Funding arb · Price arb /

OPENAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0001%/8h= +0.2% APRpaid last 24h +0.001%

Price spread now: Phemex against QFEX−0.119%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$164as in the Price arb table

costs, in and out, $10k−$1531.525% of the position

Long on QFEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.193%+$19 · spread now −0.119%, 7d avg −0.002%

Together, before fees+0.198%+$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.117% cheaper against QFEX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	QFEX OPENAI-USD	1,660.3	−0.0001	get 0.0000% / 1h	55m 20s	$1.2M	$695K	10x
Short	Phemex OPENAIUSDT	1,658.3	0	get 0.0000% / 8h	4h 55m	$1.7M	$508K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against QFEX. 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 QFEXbpFee PhemexbpOrdersPrice spread, now −0.119%Rate

Funding earned: $0.3
Price spread: −0.119% → −0.002%: −$11.71
Slippage, 4 orders: −$130.53
Fee QFEX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$163.93
Costs to cover: 1.525%
Break-even: 3801.7 days

Slippage from QFEX: live order book, 4 min ago; Phemex: live order book, 1 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 QFEX live order book, 4 min ago	3.57 bp	8.6 bp −$9	16.5 bp −$165	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	3.95 bp	74.9 bp −$75	doesn't fit	doesn't fit	doesn't fit

OPENAI on 22 exchanges

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-USDlong	−0.0001%	1h	1,660.3	long leg	$1.2M	$695K	10x
Bybit OPENAIUSDT	0.0000%	8h	1,691.2	+1.864%	$720K	$316K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,684.5	+1.460%	$5.2M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,656.5	−0.228%	$51.0M	$17.2M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,660.6	+0.019%	$5.7M	$3.6M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,657.2	−0.184%	—	$1.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,650.5	−0.587%	$80K	$173K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,658.3	−0.119%	$1.7M	$508K	10x
Lighter RH OPENAI	+0.0032%	1h	1,705.4	+2.716%	$2.8M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,659.7	−0.035%	$144K	$806K	10x	as long as short

Show all 22 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPENAIUSDT	+0.0050%	8h	1,660.4	+0.006%	$216K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,660.3	+0.003%	$23.5M	$18.3M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,660	−0.017%	$6.7M	$2.5M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,667.1	+0.409%	$389K	$307K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,659.8	−0.026%	$2.6M	$773K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,654.3	−0.356%	$2K	$173K	10x	as long as short
Lighter OPENAI	+0.0064%	1h	1,739.2	+4.755%	$1.5M	$264K	5x	as long as short
BloFin OPENAI-USDT	+0.0078%	8h	1,657.7	−0.155%	$491K	$332K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,659.9	−0.020%	—	—	10x	as long as short
Entropy io:OAI	+0.0815%	1h	1,691.6	+1.888%	$7.9M	$2.6M	6x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.1008%	1h	1,657.9	−0.144%	$233K	$179K	5x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.8185%	1h	1,658	−0.135%	$3K	$3K	5x	as long as short