Funding arb · Price arb /

OPENAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0104%/8h= +11.4% APRnext payment +$0.13 per $10,000 · paid last 24h —

Price spread now: Aevo against Lighter−5.537%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Aevo is 5.537% cheaper against Lighter than usual: you would sell low and buy high (spread −5.537% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$554 on $10k: about 6 months of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OPENAI	1,712.9	0	get 0.0000% / 1h	26m 40s	$1.4M	$264K	5x
Short	Aevo OPENAI-PERP	1,618	0.0104	get 0.0013% / 1h	26m 40s	—	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Lighter. 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 LighterbpFee AevobpOrdersPrice spread, now −5.537%Rate

Funding earned: $21.84
Price spread: −5.537% → 0.000%: −$553.74
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$547.9
Costs to cover: 0.160%
Break-even: 182.6 days

Slippage unknown: Lighter: live order book, 10 min ago; Aevo: no order-book sample. Net counts fees only.

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 Lighter live order book, 10 min ago	0.93 bp	29.9 bp −$30	473.9 bp −$4,739	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0002%	1h	1,617.6	−5.563%	$1.2M	$609K	10x	as long as short
Lighter OPENAIlong	0.0000%	1h	1,712.9	long leg	$1.4M	$264K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,659	−3.145%	$753K	$204K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,648.8	−3.742%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,614.6	−5.737%	$52.3M	$18.1M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,619.3	−5.463%	$5.4M	$4.6M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,619.9	−5.429%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,618.8	−5.493%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,618.3	−5.522%	$79K	$228K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,617.8	−5.551%	$1.6M	$509K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,680.1	−1.916%	$2.7M	$6.1M	5x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.0040%	1h	1,625	−5.129%	$226K	$162K	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,617.6	−5.564%	$144K	$581K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,621.8	−5.318%	$211K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,618	−5.541%	$22.8M	$16.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,618	−5.543%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,620.5	−5.397%	$372K	$68K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,618.8	−5.493%	$2.6M	$757K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,617.9	−5.546%	$2K	$176K	10x	as long as short
BloFin OPENAI-USDT	+0.0066%	8h	1,618.1	−5.535%	$473K	$289K	20x	as long as short
Aevo OPENAI-PERPshort	+0.0104%	1h	1,618	−5.537%	—	—	10x
Entropy io:OAI	+0.0146%	1h	1,670.2	−2.492%	$7.7M	$2.3M	6x	as long as short