Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter RH against Phemex+3.612%7-day average +4.660% · you sell dearer than you buy

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$245as in the Price arb table

costs, in and out, $10k−$1401.400% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)+2.163%+$216 · spread now +3.612%, 7d avg +4.660%

Together, before fees+2.230%+ Points / potential airdropLighter RH: Points live · farm board+$223 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 1.048% cheaper against Phemex than usual: you would sell low and buy high (spread +3.612% now, against its 7-day average of +4.660%). If the spread goes back, that is −$105 on $10k: about 4 months of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,622	0	get 0.0000% / 8h	4h 07m	$1.6M	$546K	10x
Short	Lighter RH OPENAI	1,680.6	0.0032	get 0.0004% / 1h	7m 31s	$2.7M	$6.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phemex. 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 PhemexbpFee Lighter RHbpOrdersPrice spread, now +3.612%Rate

Funding earned: $6.72
Price spread: +3.612% → +4.660%: −$104.83
Slippage, 4 orders: −$127.96
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$238.08
Costs to cover: 1.400%
Break-even: 255.0 days

Slippage from Phemex: live order book, 6 min ago; Lighter RH: live order book, 6 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 Phemex live order book, 6 min ago	3.30 bp	69.0 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 6 min ago	1.61 bp	6.6 bp −$7	94.7 bp −$947	577.0 bp −$57.7K	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	1,624.9	+0.178%	$226K	$161K	5x	as long as short
QFEX OPENAI-USD	−0.0004%	1h	1,622	0.000%	$1.2M	$549K	10x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,663.7	+2.570%	$755K	$207K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,652	+1.847%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,618.6	−0.211%	$52.4M	$28.1M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,623.6	+0.097%	$5.5M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.3	+0.078%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,621.9	−0.008%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623	+0.060%	$79K	$220K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,622	long leg	$1.6M	$546K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OPENAI	+0.0008%	1h	1,713.1	+5.611%	$1.4M	$266K	5x	as long as short
Lighter RH OPENAIshort	+0.0032%	1h	1,680.6	+3.612%	$2.7M	$6.2M	5x
Extended OPENAI-USD	+0.0048%	1h	1,621.6	−0.028%	$141K	$740K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,627.7	+0.349%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,622	−0.001%	$22.9M	$17.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,622.1	+0.001%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,625.3	+0.203%	$375K	$70K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,622.4	+0.021%	$2.6M	$766K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.2	+0.013%	$2K	$151K	10x	as long as short
BloFin OPENAI-USDT	+0.0075%	8h	1,622.7	+0.040%	$475K	$287K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,622.1	+0.006%	—	—	10x	as long as short
Entropy io:OAI	+0.0229%	1h	1,674.9	+3.259%	$7.7M	$2.3M	6x	as long as short