USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1630%/8h= −178.5% APRnext payment −$8.15 per $10,000 · paid last 24h −0.138%

Price spread now: Phemex against BloFin−0.121%59s7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$262as 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−$2022.023% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.595%−$59 on $10k

Price spread, last 3 days (all we have)+0.393%+$39 · spread now −0.121%, 7d avg −0.011%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$49 a day on $10k at the current rate, and Phemex is 0.110% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.011%). Swap the legs. The two prices were read 59 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 -0.595% in total (about -31.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$8.15 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	BloFin USELESS-USDT	0.2965	0.1730	pay 0.0865% / 4h	2h 31m	$1.2M	$2.0M	12x
Short	Phemex USELESSUSDT	0.2961	0.0100	get 0.0050% / 4h	2h 31m	$589K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$342.27
Price spread: −0.121% → −0.011%: −$11.04
Slippage, 4 orders: −$178.34
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$555.66
Costs to cover: 2.023%
Break-even: never at this rate

Slippage from BloFin: live order book, 2 min ago; Phemex: live order book, 1 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 BloFin live order book, 2 min ago	2.19 bp	14.0 bp −$14	42.3 bp −$423	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	15.86 bp	112.7 bp −$113	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	0.2965	+0.024%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2964	−0.024%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2963	−0.078%	$10.5M	$66.2M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2963	−0.047%	$29K	$137K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2963	−0.054%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2963	−0.074%	$20K	$378K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2961	−0.121%	$589K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0206%	4h	0.2963	−0.074%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2967	+0.079%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0470%	4h	0.2960	−0.175%	$7.4M	$7.7M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0528%	1h	0.2962	−0.094%	$42K	$699K	25x	as long as short
Bitget USELESSUSDT	+0.0536%	4h	0.2965	+0.013%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0669%	4h	0.2967	+0.059%	$22K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0678%	4h	0.2963	−0.064%	$10.5M	$5.8M	50x	as long as short
Extended USELESS-USD	+0.0680%	1h	0.2965	+0.014%	$311K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0681%	4h	0.2966	+0.039%	$25.6M	$109.1M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1161%	4h	0.2965	+0.024%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1256%	4h	0.2936	−0.973%	$1.2M	$1.7M	—	as long as short
BingX USELESS-USDT	+0.1292%	4h	0.2965	+0.010%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1395%	4h	0.2965	+0.010%	$29.8M	$42.5M	13x	as long as short
Aster USELESSUSDT	+0.1398%	4h	0.2970	+0.160%	$685K	$2.1M	10x	as long as short
Hyperliquid USELESS	+0.1568%	1h	0.2966	+0.040%	$15.2M	$19.6M	3x	as long as short
BloFin USELESS-USDTlong	+0.1730%	4h	0.2965	long leg	$1.2M	$2.0M	12x
Injective USELESS/USDC PERP	+0.5000%	1h	0.3142	+5.984%	$5K	$10K	5.5x	as long as short