Funding you earn now, next payment 08:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.50 per $10,000 · paid last 24h −0.015%
Price spread now: Phemex against KuCoin−0.032%50s7-day average −0.093% · you buy dearer than you sell
Net, funding: paid 7d − costs−$1,196as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1,18611.858% of the position
Funding, last 7 days−0.105%−$11 on $10k
+Price spread, last 4 days (all we have)+0.005%+$1 · spread now −0.032%, 7d avg −0.093%
=The price spread pays, funding is against you. Phemex is 0.062% dearer against KuCoin than usual: you sell high and buy low (spread −0.032% now, against its 7-day average of −0.093%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.1 days. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | KuCoin OPENAIUSDTM | 1,618.2 | 0.0050 | pay 0.0050% / 8h | 4m 19s | $373K | $74K | 20x |
| Short | Phemex OPENAIUSDT | 1,617.7 | 0 | get 0.0000% / 8h | 4m 19s | $1.6M | $501K | 10x |
KuCoin OPENAIUSDTM
Phemex OPENAIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against KuCoin. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$10.5
- Price spread: −0.032% → −0.093%
- $6.15
- Slippage, 4 orders
- −$1,161.77
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$1,190.12
- Costs to cover
- 11.858%
- Break-even
- never at this rate
Slippage from KuCoin: live order book, 29 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 KuCoin live order book, 29 min ago | 27.33 bp | 631.1 bp −$631 | doesn't fit | doesn't fit | doesn't fit |
| Sell Phemex live order book, 4 min ago | 2.66 bp | 60.4 bp −$60 | 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 | −0.0005% | 1h | 1,618 | −0.011% | $1.2M | $628K | 10x | as long as short |
| Lighter OPENAI | 0.0000% | 1h | 1,706.9 | +5.484% | $1.4M | $269K | 5x | as long as short |
| Bybit OPENAIUSDT | 0.0000% | 8h | 1,657 | +2.397% | $736K | $269K | 25x | as long as short |
| OKX OPENAI-USDT-SWAP | 0.0000% | 8h | 1,645.1 | +1.663% | $5.1M | $1.3M | 20x | as long as short |
| Gate OPENAI_USDT | 0.0000% | 8h | 1,617.5 | −0.045% | $45.6M | $14.1M | 50x | as long as short |
| Bitget OPENAIUSDT | 0.0000% | 8h | 1,619.5 | +0.078% | $5.3M | $4.5M | 20x | as long as short |
| SunX OPENAI-USDT | 0.0000% | 8h | 1,618 | −0.012% | — | $2.4M | 10x | as long as short |
| Deribit OPENAI_USDC-PERPETUAL | 0.0000% | 1h | 1,618.5 | +0.018% | — | $3 | 5x | as long as short |
| HTX OPENAI-USDT | 0.0000% | 8h | 1,617.9 | −0.020% | $79K | $225K | 20x | as long as short |
| Phemex OPENAIUSDTshort | 0.0000% | 8h | 1,617.7 | −0.032% | $1.6M | $501K | 10x |
QFEX OPENAI-USD
Lighter OPENAI
Bybit OPENAIUSDT
OKX OPENAI-USDT-SWAP
Gate OPENAI_USDT
Bitget OPENAIUSDT
SunX OPENAI-USDT
Deribit OPENAI_USDC-PERPETUAL
HTX OPENAI-USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH OPENAI | +0.0032% | 1h | 1,674 | +3.447% | $2.7M | $6.2M | 5x | as long as short |
| Extended OPENAI-USD | +0.0048% | 1h | 1,617.5 | −0.043% | $142K | $803K | 10x | as long as short |
| Aster OPENAIUSDT | +0.0050% | 8h | 1,620.7 | +0.156% | $211K | $3K | 20x | as long as short |
| Binance OPENAIUSDT | +0.0050% | 8h | 1,618 | −0.009% | $22.9M | $16.7M | 20x | as long as short |
| MEXC OPENAI_USDT | +0.0050% | 8h | 1,618 | −0.013% | $6.6M | $5.0M | 50x | as long as short |
| KuCoin OPENAIUSDTMlong | +0.0050% | 8h | 1,618.2 | long leg | $373K | $74K | 20x | |
| Variational Omni OPENAI | +0.0050% | 8h | 1,617.3 | −0.054% | $2.6M | $760K | — | as long as short |
| GRVT OPENAI_USDT_Perp | +0.0050% | 8h | 1,616.6 | −0.099% | $2K | $176K | 10x | as long as short |
| BloFin OPENAI-USDT | +0.0054% | 8h | 1,617.8 | −0.023% | $475K | $295K | 20x | as long as short |
| Coinbase International OPENAI-PERP-INTX | +0.0072% | 1h | 1,623.7 | +0.343% | $235K | $174K | 5x | as long as short |
| Aevo OPENAI-PERP | +0.0104% | 1h | 1,618.1 | −0.004% | — | — | 10x | as long as short |
| Entropy io:OAI | +0.0124% | 1h | 1,665.1 | +2.899% | $7.6M | $2.3M | 6x | as long as short |
Lighter RH OPENAI
Extended OPENAI-USD
Aster OPENAIUSDT
Binance OPENAIUSDT
MEXC OPENAI_USDT
Variational Omni OPENAI
GRVT OPENAI_USDT_Perp
BloFin OPENAI-USDT
Coinbase International OPENAI-PERP-INTX
Aevo OPENAI-PERP
Entropy io:OAI