Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0724%/8h= +79.2% APRpaid last 24h −0.034%

Price spread now: ApeX Omni against Bitget+0.784%63s7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$960.958% of the position

Long on Bitget Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.036%−$4 on $10k

Price spread, last 4 days (all we have)−0.899%−$90 · spread now +0.784%, 7d avg +0.012%

Together, before fees−0.934%−$93 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and ApeX Omni is 0.771% dearer against Bitget than usual: you sell high and buy low: +$77 more if the spread goes back to its 7-day average of +0.012%. The two prices were read 63 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 7 days it paid -0.036% in total (about -1.9% 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	Bitget USELESSUSDT	0.2666	0.0108	pay 0.0054% / 4h	2h 40m	$5.1M	$10.4M	20x
Short	ApeX Omni USELESSUSDT	0.2687	0.0832	get 0.0104% / 1h	40m 25s	$47K	$698K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bitget. 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 BitgetbpFee ApeX OmnibpOrdersPrice spread, now +0.784%Rate

Funding earned: $151.97
Price spread: +0.784% → +0.012%: $77.15
Slippage, 4 orders: −$73.76
Fee Bitget: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $133.37
Costs to cover: 0.958%
Break-even: 0.9 days

Slippage from Bitget: live order book, 3 min ago; ApeX Omni: live order book, 8 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 Bitget live order book, 3 min ago	4.65 bp	28.6 bp −$29	85.6 bp −$856	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 8 min ago	11.14 bp	20.9 bp −$21	109.9 bp −$1,099	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	0.2655	−0.424%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2664	−0.066%	$11.5M	$22.9M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2667	+0.034%	$523K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2657	−0.354%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2665	−0.060%	$26K	$245K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2701	+1.302%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2697	+1.151%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2697	+1.178%	$638K	$1.1M	20x	as long as short
Bitget USELESSUSDTlong	+0.0108%	4h	0.2666	long leg	$5.1M	$10.4M	20x
KuCoin USELESSUSDTM	+0.0126%	4h	0.2662	−0.161%	$4.8M	$10.6M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0136%	1h	0.2670	+0.136%	$10K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0144%	4h	0.2664	−0.068%	$9.1M	$64.8M	10x	as long as short
edgeX USELESSUSDC	+0.0216%	4h	0.2691	+0.943%	$20K	$195K	10x	as long as short
Binance USELESSUSDT	+0.0223%	4h	0.2666	+0.008%	$22.2M	$122.0M	50x	as long as short
Extended USELESS-USD	+0.0224%	1h	0.2657	−0.360%	$113K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0226%	4h	0.2666	0.000%	$10.8M	$6.0M	50x	as long as short
Bybit USELESSUSDT	+0.0379%	4h	0.2661	−0.195%	$25.1M	$48.4M	13x	as long as short
BingX USELESS-USDT	+0.0390%	4h	0.2665	−0.026%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0513%	4h	0.2699	+1.239%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0618%	4h	0.2661	−0.210%	$6.6M	$8.6M	50x	as long as short
BloFin USELESS-USDT	+0.0654%	4h	0.2694	+1.043%	$1.1M	$2.0M	12x	as long as short
ApeX Omni USELESSUSDTshort	+0.0832%	1h	0.2687	+0.784%	$47K	$698K	25x
Orderly PERP_USELESS_USDC	+0.1203%	4h	0.2667	+0.019%	$20K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+6.005%	$5K	$11K	5.5x	as long as short