Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0482%/8h= −52.8% APRpaid last 24h −0.021%

Price spread now: OKX against ApeX Omni+1.183%7-day average −0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs+$51as in the Price arb table

costs, in and out, $10k−$730.735% of the position

Long on ApeX Omni Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 3 days (all we have)−1.091%−$109 · spread now +1.183%, 7d avg −0.065%

Together, before fees−1.143%−$114 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 1.248% dearer against ApeX Omni than usual: you sell high and buy low (spread +1.183% now, against its 7-day average of −0.065%): +$125 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 8.6 days. At the pace of the last 7 days (−0.052% in total) that is about 6 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.052% in total (about -2.7% 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	0.2789	0.0582	pay 0.0073% / 1h	53m 24s	$39K	$701K	25x
Short	OKX USELESS-USDT-SWAP	0.2822	0.0100	get 0.0050% / 4h	53m 24s	$9.8M	$66.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +1.183%Rate

Funding earned: −$101.19
Price spread: +1.183% → −0.065%: $124.83
Slippage, 4 orders: −$53.49
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$49.85
Costs to cover: 0.735%
Break-even: from the start

Slippage from ApeX Omni: live order book, 25 min ago; OKX: live order book, 5 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, 25 min ago	9.14 bp	18.7 bp −$19	107.3 bp −$1,073	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.36 bp	15.7 bp −$16	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	0.2823	+1.223%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2823	+1.215%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPshort	+0.0100%	4h	0.2822	+1.183%	$9.8M	$66.1M	10x
SunX USELESS-USDT	+0.0100%	4h	0.2825	+1.294%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2818	+1.043%	$18K	$492K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2809	+0.731%	$565K	$1.2M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0169%	1h	0.2823	+1.233%	$30K	$152K	3x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2824	+1.272%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0330%	4h	0.2822	+1.165%	$5.2M	$9.9M	12x	as long as short
Bitget USELESSUSDT	+0.0434%	4h	0.2822	+1.194%	$5.3M	$9.3M	20x	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	+0.0448%	4h	0.2818	+1.040%	$7.0M	$8.2M	50x	as long as short
edgeX USELESSUSDC	+0.0517%	4h	0.2810	+0.766%	$21K	$191K	10x	as long as short
Extended USELESS-USD	+0.0528%	1h	0.2824	+1.249%	$297K	$966K	5x	as long as short
MEXC USELESS_USDT	+0.0530%	4h	0.2827	+1.359%	$10.3M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0541%	4h	0.2823	+1.223%	$23.8M	$115.3M	50x	as long as short
ApeX Omni USELESSUSDTlong	+0.0582%	1h	0.2789	long leg	$39K	$701K	25x
Aster USELESSUSDT	+0.1160%	4h	0.2824	+1.244%	$650K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1194%	4h	0.2826	+1.316%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1221%	4h	0.2822	+1.190%	$28.0M	$45.4M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1334%	4h	0.2825	+1.305%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1387%	4h	0.2793	+0.157%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1497%	1h	0.2824	+1.244%	$14.0M	$20.9M	3x	as long as short
BloFin USELESS-USDT	+0.1587%	4h	0.2814	+0.896%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2957	+6.006%	$5K	$9K	5.5x	as long as short