Funding you earn now, next payment 04:00 UTC−0.0486%/8h= −53.2% APRnext payment −$2.43 per $10,000 · paid last 24h −0.004%
Price spread now: Phemex against Bitget−0.419%7-day average +0.039% · you buy dearer than you sell
Net, funding: paid 7d − costs−$291as in the Funding arb table
Net, price: spread back to 7d avg − costs−$340as in the Price arb table
costs, in and out, $10k−$2942.940% of the position
Funding, last 7 days+0.034%+$3 on $10k
+Price spread, last 3 days (all we have)+0.404%+$40 · spread now −0.419%, 7d avg +0.039%
=Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.458% cheaper against Bitget than usual: you would sell low and buy high (−$46 if the spread goes back to its 7-day average of +0.039%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.034% in total (about 1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.43 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 | Bitget USELESSUSDT | 0.2818 | 0.0586 | pay 0.0293% / 4h | 2h 55m | $5.4M | $9.9M | 20x |
| Short | Phemex USELESSUSDT | 0.2806 | 0.0100 | get 0.0050% / 4h | 2h 55m | $593K | $1.2M | 20x |
Bitget USELESSUSDT
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Bitget. 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
- −$102.06
- Price spread: −0.419% → +0.039%
- −$45.81
- Slippage, 4 orders
- −$270.01
- Fee Bitget: 6 bp × 2 orders
- −$12
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$441.88
- Costs to cover
- 2.940%
- Break-even
- never at this rate
Slippage from Bitget: live order book, 3 min ago; Phemex: live order book, 3 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 | 5.77 bp | 37.2 bp −$37 | 127.9 bp −$1,279 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 58.58 bp | 129.8 bp −$130 | 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 | 0.2810 | −0.259% | $1.3M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2818 | +0.031% | $31K | $69K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2818 | +0.004% | $9.9M | $66.8M | 10x | as long as short |
| Gate USELESS_USDT | +0.0100% | 4h | 0.2804 | −0.476% | $7.0M | $8.3M | 50x | as long as short |
| ApeX Omni USELESSUSDT | +0.0100% | 1h | 0.2834 | +0.582% | $39K | $698K | 25x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2811 | −0.231% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2810 | −0.284% | $18K | $514K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2806 | −0.419% | $593K | $1.2M | 20x | |
| KuCoin USELESSUSDTM | +0.0120% | 4h | 0.2808 | −0.348% | $5.2M | $10.2M | 12x | as long as short |
| Aevo USELESS-PERP | +0.0200% | 1h | 0.2811 | −0.232% | $10K | — | 3x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
Gate USELESS_USDT
ApeX Omni USELESSUSDT
SunX USELESS-USDT
HTX USELESS-USDT
KuCoin USELESSUSDTM
Aevo USELESS-PERPShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Polymarket Perps USELESS-USD | +0.0390% | 1h | 0.2814 | −0.121% | $45K | $183K | 3x | as long as short |
| Extended USELESS-USD | +0.0488% | 1h | 0.2810 | −0.270% | $295K | $1.2M | 5x | as long as short |
| Binance USELESSUSDT | +0.0488% | 4h | 0.2815 | −0.093% | $23.8M | $117.4M | 50x | as long as short |
| edgeX USELESSUSDC | +0.0488% | 4h | 0.2844 | +0.953% | $21K | $193K | 10x | as long as short |
| MEXC USELESS_USDT | +0.0492% | 4h | 0.2812 | −0.216% | $11.0M | $6.0M | 50x | as long as short |
| Bitget USELESSUSDTlong | +0.0586% | 4h | 0.2818 | long leg | $5.4M | $9.9M | 20x | |
| BingX USELESS-USDT | +0.0692% | 4h | 0.2812 | −0.202% | — | $5.1M | — | as long as short |
| Bybit USELESSUSDT | +0.0829% | 4h | 0.2813 | −0.149% | $27.4M | $46.6M | 13x | as long as short |
| Hyperliquid USELESS | +0.0848% | 1h | 0.2813 | −0.177% | $14.0M | $21.1M | 3x | as long as short |
| Variational Omni USELESS | +0.0962% | 4h | 0.2815 | −0.106% | $1.2M | $1.7M | — | as long as short |
| Aster USELESSUSDT | +0.1039% | 4h | 0.2807 | −0.359% | $646K | $2.3M | 10x | as long as short |
| BloFin USELESS-USDT | +0.1051% | 4h | 0.2811 | −0.231% | $1.2M | $2.1M | 12x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1244% | 4h | 0.2811 | −0.238% | $22K | $1.4M | 10x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.2975 | +5.586% | $5K | $9K | 5.5x | as long as short |
Polymarket Perps USELESS-USD
Extended USELESS-USD
Binance USELESSUSDT
edgeX USELESSUSDC
MEXC USELESS_USDT
BingX USELESS-USDT
Bybit USELESSUSDT
Hyperliquid USELESS
Variational Omni USELESS
Aster USELESSUSDT
BloFin USELESS-USDT
Orderly PERP_USELESS_USDC
Injective USELESS/USDC PERP