Funding you earn now, next payment 00:00 UTC−0.1386%/8h= −151.8% APRnext payment −$6.93 per $10,000 · paid last 24h −0.071%
Price spread now: Phemex against BingX+0.260%7-day average +0.034% · you sell dearer than you buy
Net, funding: paid 7d − costs−$149as in the Funding arb table
Net, price: spread back to 7d avg − costs−$116as in the Price arb table
costs, in and out, $10k−$1391.386% of the position
Funding, last 7 days−0.100%−$10 on $10k
+Price spread, last 3 days (all we have)−0.677%−$68 · spread now +0.260%, 7d avg +0.034%
=The price spread pays, funding is against you. Phemex is 0.226% dearer against BingX than usual: you sell high and buy low (spread +0.260% now, against its 7-day average of +0.034%): +$23 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.100% in total) that is about 16 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.100% in total (about -5.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$6.93 per $10,000. 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 | BingX USELESS-USDT | 0.2882 | 0.1486 | pay 0.0743% / 4h | 2h 52m | — | $4.9M | — |
| Short | Phemex USELESSUSDT | 0.2890 | 0.0100 | get 0.0050% / 4h | 2h 52m | $574K | $1.3M | 20x |
BingX USELESS-USDT
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against BingX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$291.06
- Price spread: +0.260% → +0.034%
- $22.64
- Slippage, 4 orders
- −$116.63
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$407.05
- Costs to cover
- 1.386%
- Break-even
- never at this rate
Slippage from BingX: live order book, 12 min ago; Phemex: 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 BingX live order book, 12 min ago | 2.87 bp | 16.6 bp −$17 | 62.0 bp −$620 | 434.2 bp −$43.4K | 1257.1 bp −$628.6K |
| Sell Phemex live order book, 5 min ago | 17.38 bp | 54.5 bp −$55 | 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 | 0.2878 | −0.139% | $1.3M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2901 | +0.650% | $32K | $70K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2878 | −0.160% | $10.2M | $64.4M | 10x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2894 | +0.423% | $28K | $134K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2891 | +0.316% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2897 | +0.496% | $20K | $375K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2890 | +0.260% | $574K | $1.3M | 20x | |
| KuCoin USELESSUSDTM | +0.0134% | 4h | 0.2879 | −0.118% | $5.3M | $9.6M | 12x | as long as short |
| Gate USELESS_USDT | +0.0188% | 4h | 0.2880 | −0.090% | $7.2M | $7.7M | 50x | as long as short |
| Aevo USELESS-PERP | +0.0240% | 1h | 0.2893 | +0.389% | $10K | — | 3x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
KuCoin USELESSUSDTM
Gate USELESS_USDT
Aevo USELESS-PERPShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni USELESSUSDT | +0.0328% | 1h | 0.2971 | +3.081% | $42K | $698K | 25x | as long as short |
| Bitget USELESSUSDT | +0.0574% | 4h | 0.2884 | +0.056% | $5.5M | $8.8M | 20x | as long as short |
| Binance USELESSUSDT | +0.0671% | 4h | 0.2878 | −0.150% | $24.9M | $109.2M | 50x | as long as short |
| Extended USELESS-USD | +0.0680% | 1h | 0.2882 | −0.007% | $304K | $967K | 5x | as long as short |
| edgeX USELESSUSDC | +0.0689% | 4h | 0.2939 | +1.969% | $22K | $188K | 10x | as long as short |
| MEXC USELESS_USDT | +0.0692% | 4h | 0.2883 | +0.031% | $21.2M | $5.7M | 50x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1115% | 4h | 0.2892 | +0.337% | $22K | $1.4M | 10x | as long as short |
| Variational Omni USELESS | +0.1195% | 4h | 0.2985 | +3.580% | $1.2M | $1.7M | — | as long as short |
| Hyperliquid USELESS | +0.1282% | 1h | 0.2887 | +0.163% | $14.8M | $19.6M | 3x | as long as short |
| Aster USELESSUSDT | +0.1323% | 4h | 0.2881 | −0.056% | $670K | $2.1M | 10x | as long as short |
| Bybit USELESSUSDT | +0.1441% | 4h | 0.2882 | −0.007% | $29.0M | $42.7M | 13x | as long as short |
| BingX USELESS-USDTlong | +0.1486% | 4h | 0.2882 | long leg | — | $4.9M | — | |
| BloFin USELESS-USDT | +0.2000% | 4h | 0.2893 | +0.392% | $1.3M | $2.0M | 12x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.3080 | +6.866% | $5K | $10K | 5.5x | as long as short |
ApeX Omni USELESSUSDT
Bitget USELESSUSDT
Binance USELESSUSDT
Extended USELESS-USD
edgeX USELESSUSDC
MEXC USELESS_USDT
Orderly PERP_USELESS_USDC
Variational Omni USELESS
Hyperliquid USELESS
Aster USELESSUSDT
Bybit USELESSUSDT
BloFin USELESS-USDT
Injective USELESS/USDC PERP