OpenAI's Realtime API offers low-latency, multi-modal communication through text and audio, and by integrating it with Helicone, users can efficiently monitor and analyze their real-time applications without altering core code. The integration involves setting up a WebSocket connection via Helicone's gateway, which allows for comprehensive session logging and analysis through additional headers. This setup provides benefits such as zero-latency overhead, comprehensive visibility of interactions, session analysis, cost monitoring, and performance insights. The guide explains how to configure the environment, establish the WebSocket connection, handle various events, and enhance analytics with Helicone's features, enabling users to track and understand user journeys and API usage, as well as optimize application performance.