Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.004%

Price spread now: KuCoin against Aevo−0.151%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aevo Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.151% cheaper against Aevo than usual: you would sell low and buy high (spread −0.151% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 7.4 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo USELESS-PERP	0.2853	0.0232	pay 0.0029% / 1h	1m 58s	$10K	—	3x
Short	KuCoin USELESSUSDTM	0.2849	0.0300	get 0.0150% / 4h	2h 01m	$5.3M	$9.7M	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Aevo. 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 AevobpFee KuCoinbpOrdersPrice spread, now −0.151%Rate

Funding earned: $14.28
Price spread: −0.151% → 0.000%: −$15.07
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$28.79
Costs to cover: 0.280%
Break-even: 21.1 days

Slippage unknown: Aevo: no order-book sample; KuCoin: live order book, 6 min ago. Net counts fees only.

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 Aevo no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 6 min ago	8.97 bp	48.5 bp −$49	doesn't fit	doesn't fit	doesn't fit

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

USELESS on 24 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
Lighter USELESS	+0.0096%	1h	0.2854	+0.025%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2850	−0.116%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2849	−0.126%	$10.1M	$64.3M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2851	−0.084%	$28K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2861	+0.284%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2848	−0.175%	$20K	$388K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2847	−0.231%	$574K	$1.2M	20x	as long as short
Aevo USELESS-PERPlong	+0.0232%	1h	0.2853	long leg	$10K	—	3x
KuCoin USELESSUSDTMshort	+0.0300%	4h	0.2849	−0.151%	$5.3M	$9.7M	12x
ApeX Omni USELESSUSDT	+0.0327%	1h	0.2850	−0.109%	$41K	$698K	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0424%	4h	0.2850	−0.109%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2854	+0.032%	$5.5M	$8.8M	20x	as long as short
edgeX USELESSUSDC	+0.0588%	4h	0.2856	+0.091%	$21K	$190K	10x	as long as short
Extended USELESS-USD	+0.0600%	1h	0.2852	−0.032%	$300K	$968K	5x	as long as short
MEXC USELESS_USDT	+0.0602%	4h	0.2854	+0.018%	$10.0M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0604%	4h	0.2852	−0.042%	$24.3M	$110.8M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1216%	4h	0.2857	+0.140%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1291%	4h	0.2853	−0.019%	$661K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1322%	4h	0.2853	0.000%	—	$4.9M	—	as long as short
Variational Omni USELESS	+0.1388%	4h	0.2853	+0.004%	$1.2M	$1.8M	—	as long as short
Bybit USELESSUSDT	+0.1396%	4h	0.2853	−0.004%	$28.9M	$43.1M	13x	as long as short
Hyperliquid USELESS	+0.1513%	1h	0.2857	+0.144%	$14.6M	$19.8M	3x	as long as short
BloFin USELESS-USDT	+0.1696%	4h	0.2862	+0.326%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3006	+5.373%	$5K	$10K	5.5x	as long as short