Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.014%

Price spread now: KuCoin against Lighter−5.355%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$3,534as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,080as in the Price arb table

costs, in and out, $10k−$3,54435.442% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

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

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. KuCoin is 5.355% cheaper against Lighter than usual: you would sell low and buy high (spread −5.355% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$535 on $10k: about 12 months of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OPENAI	1,709.9	0	get 0.0000% / 1h	10m 08s	$1.4M	$265K	5x
Short	KuCoin OPENAIUSDTM	1,618.3	0.0050	get 0.0050% / 8h	2h 10m	$372K	$70K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −5.355%Rate

Funding earned: $10.5
Price spread: −5.355% → 0.000%: −$535.47
Slippage, 4 orders: −$3,532.25
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$4,069.22
Costs to cover: 35.442%
Break-even: 2719.8 days

Slippage from Lighter: live order book, 1 min ago; KuCoin: live order book, 48 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, 1 min ago	2.11 bp	41.7 bp −$42	493.2 bp −$4,932	doesn't fit	doesn't fit
Sell KuCoin live order book, 48 min ago	8.00 bp	2878.3 bp −$2,878	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	1,618.8	−5.328%	$1.2M	$607K	10x	as long as short
Lighter OPENAIlong	0.0000%	1h	1,709.9	long leg	$1.4M	$265K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,659.9	−2.925%	$753K	$205K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,646.7	−3.696%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,616	−5.489%	$52.3M	$19.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,619.7	−5.278%	$5.4M	$5.0M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,619.1	−5.310%	—	$2.4M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,617.2	−5.424%	$79K	$225K	20x	as long as short
Phemex OPENAIUSDT	0.0000%	8h	1,618.5	−5.344%	$1.6M	$521K	10x	as long as short
Coinbase International OPENAI-PERP-INTX	+0.0016%	1h	1,620.9	−5.203%	$226K	$161K	5x	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	1,676.9	−1.931%	$2.7M	$6.2M	5x	as long as short
BloFin OPENAI-USDT	+0.0034%	8h	1,617.6	−5.396%	$470K	$289K	20x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,619.2	−5.306%	$141K	$896K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,622.7	−5.101%	$211K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,618.5	−5.342%	$22.8M	$17.4M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,619.1	−5.309%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTMshort	+0.0050%	8h	1,618.3	−5.355%	$372K	$70K	20x
Variational Omni OPENAI	+0.0050%	8h	1,616.6	−5.455%	$2.6M	$760K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,616.1	−5.484%	$2K	$170K	10x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,619.3	−5.296%	—	—	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.0106%	1h	1,619.6	−5.282%	—	$3	5x	as long as short
Entropy io:OAI	+0.0143%	1h	1,666.7	−2.526%	$7.6M	$2.3M	6x	as long as short