Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Phemex against Lighter−5.078%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$442as in the Funding arb table

Net, price: spread back to 7d avg − costs−$950as in the Price arb table

costs, in and out, $10k−$4424.422% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 5.078% cheaper against Lighter than usual: you would sell low and buy high, −$508 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OPENAI	1,708.8	0	get 0.0000% / 1h	13m 51s	$1.4M	$280K	5x
Short	Phemex OPENAIUSDT	1,622.1	0	get 0.0000% / 8h	6h 13m	$1.6M	$555K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −5.078%Rate

Funding earned: $0
Price spread: −5.078% → 0.000%: −$507.83
Slippage, 4 orders: −$430.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$949.98
Costs to cover: 4.422%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; Phemex: live order book, 4 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, 3 min ago	89.22 bp	179.0 bp −$179	937.5 bp −$9,375	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	2.00 bp	66.6 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
QFEX OPENAI-USD	−0.0004%	1h	1,622	−5.079%	$1.2M	$426K	10x	as long as short
Lighter OPENAIlong	0.0000%	1h	1,708.8	long leg	$1.4M	$280K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,666.5	−2.477%	$764K	$205K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,655.4	−3.127%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,619.6	−5.221%	$52.4M	$31.9M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,624.9	−4.913%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,624.1	−4.958%	—	$2.5M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,622.8	−5.035%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,622.8	−5.035%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,622.1	−5.078%	$1.6M	$555K	10x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International OPENAI-PERP-INTX	+0.0024%	1h	1,624	−4.964%	$222K	$157K	5x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,674.9	−1.986%	$2.6M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,621.7	−5.099%	$131K	$722K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,627.6	−4.751%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,622.1	−5.075%	$22.9M	$18.5M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,622.6	−5.044%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,623.8	−4.976%	$375K	$67K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,622.7	−5.042%	$2.6M	$759K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.4	−5.056%	$2K	$139K	10x	as long as short
Entropy io:OAI	+0.0099%	1h	1,668	−2.389%	$7.4M	$2.2M	6x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,621.9	−5.085%	—	—	10x	as long as short