Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0869%/8h= −95.1% APRpaid last 24h −0.019%

Price spread now: Extended against Bybit−0.023%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$182as in the Funding arb table

Net, price: spread back to 7d avg − costs−$182as in the Price arb table

costs, in and out, $10k−$1811.807% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.023%, 7d avg −0.012%

Together, before fees+0.053%+ Points / potential airdropExtended: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: −$26 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% 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	Bybit USELESSUSDT	0.2971	0.1565	pay 0.0782% / 4h	2h 58m	$29.9M	$42.5M	13x
Short	Extended USELESS-USD	0.2970	0.0696	get 0.0087% / 1h	58m 12s	$312K	$967K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$182.39
Price spread: −0.023% → −0.012%: −$1.12
Slippage, 4 orders: −$164.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$364.23
Costs to cover: 1.807%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Extended: live order book, 30 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, 1 min ago	2.69 bp	19.1 bp −$19	81.5 bp −$815	doesn't fit	doesn't fit
Sell Extended live order book, 30 min ago	53.37 bp	70.2 bp −$70	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	0.2969	−0.074%	$1.4M	$1.0M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2971	+0.010%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2968	−0.098%	$10.6M	$66.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2973	+0.081%	$28K	$129K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2972	+0.037%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2971	−0.007%	$20K	$374K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2965	−0.212%	$589K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0150%	4h	0.2971	−0.010%	$5.5M	$9.5M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2972	+0.044%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0398%	4h	0.2966	−0.162%	$7.4M	$7.6M	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	+0.0520%	1h	0.2970	−0.034%	$41K	$696K	25x	as long as short
Bitget USELESSUSDT	+0.0588%	4h	0.2968	−0.108%	$5.6M	$8.7M	20x	as long as short
Extended USELESS-USDshort	+0.0696%	1h	0.2970	−0.023%	$312K	$967K	5x
Binance USELESSUSDT	+0.0698%	4h	0.2969	−0.057%	$25.8M	$108.4M	50x	as long as short
MEXC USELESS_USDT	+0.0700%	4h	0.2973	+0.081%	$21.9M	$5.7M	50x	as long as short
edgeX USELESSUSDC	+0.0701%	4h	0.2970	−0.032%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1122%	4h	0.2972	+0.034%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1162%	4h	0.2965	−0.217%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1395%	4h	0.2974	+0.099%	$691K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1402%	4h	0.2972	+0.017%	—	$4.9M	—	as long as short
Bybit USELESSUSDTlong	+0.1565%	4h	0.2971	long leg	$29.9M	$42.5M	13x
Hyperliquid USELESS	+0.1848%	1h	0.2977	+0.212%	$15.2M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.2230%	4h	0.2967	−0.121%	$1.3M	$2.1M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3151	+6.069%	$5K	$10K	5.5x	as long as short