Funding arb · Price arb /

OPENAI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Lighter against Phemex+5.280%7-day average — · you sell dearer than you buy

Net, funding: paid 7d − costs−$189as in the Funding arb table

Net, price: spread back to 7d avg − costs+$339as in the Price arb table

costs, in and out, $10k−$1891.894% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 5.280% dearer against Phemex than usual: you sell high and buy low, +$528 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex OPENAIUSDT	1,621.7	0	get 0.0000% / 8h	5h 48m	$1.6M	$544K	10x
Short	Lighter OPENAI	1,707.3	0	get 0.0000% / 1h	48m 42s	$1.4M	$268K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +5.280%Rate

Funding earned: $0
Price spread: +5.280% → 0.000%: $527.98
Slippage, 4 orders: −$177.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $338.53
Costs to cover: 1.894%
Break-even: from the start

Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 8 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	3.17 bp	53.7 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	1.78 bp	41.2 bp −$41	124.2 bp −$1,242	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-INTX	−0.0104%	1h	1,623.3	+0.099%	$224K	$158K	5x	as long as short
Lighter OPENAIshort	0.0000%	1h	1,707.3	+5.280%	$1.4M	$268K	5x
Bybit OPENAIUSDT	0.0000%	8h	1,664.3	+2.632%	$763K	$203K	25x	as long as short
OKX OPENAI-USDT-SWAP	0.0000%	8h	1,650.9	+1.803%	$5.1M	$1.3M	20x	as long as short
Gate OPENAI_USDT	0.0000%	8h	1,618.8	−0.175%	$52.4M	$28.7M	50x	as long as short
Bitget OPENAIUSDT	0.0000%	8h	1,623.1	+0.087%	$5.5M	$5.1M	20x	as long as short
SunX OPENAI-USDT	0.0000%	8h	1,623.4	+0.107%	—	$2.4M	10x	as long as short
Deribit OPENAI_USDC-PERPETUAL	0.0000%	1h	1,621.8	+0.006%	—	$3	5x	as long as short
HTX OPENAI-USDT	0.0000%	8h	1,623.9	+0.136%	$79K	$216K	20x	as long as short
Phemex OPENAIUSDTlong	0.0000%	8h	1,621.7	long leg	$1.6M	$544K	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	+0.054%	$1.2M	$443K	10x	as long as short
Lighter RH OPENAI	+0.0032%	1h	1,674.8	+3.279%	$2.7M	$6.1M	5x	as long as short
Extended OPENAI-USD	+0.0048%	1h	1,621.2	−0.027%	$131K	$720K	10x	as long as short
Aster OPENAIUSDT	+0.0050%	8h	1,626.5	+0.300%	$212K	$3K	20x	as long as short
Binance OPENAIUSDT	+0.0050%	8h	1,621.6	−0.001%	$22.9M	$17.8M	20x	as long as short
MEXC OPENAI_USDT	+0.0050%	8h	1,621.8	+0.011%	$13.0M	$3.2M	50x	as long as short
KuCoin OPENAIUSDTM	+0.0050%	8h	1,622.1	+0.028%	$374K	$71K	20x	as long as short
Variational Omni OPENAI	+0.0050%	8h	1,622.7	+0.063%	$2.6M	$752K	—	as long as short
GRVT OPENAI_USDT_Perp	+0.0050%	8h	1,622.3	+0.040%	$2K	$137K	10x	as long as short
Entropy io:OAI	+0.0098%	1h	1,667.4	+2.821%	$7.4M	$2.1M	6x	as long as short
Aevo OPENAI-PERP	+0.0104%	1h	1,621.7	+0.002%	—	—	10x	as long as short