Funding arb · Price arb /

OPENAI

RWAall OPENAI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h +0.251%

Price spread now: Coinbase International against Phemex+0.062%7-day average +0.469% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$1531.528% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.786%+$79 on $10k

Price spread, last 3 days (all we have)+1.012%+$101 · spread now +0.062%, 7d avg +0.469%

Together, before fees+1.798%+$180 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Coinbase International is 0.407% cheaper against Phemex than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of +0.469%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.786%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,622.3	0	get 0.0000% / 8h	5h 51m	$1.6M	$546K	10x
Short	Coinbase International OPENAI-PERP-INTX	1,623.3	−0.0104	pay 0.0013% / 1h	51m 51s	$224K	$158K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$21.84
Price spread: +0.062% → +0.469%: −$40.71
Slippage, 4 orders: −$130.78
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$215.33
Costs to cover: 1.528%
Break-even: never at this rate

Slippage from Phemex: live order book, 1 min ago; Coinbase International: live order book, 11 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, 1 min ago	3.17 bp	53.7 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 11 min ago	5.85 bp	13.0 bp −$13	42.0 bp −$420	doesn't fit	doesn't fit

OPENAI on 21 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-INTXshort	−0.0104%	1h	1,623.3	+0.062%	$224K	$158K	5x
Lighter OPENAI	0.0000%	1h	1,708.1	+5.290%	$1.4M	$268K	5x	as long as short
Bybit OPENAIUSDT	0.0000%	8h	1,666.2	+2.710%	$764K	$203K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,651.1	+1.778%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,619.8	−0.151%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,624.4	+0.130%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.5	+0.077%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,623.4	+0.070%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623	+0.049%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,622.3	long leg	$1.6M	$546K	10x

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX OPENAI-USD	0.0000%	1h	1,622.5	+0.018%	$1.2M	$437K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,675.3	+3.271%	$2.7M	$6.1M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,622.1	−0.009%	$131K	$720K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,628.6	+0.391%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,622.5	+0.018%	$22.9M	$17.9M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,622.8	+0.033%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,621.9	−0.021%	$373K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,623.1	+0.052%	$2.6M	$752K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622	−0.013%	$2K	$138K	10x	as long as short
Entropy io:OAI	+0.0100%	1h	1,667.9	+2.814%	$7.4M	$2.1M	6x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,622.1	−0.010%	—	—	10x	as long as short