Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0311%/8h= −34.0% APRpaid last 24h +0.035%

Price spread now: Bitget against ApeX Omni+0.753%53s7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$890.894% of the position

Long on ApeX Omni Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now +0.753%, 7d avg −0.032%

Together, before fees+0.105%+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.785% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.753% now, against its 7-day average of −0.032%): +$78 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8.4 days. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.040% in total (about 2.1% 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	0.2817	0.0893	pay 0.0112% / 1h	32m 41s	$39K	$700K	25x
Short	Bitget USELESSUSDT	0.2838	0.0582	get 0.0291% / 4h	2h 32m	$5.4M	$9.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.753%Rate

Funding earned: −$65.22
Price spread: +0.753% → −0.032%: $78.46
Slippage, 4 orders: −$67.36
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$76.11
Costs to cover: 0.894%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 36 min ago; Bitget: live order book, 1 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, 36 min ago	5.18 bp	12.9 bp −$13	110.2 bp −$1,102	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	10.02 bp	38.3 bp −$38	doesn't fit	doesn't fit	doesn't fit

USELESS on 23 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	0.2840	+0.809%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2841	+0.852%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2836	+0.664%	$10.0M	$67.2M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2844	+0.948%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2836	+0.678%	$19K	$518K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2832	+0.532%	$606K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0122%	4h	0.2839	+0.799%	$5.2M	$10.3M	12x	as long as short
Gate USELESS_USDT	+0.0130%	4h	0.2834	+0.607%	$7.1M	$8.4M	50x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2843	+0.931%	$10K	—	3x	as long as short
edgeX USELESSUSDC	+0.0527%	4h	0.2821	+0.157%	$21K	$194K	10x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USELESS-USD	+0.0552%	1h	0.2842	+0.886%	$303K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0552%	4h	0.2843	+0.909%	$11.0M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0552%	4h	0.2841	+0.848%	$24.1M	$117.8M	50x	as long as short
Bitget USELESSUSDTshort	+0.0582%	4h	0.2838	+0.753%	$5.4M	$9.9M	20x
Polymarket Perps USELESS-USD	+0.0608%	1h	0.2843	+0.941%	$34K	$195K	3x	as long as short
BingX USELESS-USDT	+0.0622%	4h	0.2842	+0.902%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0626%	4h	0.2837	+0.706%	$27.6M	$46.6M	13x	as long as short
Variational Omni USELESS	+0.0890%	4h	0.2817	+0.011%	$1.2M	$1.7M	—	as long as short
ApeX Omni USELESSUSDTlong	+0.0893%	1h	0.2817	long leg	$39K	$700K	25x
Aster USELESSUSDT	+0.1083%	4h	0.2842	+0.870%	$652K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1280%	4h	0.2846	+1.029%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1333%	1h	0.2844	+0.944%	$14.2M	$20.9M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2985	+5.964%	$5K	$9K	5.5x	as long as short