Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0603%/8h= −66.0% APRpaid last 24h +0.030%

Price spread now: Phemex against ApeX Omni+0.296%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$214as in the Funding arb table

Net, price: spread back to 7d avg − costs−$191as in the Price arb table

costs, in and out, $10k−$2222.216% of the position

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)−0.281%−$28 · spread now +0.296%, 7d avg −0.006%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.301% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.296% now, against its 7-day average of −0.006%): +$30 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 40 hours. Mind the row above: over the last 7 days funding on this pair paid +0.074%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.074% in total (about 3.9% 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	0.2807	0.0703	pay 0.0088% / 1h	27m 23s	$39K	$699K	25x
Short	Phemex USELESSUSDT	0.2815	0.0100	get 0.0050% / 4h	2h 27m	$605K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.296%Rate

Funding earned: −$126.6
Price spread: +0.296% → −0.006%: $30.12
Slippage, 4 orders: −$199.56
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$318.05
Costs to cover: 2.216%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 41 min ago; Phemex: live order book, just now.

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, 41 min ago	5.18 bp	12.9 bp −$13	110.2 bp −$1,102	doesn't fit	doesn't fit
Sell Phemex live order book, just now	54.85 bp	108.0 bp −$108	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	0.2823	+0.552%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2822	+0.517%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2832	+0.894%	$10.0M	$66.9M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2831	+0.866%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2827	+0.705%	$18K	$519K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2815	+0.296%	$605K	$1.2M	20x
Gate USELESS_USDT	+0.0126%	4h	0.2827	+0.705%	$7.1M	$8.4M	50x	as long as short
KuCoin USELESSUSDTM	+0.0128%	4h	0.2830	+0.812%	$5.2M	$10.3M	12x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2822	+0.539%	$10K	—	3x	as long as short
MEXC USELESS_USDT	+0.0540%	4h	0.2831	+0.844%	$11.1M	$6.0M	50x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0542%	4h	0.2814	+0.255%	$21K	$193K	10x	as long as short
BingX USELESS-USDT	+0.0542%	4h	0.2828	+0.766%	—	$5.1M	—	as long as short
Extended USELESS-USD	+0.0544%	1h	0.2825	+0.628%	$302K	$1.2M	5x	as long as short
Polymarket Perps USELESS-USD	+0.0550%	1h	0.2832	+0.884%	$31K	$198K	3x	as long as short
Binance USELESSUSDT	+0.0556%	4h	0.2829	+0.770%	$23.9M	$117.5M	50x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2831	+0.837%	$5.4M	$9.9M	20x	as long as short
Bybit USELESSUSDT	+0.0629%	4h	0.2828	+0.745%	$27.5M	$46.4M	13x	as long as short
ApeX Omni USELESSUSDTlong	+0.0703%	1h	0.2807	long leg	$39K	$699K	25x
Variational Omni USELESS	+0.0851%	4h	0.2824	+0.592%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1079%	4h	0.2823	+0.577%	$648K	$2.3M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1279%	4h	0.2831	+0.837%	$22K	$1.3M	10x	as long as short
Hyperliquid USELESS	+0.1333%	1h	0.2834	+0.965%	$14.2M	$20.9M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2984	+6.299%	$5K	$9K	5.5x	as long as short