Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.014%

Price spread now: Aster against Lighter−4.553%7-day average −6.364% · you buy dearer than you sell

Net, funding: paid 7d − costs−$648as in the Funding arb table

Net, price: spread back to 7d avg − costs−$477as in the Price arb table

costs, in and out, $10k−$6586.582% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 4 days (all we have)−2.622%−$262 · spread now −4.553%, 7d avg −6.364%

Together, before fees−2.520%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$252 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Aster is 1.811% dearer against Lighter than usual: you sell high and buy low: +$181 more if the spread goes back to its 7-day average of −6.364%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OPENAI	1,714.8	0	get 0.0000% / 1h	2m 33s	$1.4M	$288K	5x
Short	Aster OPENAIUSDT	1,636.7	0.0050	get 0.0050% / 8h	7h 02m	$213K	$3K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −4.553%Rate

Funding earned: $10.5
Price spread: −4.553% → −6.364%: $181.06
Slippage, 4 orders: −$650.19
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$466.63
Costs to cover: 6.582%
Break-even: 318.1 days

Slippage from Lighter: live order book, 4 min ago; Aster: 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 Lighter live order book, 4 min ago	1.46 bp	124.3 bp −$124	907.9 bp −$9,079	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	53.91 bp	97.8 bp −$98	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	1,630.6	−4.906%	$226K	$150K	5x	as long as short
QFEX OPENAI-USD	0.0000%	1h	1,629.1	−4.994%	$1.2M	$421K	10x	as long as short
Lighter OPENAIlong	0.0000%	1h	1,714.8	long leg	$1.4M	$288K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,670	−2.608%	$768K	$207K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,657.6	−3.333%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,626.5	−5.147%	$52.6M	$39.2M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,630	−4.941%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,630	−4.943%	—	$2.5M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,630.2	−4.934%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,630.7	−4.905%	$79K	$214K	20x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex OPENAIUSDT	0.0000%	8h	1,629	−5.003%	$1.6M	$564K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,681.8	−1.923%	$2.7M	$6.3M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,628.9	−5.007%	$132K	$716K	10x	as long as short
Aster OPENAIUSDTshort	+0.0050%	8h	1,636.7	−4.553%	$213K	$3K	20x
Binance OPENAIUSDT	+0.0050%	8h	1,629.3	−4.985%	$23.1M	$18.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,629.3	−4.987%	$13.1M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,631.6	−4.850%	$377K	$67K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,629	−5.001%	$2.6M	$758K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,628.9	−5.008%	$2K	$138K	10x	as long as short
BloFin OPENAI-USDT	+0.0061%	8h	1,630	−4.944%	$475K	$280K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,629.8	−4.953%	—	—	10x	as long as short
Entropy io:OAI	+0.0110%	1h	1,673.4	−2.412%	$7.4M	$2.2M	6x	as long as short