Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1158%/8h= +126.8% APRpaid last 24h +0.099%

Price spread now: BingX against ApeX Omni−2.615%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$333as in the Price arb table

costs, in and out, $10k−$750.749% of the position

Long on ApeX Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 3 days (all we have)+2.593%+$259 · spread now −2.615%, 7d avg −0.031%

Together, before fees+2.775%+$277 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 2.584% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −2.615% now, against its 7-day average of −0.031%). If the spread goes back, that is −$258 on $10k: about 7.4 days of funding at the current rate (+$35 a day). At the pace of the last 7 days (+0.182% in total) that is about 3 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.182% in total (about 9.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni USELESSUSDT	0.2971	0.0328	pay 0.0041% / 1h	53m 21s	$42K	$698K	25x
Short	BingX USELESS-USDT	0.2893	0.1486	get 0.0743% / 4h	2h 53m	—	$4.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against ApeX Omni. 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 ApeX OmnibpFee BingXbpOrdersPrice spread, now −2.615%Rate

Funding earned: $243.15
Price spread: −2.615% → −0.031%: −$258.41
Slippage, 4 orders: −$54.91
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$90.18
Costs to cover: 0.749%
Break-even: 9.6 days

Slippage from ApeX Omni: live order book, 35 min ago; BingX: live order book, 12 min ago.

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 ApeX Omni live order book, 35 min ago	11.83 bp	19.7 bp −$20	125.5 bp −$1,255	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	2.87 bp	18.9 bp −$19	67.8 bp −$678	383.0 bp −$38.3K	doesn't fit

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	0.2897	−2.487%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2901	−2.358%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2889	−2.763%	$10.3M	$64.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2894	−2.578%	$28K	$134K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2907	−2.154%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2909	−2.090%	$20K	$375K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2904	−2.258%	$577K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0134%	4h	0.2892	−2.659%	$5.3M	$9.6M	12x	as long as short
Gate USELESS_USDT	+0.0188%	4h	0.2890	−2.733%	$7.2M	$7.7M	50x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2893	−2.612%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDTlong	+0.0328%	1h	0.2971	long leg	$42K	$698K	25x
Bitget USELESSUSDT	+0.0574%	4h	0.2894	−2.598%	$5.5M	$8.8M	20x	as long as short
Extended USELESS-USD	+0.0680%	1h	0.2890	−2.723%	$304K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0683%	4h	0.2894	−2.608%	$25.0M	$109.0M	50x	as long as short
edgeX USELESSUSDC	+0.0689%	4h	0.2939	−1.079%	$22K	$188K	10x	as long as short
MEXC USELESS_USDT	+0.0692%	4h	0.2893	−2.622%	$21.3M	$5.7M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1115%	4h	0.2892	−2.662%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1195%	4h	0.2985	+0.484%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1321%	1h	0.2900	−2.386%	$14.8M	$19.6M	3x	as long as short
Aster USELESSUSDT	+0.1355%	4h	0.2899	−2.427%	$674K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1441%	4h	0.2891	−2.696%	$29.1M	$42.7M	13x	as long as short
BingX USELESS-USDTshort	+0.1486%	4h	0.2893	−2.615%	—	$4.9M	—
BloFin USELESS-USDT	+0.2076%	4h	0.2945	−0.878%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3080	+3.672%	$5K	$10K	5.5x	as long as short