Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0722%/8h= −79.1% APRpaid last 24h −0.132%

Price spread now: Polymarket Perps against BingX+0.225%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$207as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$1711.713% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.359%−$36 on $10k

Price spread, last 7 days−0.255%−$26 · spread now +0.225%, 7d avg +0.043%

Together, before fees−0.614%−$61 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.182% dearer against BingX than usual: you sell high and buy low (spread +0.225% now, against its 7-day average of +0.043%): +$18 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 7 days (−0.359% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.359% in total (about -18.7% 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	BingX USELESS-USDT	0.2616	0.0822	pay 0.0411% / 4h	3h 32m	—	$5.3M	—
Short	Polymarket Perps USELESS-USD	0.2622	0.0100	get 0.0013% / 1h	32m 54s	$25K	$232K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BingX. 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 BingXbpFee Polymarket PerpsbpOrdersPrice spread, now +0.225%Rate

Funding earned: −$151.62
Price spread: +0.225% → +0.043%: $18.21
Slippage, 4 orders: −$153.29
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$304.7
Costs to cover: 1.713%
Break-even: never at this rate

Slippage from BingX: live order book, 2 min ago; Polymarket Perps: live order book, 19 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, 2 min ago	3.83 bp	19.0 bp −$19	52.4 bp −$524	397.0 bp −$39.7K	1178.4 bp −$589.2K
Sell Polymarket Perps live order book, 19 min ago	4.37 bp	73.6 bp −$74	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	0.2618	+0.046%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2617	+0.031%	$28K	$18K	3x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2618	+0.057%	$36K	$696K	25x	as long as short
Polymarket Perps USELESS-USDshort	+0.0100%	1h	0.2622	+0.225%	$25K	$232K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2626	+0.382%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2620	+0.141%	$18K	$520K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2622	+0.225%	$601K	$1.1M	20x	as long as short
Aevo USELESS-PERP	+0.0168%	1h	0.2619	+0.080%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0196%	4h	0.2615	−0.042%	$8.9M	$63.3M	10x	as long as short
Bitget USELESSUSDT	+0.0216%	4h	0.2617	+0.019%	$5.0M	$10.3M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0224%	4h	0.2619	+0.084%	$4.7M	$10.7M	12x	as long as short
Aster USELESSUSDT	+0.0266%	4h	0.2618	+0.075%	$518K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0356%	4h	0.2618	+0.060%	$19K	$197K	10x	as long as short
Extended USELESS-USD	+0.0360%	1h	0.2619	+0.094%	$112K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0361%	4h	0.2617	+0.015%	$21.8M	$121.9M	50x	as long as short
MEXC USELESS_USDT	+0.0362%	4h	0.2619	+0.080%	$10.6M	$6.0M	50x	as long as short
Hyperliquid USELESS	+0.0419%	1h	0.2619	+0.092%	$11.5M	$22.6M	3x	as long as short
Variational Omni USELESS	+0.0590%	4h	0.2630	+0.500%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0598%	4h	0.2616	−0.038%	$6.5M	$8.6M	50x	as long as short
BingX USELESS-USDTlong	+0.0822%	4h	0.2616	long leg	—	$5.3M	—
BloFin USELESS-USDT	+0.1063%	4h	0.2619	+0.099%	$1.1M	$1.9M	12x	as long as short
Bybit USELESSUSDT	+0.1195%	4h	0.2615	−0.057%	$24.7M	$48.6M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1303%	4h	0.2619	+0.103%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2767	+5.744%	$5K	$11K	5.5x	as long as short