Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.014%

Price spread now: Phemex against Extended−0.003%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$209as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$1991.993% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.003%, 7d avg +0.025%

Together, before fees−0.027%+ Points / potential airdropExtended: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.028% cheaper against Extended than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended OPENAI-USD	1,627.8	0.0048	pay 0.0006% / 1h	58m 33s	$132K	$716K	10x
Short	Phemex OPENAIUSDT	1,627.8	0	get 0.0000% / 8h	6h 58m	$1.6M	$562K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$10.08
Price spread: −0.003% → +0.025%: −$2.8
Slippage, 4 orders: −$182.25
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$212.13
Costs to cover: 1.993%
Break-even: never at this rate

Slippage from Extended: live order book, 9 min ago; Phemex: live order book, 5 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 Extended live order book, 9 min ago	3.69 bp	39.6 bp −$40	261.9 bp −$2,619	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.70 bp	62.9 bp −$63	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
QFEX OPENAI-USD	−0.0004%	1h	1,628.2	+0.025%	$1.2M	$422K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,714.1	+5.301%	$1.4M	$280K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,669.7	+2.574%	$767K	$205K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,656.2	+1.743%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,624.2	−0.223%	$52.6M	$31.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,628.8	+0.058%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,628.7	+0.053%	—	$2.5M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,629.7	+0.117%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,629.6	+0.106%	$79K	$214K	20x	as long as short
Phemex OPENAIUSDTshort	0.0000%	8h	1,627.8	−0.003%	$1.6M	$562K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International OPENAI-PERP-INTX	+0.0024%	1h	1,630.6	+0.172%	$226K	$150K	5x	as long as short
BloFin OPENAI-USDT	+0.0030%	8h	1,628.6	+0.048%	$475K	$279K	20x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,681.1	+3.275%	$2.7M	$6.1M	5x	as long as short
Extended OPENAI-USDlong	+0.0048%	1h	1,627.8	long leg	$132K	$716K	10x
Aster OPENAIUSDT	+0.0050%	8h	1,635.5	+0.474%	$213K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,628.2	+0.025%	$23.1M	$18.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,628.3	+0.026%	$13.1M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,631.6	+0.231%	$377K	$67K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,628.8	+0.062%	$2.6M	$757K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.9	+0.063%	$2K	$138K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,628.2	+0.022%	—	—	10x	as long as short
Entropy io:OAI	+0.0191%	1h	1,673.5	+2.805%	$7.4M	$2.2M	6x	as long as short