Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0983%/8h= +107.6% APRpaid last 24h +0.105%

Price spread now: Variational Omni against ApeX Omni+0.158%73s7-day average +0.108% · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.189%+$19 on $10k

Price spread, last 3 days (all we have)−0.042%−$4 · spread now +0.158%, 7d avg +0.108%

Together, before fees+0.147%+ Points / potential airdropVariational Omni: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and Variational Omni is 0.050% dearer against ApeX Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.108%. The two prices were read 73 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.189% in total (about 20.8% 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	0.2810	0.0235	pay 0.0029% / 1h	32m 25s	$39K	$701K	25x
Short	Variational Omni USELESS	0.2814	0.1218	get 0.0609% / 4h	32m 25s	$1.2M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.158%Rate

Funding earned: $206.35
Price spread: +0.158% → +0.108%: $4.98
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $201.33
Costs to cover: 0.100%
Break-even: 0.2 days

Slippage unknown: ApeX Omni: live order book, 46 min ago; Variational Omni: RFQ quote, 2 min ago. 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, 46 min ago	9.14 bp	18.7 bp −$19	107.3 bp −$1,073	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.55 bp	doesn't fit	53.2 bp −$532	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	0.2818	+0.285%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2815	+0.192%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2819	+0.331%	$9.9M	$66.4M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2822	+0.416%	$34K	$157K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2826	+0.573%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2814	+0.157%	$19K	$495K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2813	+0.093%	$569K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2816	+0.226%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDTlong	+0.0235%	1h	0.2810	long leg	$39K	$701K	25x
KuCoin USELESSUSDTM	+0.0274%	4h	0.2819	+0.310%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0336%	4h	0.2820	+0.349%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0382%	4h	0.2818	+0.267%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDC	+0.0506%	4h	0.2813	+0.101%	$21K	$192K	10x	as long as short
Binance USELESSUSDT	+0.0508%	4h	0.2822	+0.416%	$23.7M	$116.0M	50x	as long as short
MEXC USELESS_USDT	+0.0510%	4h	0.2823	+0.463%	$10.4M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2821	+0.375%	$297K	$966K	5x	as long as short
BingX USELESS-USDT	+0.1040%	4h	0.2821	+0.388%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1046%	4h	0.2821	+0.374%	$27.8M	$45.7M	13x	as long as short
Aster USELESSUSDT	+0.1111%	4h	0.2817	+0.251%	$648K	$2.3M	10x	as long as short
Variational Omni USELESSshort	+0.1218%	4h	0.2814	+0.158%	$1.2M	$1.8M	—
Orderly PERP_USELESS_USDC	+0.1342%	4h	0.2822	+0.438%	$22K	$1.4M	10x	as long as short
BloFin USELESS-USDT	+0.1381%	4h	0.2821	+0.381%	$1.2M	$2.0M	12x	as long as short
Hyperliquid USELESS	+0.1552%	1h	0.2827	+0.598%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2995	+6.580%	$5K	$9K	5.5x	as long as short