Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0184%/8h= −20.1% APRpaid last 24h −0.108%

Price spread now: ApeX Omni against Bybit−0.118%99s7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as 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−$680.681% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now −0.118%, 7d avg +0.008%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and ApeX Omni is 0.126% cheaper against Bybit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.008%). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USELESSUSDT	0.2628	0.0554	pay 0.0277% / 4h	3h 11m	$24.8M	$48.4M	13x
Short	ApeX Omni USELESSUSDT	0.2625	0.0371	get 0.0046% / 1h	11m 59s	$36K	$695K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now −0.118%Rate

Funding earned: −$38.55
Price spread: −0.118% → +0.008%: −$12.56
Slippage, 4 orders: −$47.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$119.23
Costs to cover: 0.681%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; ApeX Omni: live order book, 42 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 Bybit live order book, 2 min ago	1.52 bp	17.6 bp −$18	53.6 bp −$536	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 42 min ago	7.60 bp	15.9 bp −$16	103.2 bp −$1,032	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	0.2627	−0.023%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2640	+0.450%	$28K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2632	+0.152%	$25K	$237K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2632	+0.145%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2627	−0.030%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2629	+0.046%	$609K	$1.1M	20x	as long as short
Gate USELESS_USDT	+0.0128%	4h	0.2626	−0.072%	$6.6M	$8.6M	50x	as long as short
Aster USELESSUSDT	+0.0130%	4h	0.2625	−0.120%	$519K	$2.4M	10x	as long as short
Bitget USELESSUSDT	+0.0138%	4h	0.2626	−0.084%	$5.0M	$10.3M	20x	as long as short
Aevo USELESS-PERP	+0.0160%	1h	0.2630	+0.084%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX USELESS-USDT-SWAP	+0.0175%	4h	0.2630	+0.076%	$8.9M	$63.5M	10x	as long as short
KuCoin USELESSUSDTM	+0.0186%	4h	0.2626	−0.091%	$4.8M	$10.7M	12x	as long as short
edgeX USELESSUSDC	+0.0302%	4h	0.2623	−0.196%	$19K	$197K	10x	as long as short
Extended USELESS-USD	+0.0304%	1h	0.2626	−0.079%	$112K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0306%	4h	0.2626	−0.099%	$10.6M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0307%	4h	0.2625	−0.125%	$21.9M	$121.5M	50x	as long as short
Hyperliquid USELESS	+0.0362%	1h	0.2631	+0.107%	$11.5M	$22.6M	3x	as long as short
ApeX Omni USELESSUSDTshort	+0.0371%	1h	0.2625	−0.118%	$36K	$695K	25x
Bybit USELESSUSDTlong	+0.0554%	4h	0.2628	long leg	$24.8M	$48.4M	13x
BingX USELESS-USDT	+0.0594%	4h	0.2628	+0.011%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0603%	4h	0.2623	−0.202%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0867%	4h	0.2637	+0.358%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1275%	4h	0.2630	+0.057%	$20K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2776	+5.643%	$5K	$11K	5.5x	as long as short