Okay bye is another form of asking " are you
joking me?". It can also mean "whatever" or "I can't believe he/she said that!". You can also use it when you see something that is
not okay, disturbing, or really funny. It is commonly used in the female population.
Boy: " You look like
Air Bud"
Girl:
OKAYBYE! No I don't
Girl 1: " Did you see that girls camel toe?!"
Girl 2: "Yeah and i was like
OKAY BYE!"