Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.040%

Price spread now: Phemex against Aevo+0.170%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Phemex

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

The price spread pays, funding is against you. Phemex is 0.170% dearer against Aevo than usual: you sell high and buy low (spread +0.170% now, against zero (this spread has no 7-day history yet)): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo USELESS-PERP	0.2865	0.0200	pay 0.0025% / 1h	17m 02s	$10K	—	3x
Short	Phemex USELESSUSDT	0.2870	0.0100	get 0.0050% / 4h	3h 17m	$607K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.170%Rate

Funding earned: −$21
Price spread: +0.170% → 0.000%: $17
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32
Costs to cover: 0.280%
Break-even: never at this rate

Slippage unknown: Aevo: no order-book sample; Phemex: live order book, 1 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 Phemex live order book, 1 min ago	41.03 bp	139.9 bp −$140	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	0.2877	+0.407%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2864	−0.029%	$32K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2880	+0.509%	$10.1M	$67.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2876	+0.390%	$50K	$173K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2879	+0.477%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2869	+0.149%	$19K	$510K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2870	+0.170%	$607K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0154%	4h	0.2873	+0.282%	$5.3M	$10.1M	12x	as long as short
Aevo USELESS-PERPlong	+0.0200%	1h	0.2865	long leg	$10K	—	3x
ApeX Omni USELESSUSDT	+0.0444%	1h	0.2856	−0.315%	$40K	$699K	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USELESS-USD	+0.0472%	1h	0.2874	+0.327%	$304K	$1.2M	5x	as long as short
Binance USELESSUSDT	+0.0474%	4h	0.2881	+0.564%	$24.3M	$116.3M	50x	as long as short
edgeX USELESSUSDC	+0.0475%	4h	0.2857	−0.289%	$21K	$193K	10x	as long as short
MEXC USELESS_USDT	+0.0482%	4h	0.2875	+0.351%	$10.9M	$6.0M	50x	as long as short
Bitget USELESSUSDT	+0.0530%	4h	0.2880	+0.536%	$5.6M	$9.6M	20x	as long as short
Gate USELESS_USDT	+0.0670%	4h	0.2870	+0.160%	$7.2M	$8.4M	50x	as long as short
Bybit USELESSUSDT	+0.0740%	4h	0.2877	+0.400%	$28.1M	$46.3M	13x	as long as short
BingX USELESS-USDT	+0.0866%	4h	0.2880	+0.533%	—	$5.1M	—	as long as short
Variational Omni USELESS	+0.1037%	4h	0.2856	−0.323%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1050%	4h	0.2871	+0.215%	$660K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1129%	1h	0.2881	+0.571%	$14.5M	$21.0M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1241%	4h	0.2874	+0.320%	$22K	$1.4M	10x	as long as short
BloFin USELESS-USDT	+0.1274%	4h	0.2874	+0.327%	$1.2M	$2.1M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3035	+5.943%	$5K	$9K	5.5x	as long as short