For embeddings specifically, there are multiple open source models that outperform OpenAI’s best model (text-embedding-ada-002) that you can see on the MTEB Leaderboard [1]
> embedding-based approach will be cheaper and faster, but worse result than full text
I’m not sure results would be worse, I think it depends on the extent to which the models are able to ignore irrelevant context, which is a problem [2]. Using retrieval can come closer to providing only relevant context.