Funding you earn now, next payment 10:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h +0.001%
Price spread now: Phemex against QFEX−0.074%7-day average −0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$171as in the Price arb table
costs, in and out, $10k−$1641.636% of the position
Funding, last 4 days (all we have)+0.005%$0 on $10k
+Price spread, last 4 days (all we have)+0.194%+$19 · spread now −0.074%, 7d avg −0.002%
=Funding pays, the price is against you. Phemex is 0.071% cheaper against QFEX than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of −0.002%). If the spread goes back, that is −$7 on $10k: about 25 days of funding at the current rate ($0 a day). At the pace of the last 4 days (+0.005% in total) that is about 60 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | QFEX OPENAI-USD | 1,629.8 | −0.0010 | get 0.0001% / 1h | 55m 14s | $1.2M | $646K | 10x |
| Short | Phemex OPENAIUSDT | 1,628.6 | 0 | get 0.0000% / 8h | 6h 55m | $1.6M | $498K | 10x |
QFEX OPENAI-USD
Phemex OPENAIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against QFEX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $2.02
- Price spread: −0.074% → −0.002%
- −$7.15
- Slippage, 4 orders
- −$141.59
- Fee QFEX: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$168.72
- Costs to cover
- 1.636%
- Break-even
- 592.8 days
Slippage from QFEX: live order book, 1 min ago; Phemex: live order book, 3 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 QFEX live order book, 1 min ago | 2.12 bp | 9.8 bp −$10 | 16.6 bp −$166 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 2.15 bp | 71.9 bp −$72 | 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-USDlong | −0.0010% | 1h | 1,629.8 | long leg | $1.2M | $646K | 10x | |
| Lighter OPENAI | 0.0000% | 1h | 1,712.1 | +5.053% | $1.4M | $276K | 5x | as long as short |
| Bybit OPENAIUSDT | 0.0000% | 8h | 1,663.4 | +2.066% | $730K | $286K | 25x | as long as short |
| OKX OPENAI-USDT-SWAP | 0.0000% | 8h | 1,653.9 | +1.481% | $5.1M | $1.3M | 20x | as long as short |
| Gate OPENAI_USDT | 0.0000% | 8h | 1,625.4 | −0.270% | $47.3M | $11.2M | 50x | as long as short |
| Bitget OPENAIUSDT | 0.0000% | 8h | 1,629.6 | −0.010% | $5.4M | $3.8M | 20x | as long as short |
| SunX OPENAI-USDT | 0.0000% | 8h | 1,629.7 | −0.004% | — | $2.0M | 10x | as long as short |
| Deribit OPENAI_USDC-PERPETUAL | 0.0000% | 1h | 1,628.9 | −0.051% | $3K | $3K | 5x | as long as short |
| HTX OPENAI-USDT | 0.0000% | 8h | 1,630.7 | +0.054% | $79K | $225K | 20x | as long as short |
| Phemex OPENAIUSDTshort | 0.0000% | 8h | 1,628.6 | −0.074% | $1.6M | $498K | 10x |
Lighter OPENAI
Bybit OPENAIUSDT
OKX OPENAI-USDT-SWAP
Gate OPENAI_USDT
Bitget OPENAIUSDT
SunX OPENAI-USDT
Deribit OPENAI_USDC-PERPETUAL
HTX OPENAI-USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH OPENAI | +0.0032% | 1h | 1,677.9 | +2.954% | $2.8M | $6.2M | 5x | as long as short |
| Extended OPENAI-USD | +0.0048% | 1h | 1,629.3 | −0.028% | $142K | $808K | 10x | as long as short |
| Aster OPENAIUSDT | +0.0050% | 8h | 1,630.6 | +0.052% | $212K | $3K | 20x | as long as short |
| Binance OPENAIUSDT | +0.0050% | 8h | 1,629.1 | −0.041% | $23.0M | $16.6M | 20x | as long as short |
| MEXC OPENAI_USDT | +0.0050% | 8h | 1,630.5 | +0.045% | $6.7M | $2.4M | 50x | as long as short |
| KuCoin OPENAIUSDTM | +0.0050% | 8h | 1,630.7 | +0.056% | $376K | $150K | 20x | as long as short |
| Variational Omni OPENAI | +0.0050% | 8h | 1,629.6 | −0.010% | $2.6M | $766K | — | as long as short |
| GRVT OPENAI_USDT_Perp | +0.0050% | 8h | 1,630.1 | +0.023% | $2K | $173K | 10x | as long as short |
| BloFin OPENAI-USDT | +0.0075% | 8h | 1,628.9 | −0.053% | $477K | $311K | 20x | as long as short |
| Aevo OPENAI-PERP | +0.0104% | 1h | 1,629.2 | −0.032% | — | — | 10x | as long as short |
| Entropy io:OAI | +0.0208% | 1h | 1,669.3 | +2.425% | $7.6M | $2.4M | 6x | as long as short |
| Coinbase International OPENAI-PERP-INTX | +0.0720% | 1h | 1,637.8 | +0.492% | $232K | $176K | 5x | as long as short |
Lighter RH OPENAI
Extended OPENAI-USD
Aster OPENAIUSDT
Binance OPENAIUSDT
MEXC OPENAI_USDT
KuCoin OPENAIUSDTM
Variational Omni OPENAI
GRVT OPENAI_USDT_Perp
BloFin OPENAI-USDT
Aevo OPENAI-PERP
Entropy io:OAI
Coinbase International OPENAI-PERP-INTX