Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.026%

Price spread now: Gate against ApeX Omni+0.434%7-day average −0.102% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$960.962% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.154%−$15 · spread now +0.434%, 7d avg −0.102%

Together, before fees−0.192%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.535% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.434% now, against its 7-day average of −0.102%): +$54 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 7.3 days. At the pace of the last 7 days (−0.038% 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 -0.038% in total (about -2.0% 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	0.2860	0.0479	pay 0.0060% / 1h	14m 52s	$53K	$700K	25x
Short	Gate USELESS_USDT	0.2872	0.0236	get 0.0118% / 4h	14m 52s	$7.2M	$8.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.434%Rate

Funding earned: −$51.11
Price spread: +0.434% → −0.102%: $53.54
Slippage, 4 orders: −$71.24
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$93.81
Costs to cover: 0.962%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 24 min ago; Gate: live order book, 4 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, 24 min ago	10.30 bp	18.2 bp −$18	110.4 bp −$1,104	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	6.29 bp	25.6 bp −$26	doesn't fit	doesn't fit	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	0.2874	+0.503%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2867	+0.259%	$30K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2874	+0.493%	$5.2M	$10.8M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2878	+0.622%	$5.5M	$11.0M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2874	+0.483%	$28K	$281K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2873	+0.462%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2873	+0.444%	$19K	$514K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2873	+0.462%	$655K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0109%	4h	0.2877	+0.587%	$10.0M	$73.3M	10x	as long as short
Aevo USELESS-PERP	+0.0168%	1h	0.2872	+0.436%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDTshort	+0.0236%	4h	0.2872	+0.434%	$7.2M	$8.9M	50x
edgeX USELESSUSDC	+0.0347%	4h	0.2874	+0.473%	$21K	$199K	10x	as long as short
Aster USELESSUSDT	+0.0366%	4h	0.2871	+0.389%	$565K	$2.2M	10x	as long as short
MEXC USELESS_USDT	+0.0366%	4h	0.2878	+0.615%	$12.7M	$6.3M	50x	as long as short
Binance USELESSUSDT	+0.0367%	4h	0.2878	+0.640%	$24.0M	$127.3M	50x	as long as short
Extended USELESS-USD	+0.0368%	1h	0.2877	+0.599%	$274K	$1.7M	5x	as long as short
ApeX Omni USELESSUSDTlong	+0.0479%	1h	0.2860	long leg	$53K	$700K	25x
BingX USELESS-USDT	+0.0582%	4h	0.2878	+0.626%	—	$5.4M	—	as long as short
Variational Omni USELESS	+0.0643%	4h	0.2875	+0.532%	$1.2M	$1.9M	—	as long as short
Bybit USELESSUSDT	+0.0651%	4h	0.2878	+0.615%	$27.3M	$50.5M	13x	as long as short
BloFin USELESS-USDT	+0.0891%	4h	0.2877	+0.594%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0964%	4h	0.2875	+0.510%	$21K	$1.7M	10x	as long as short
Hyperliquid USELESS	+0.1176%	1h	0.2880	+0.685%	$12.6M	$23.8M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3027	+5.825%	$5K	$11K	5.5x	as long as short