Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.016%

Price spread now: QFEX against KuCoin−0.202%7-day average −0.073% · 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−$3,523as in the Price arb table

costs, in and out, $10k−$3,51035.103% of the position

Long on KuCoin Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now −0.202%, 7d avg −0.073%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and QFEX is 0.129% cheaper against KuCoin than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin OPENAIUSDTM	1,625.3	0.0050	pay 0.0050% / 8h	4h 07m	$375K	$70K	20x
Short	QFEX OPENAI-USD	1,622	−0.0004	pay 0.0000% / 1h	7m 25s	$1.2M	$549K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX against KuCoin. 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 KuCoinbpFee QFEXbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$11.29
Price spread: −0.202% → −0.073%: −$12.93
Slippage, 4 orders: −$3,488.3
Fee KuCoin: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$3,534.51
Costs to cover: 35.103%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; QFEX: 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, 5 min ago	7.75 bp	576.6 bp −$577	doesn't fit	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.85 bp	9.3 bp −$9	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
Coinbase International OPENAI-PERP-INTX	−0.0024%	1h	1,624.9	−0.025%	$226K	$161K	5x	as long as short
QFEX OPENAI-USDshort	−0.0004%	1h	1,622	−0.202%	$1.2M	$549K	10x
Bybit OPENAIUSDT	0.0000%	8h	1,663.7	+2.362%	$755K	$207K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,652	+1.641%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,618.6	−0.413%	$52.4M	$28.1M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,623.6	−0.108%	$5.5M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.3	−0.125%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,621.9	−0.210%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623	−0.142%	$79K	$220K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,622	−0.202%	$1.6M	$546K	10x	as long as short

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	+5.397%	$1.4M	$266K	5x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,680.6	+3.402%	$2.7M	$6.2M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,621.6	−0.230%	$141K	$740K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,627.7	+0.149%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,622	−0.204%	$22.9M	$17.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,622.1	−0.202%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTMlong	+0.0050%	8h	1,625.3	long leg	$375K	$70K	20x
Variational Omni OPENAI	+0.0050%	8h	1,622.4	−0.182%	$2.6M	$766K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.2	−0.190%	$2K	$151K	10x	as long as short
BloFin OPENAI-USDT	+0.0075%	8h	1,622.7	−0.162%	$475K	$287K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,621.9	−0.209%	—	—	10x	as long as short
Entropy io:OAI	+0.0229%	1h	1,674.9	+3.050%	$7.7M	$2.3M	6x	as long as short