 7 min ago	0.03 bp	39.7 bp −$40	445.0 bp −$4,450	doesn't fit	doesn't fit
Sell KuCoin live order book, 48 min ago	7.87 bp	3687.9 bp −$3,688	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
Coinbase International OPENAI-PERP-INTX	−0.0024%	1h	1,625.7	−5.128%	$226K	$160K	5x	as long as short
QFEX OPENAI-USD	−0.0004%	1h	1,624.8	−5.181%	$1.2M	$539K	10x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,662.1	−3.006%	$755K	$207K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,652.3	−3.578%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,621.2	−5.396%	$52.4M	$28.1M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,625.6	−5.134%	$5.5M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,624.8	−5.183%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,623.4	−5.268%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,625.5	−5.145%	$79K	$219K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,624.4	−5.209%	$1.6M	$546K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OPENAIlong	+0.0008%	1h	1,713.6	long leg	$1.4M	$266K	5x
Lighter RH OPENAI	+0.0032%	1h	1,680.9	−1.909%	$2.7M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,624.3	−5.214%	$144K	$736K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,630	−4.880%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,624.5	−5.199%	$22.9M	$17.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,624.6	−5.196%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTMshort	+0.0050%	8h	1,625	−5.171%	$375K	$70K	20x
Variational Omni OPENAI	+0.0050%	8h	1,624.4	−5.208%	$2.6M	$766K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,624.5	−5.198%	$2K	$148K	10x	as long as short
BloFin OPENAI-USDT	+0.0080%	8h	1,625.6	−5.134%	$474K	$283K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,624.3	−5.210%	—	—	10x	as long as short
Entropy io:OAI	+0.0254%	1h	1,672.9	−2.376%	$7.6M	$2.3M	6x	as long as short