Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1029%/8h= +112.7% APRpaid last 24h +0.220%

Price spread now: Orderly against ApeX Omni+0.403%7-day average −0.047% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.806%+$81 on $10k

Price spread, last 3 days (all we have)−0.518%−$52 · spread now +0.403%, 7d avg −0.047%

Together, before fees+0.288%+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$31 a day on $10k at the current rate, and Orderly is 0.451% dearer against ApeX Omni than usual: you sell high and buy low: +$45 more if the spread goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni USELESSUSDT	0.2925	0.0100	pay 0.0013% / 1h	44m 39s	$42K	$696K	25x
Short	Orderly PERP_USELESS_USDC	0.2937	0.1129	get 0.0565% / 4h	2h 44m	$22K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.403%Rate

Funding earned: $216.18
Price spread: +0.403% → −0.047%: $45.09
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $245.27
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: ApeX Omni: live order book, 44 min ago; Orderly: no order-book sample. Net counts fees only.

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, 44 min ago	11.83 bp	19.7 bp −$20	125.5 bp −$1,255	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2932	+0.253%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2937	+0.393%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2937	+0.403%	$10.4M	$65.7M	10x	as long as short
ApeX Omni USELESSUSDTlong	+0.0100%	1h	0.2925	long leg	$42K	$696K	25x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2935	+0.328%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2934	+0.294%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2931	+0.198%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2928	+0.116%	$581K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0160%	4h	0.2935	+0.332%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2938	+0.445%	$11K	—	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	+0.0308%	4h	0.2937	+0.407%	$7.3M	$7.7M	50x	as long as short
Bitget USELESSUSDT	+0.0558%	4h	0.2938	+0.431%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0669%	4h	0.2925	+0.012%	$22K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0692%	4h	0.2935	+0.349%	$10.3M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0692%	4h	0.2936	+0.379%	$25.3M	$109.1M	50x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2937	+0.423%	$308K	$967K	5x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1129%	4h	0.2937	+0.403%	$22K	$1.4M	10x
Variational Omni USELESS	+0.1247%	4h	0.2932	+0.224%	$1.2M	$1.7M	—	as long as short
BingX USELESS-USDT	+0.1312%	4h	0.2940	+0.516%	—	$4.9M	—	as long as short
Aster USELESSUSDT	+0.1364%	4h	0.2936	+0.362%	$677K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1417%	4h	0.2939	+0.465%	$29.5M	$42.7M	13x	as long as short
Hyperliquid USELESS	+0.1572%	1h	0.2938	+0.438%	$15.0M	$19.6M	3x	as long as short
BloFin USELESS-USDT	+0.1842%	4h	0.2938	+0.441%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+6.140%	$5K	$10K	5.5x	as long as short