Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Phemex+2.778%7-day average +2.958% · you sell dearer than you buy

Net, funding: paid 7d − costs−$276as in the Funding arb table

Net, price: spread back to 7d avg − costs−$294as in the Price arb table

costs, in and out, $10k−$2762.762% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.121%+$12 · spread now +2.778%, 7d avg +2.958%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.180% cheaper against Phemex than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +2.958%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,624.4	0	get 0.0000% / 8h	38m 45s	$1.6M	$559K	10x
Short	Bybit OPENAIUSDT	1,669.5	0	get 0.0000% / 8h	38m 45s	$764K	$220K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +2.778%Rate

Funding earned: $0
Price spread: +2.778% → +2.958%: −$18
Slippage, 4 orders: −$253.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$294.17
Costs to cover: 2.762%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bybit: live order book, 36 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 Phemex live order book, 4 min ago	3.61 bp	69.3 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 36 min ago	10.55 bp	65.5 bp −$66	377.9 bp −$3,779	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	−0.0168%	1h	1,627.2	+0.175%	$236K	$145K	5x	as long as short
QFEX OPENAI-USD	−0.0010%	1h	1,624.5	+0.009%	$1.2M	$387K	10x	as long as short
Lighter OPENAI	0.0000%	1h	1,704.8	+4.955%	$1.4M	$286K	5x	as long as short
Bybit OPENAIUSDTshort	0.0000%	8h	1,669.5	+2.778%	$764K	$220K	25x
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,654.5	+1.856%	$5.1M	$1.4M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,621.7	−0.166%	$52.7M	$39.4M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,626.1	+0.110%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,625	+0.039%	—	$2.6M	10x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,625.7	+0.085%	$79K	$213K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,624.4	long leg	$1.6M	$559K	10x

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH OPENAI	+0.0032%	1h	1,677	+3.238%	$2.6M	$6.3M	5x	as long as short
Deribit OPENAI_USDC-PERPETUAL	+0.0041%	1h	1,625.7	+0.084%	—	$3	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,624	−0.021%	$131K	$667K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,629.4	+0.311%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,624.3	−0.004%	$23.1M	$18.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,624.5	+0.009%	$13.0M	$3.1M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,627.8	+0.212%	$376K	$63K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,624.2	−0.010%	$2.6M	$753K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,623.2	−0.072%	$2K	$141K	10x	as long as short
BloFin OPENAI-USDT	+0.0060%	8h	1,624.8	+0.025%	$473K	$275K	20x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,624.5	+0.009%	—	—	10x	as long as short
Entropy io:OAI	+0.0256%	1h	1,667.1	+2.631%	$7.4M	$2.2M	6x	as long as short