Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h +0.067%

Price spread now: MEXC against ApeX Omni−0.495%51s7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as 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−$580.577% of the position

Long on ApeX Omni Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)+0.840%+$84 · spread now −0.495%, 7d avg +0.033%

Together, before fees+0.968%+$97 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and MEXC is 0.528% cheaper against ApeX Omni than usual: you would sell low and buy high (−$53 if the spread goes back to its 7-day average of +0.033%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.127%, so the current rate has only just turned against you. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni USELESSUSDT	0.2907	0.0475	pay 0.0059% / 1h	0m 29s	$53K	$701K	25x
Short	MEXC USELESS_USDT	0.2893	0.0382	get 0.0191% / 4h	0m 29s	$12.9M	$6.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.495%Rate

Funding earned: −$19.54
Price spread: −0.495% → +0.033%: −$52.8
Slippage, 4 orders: −$39.74
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee MEXC: 4 bp × 2 orders: −$8
Net: −$130.08
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 38 min ago; MEXC: live order book, 3 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, 38 min ago	10.30 bp	18.2 bp −$18	110.4 bp −$1,104	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.21 bp	9.5 bp −$10	48.7 bp −$487	175.4 bp −$17.5K	589.3 bp −$294.7K

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	0.2891	−0.537%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2891	−0.549%	$31K	$19K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2892	−0.519%	$10.1M	$73.6M	10x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2893	−0.488%	$5.3M	$10.8M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2893	−0.475%	$5.6M	$11.0M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2888	−0.664%	$28K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2900	−0.227%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2899	−0.258%	$19K	$515K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2898	−0.296%	$663K	$1.3M	20x	as long as short
Aevo USELESS-PERP	+0.0176%	1h	0.2901	−0.214%	$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_USDT	+0.0178%	4h	0.2894	−0.447%	$7.3M	$8.9M	50x	as long as short
Aster USELESSUSDT	+0.0328%	4h	0.2891	−0.547%	$569K	$2.2M	10x	as long as short
edgeX USELESSUSDC	+0.0359%	4h	0.2905	−0.061%	$22K	$199K	10x	as long as short
Binance USELESSUSDT	+0.0381%	4h	0.2893	−0.487%	$24.1M	$127.7M	50x	as long as short
MEXC USELESS_USDTshort	+0.0382%	4h	0.2893	−0.495%	$12.9M	$6.4M	50x
Extended USELESS-USD	+0.0384%	1h	0.2892	−0.533%	$278K	$1.7M	5x	as long as short
ApeX Omni USELESSUSDTlong	+0.0475%	1h	0.2907	long leg	$53K	$701K	25x
BingX USELESS-USDT	+0.0658%	4h	0.2894	−0.447%	—	$5.4M	—	as long as short
Bybit USELESSUSDT	+0.0706%	4h	0.2893	−0.482%	$27.8M	$51.0M	13x	as long as short
Variational Omni USELESS	+0.0743%	4h	0.2901	−0.215%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.0960%	4h	0.2900	−0.237%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0968%	4h	0.2899	−0.261%	$21K	$1.8M	10x	as long as short
Hyperliquid USELESS	+0.1225%	1h	0.2895	−0.399%	$12.7M	$23.7M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3098	+6.584%	$5K	$11K	5.5x	as long as short