USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0561%/8h= −61.4% APRnext payment −$2.80 per $10,000 · paid last 24h −0.078%

Price spread now: Phemex against Bybit−0.295%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$268as in the Funding arb table

Net, price: spread back to 7d avg − costs−$289as in the Price arb table

costs, in and out, $10k−$2572.573% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 3 days (all we have)+0.182%+$18 · spread now −0.295%, 7d avg +0.022%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Phemex is 0.316% cheaper against Bybit than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of +0.022%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.108% in total (about -5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.80 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	Bybit USELESSUSDT	0.2885	0.0661	pay 0.0330% / 4h	3h 16m	$28.2M	$46.3M	13x
Short	Phemex USELESSUSDT	0.2877	0.0100	get 0.0050% / 4h	3h 16m	$608K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$117.71
Price spread: −0.295% → +0.022%: −$31.64
Slippage, 4 orders: −$234.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$406.64
Costs to cover: 2.573%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.17 bp	20.8 bp −$21	57.3 bp −$573	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	41.03 bp	139.9 bp −$140	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	0.2883	−0.066%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2878	−0.253%	$32K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2886	+0.014%	$10.1M	$67.7M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2880	−0.191%	$50K	$174K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2883	−0.080%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2878	−0.270%	$19K	$510K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2877	−0.295%	$608K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0154%	4h	0.2879	−0.225%	$5.3M	$10.2M	12x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2875	−0.374%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0444%	1h	0.2856	−1.019%	$40K	$699K	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USELESS-USD	+0.0472%	1h	0.2880	−0.180%	$305K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0474%	4h	0.2885	−0.010%	$10.9M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0474%	4h	0.2884	−0.056%	$24.3M	$116.3M	50x	as long as short
edgeX USELESSUSDC	+0.0475%	4h	0.2857	−0.993%	$21K	$193K	10x	as long as short
Bitget USELESSUSDT	+0.0544%	4h	0.2888	+0.087%	$5.6M	$9.6M	20x	as long as short
Bybit USELESSUSDTlong	+0.0661%	4h	0.2885	long leg	$28.2M	$46.3M	13x
Gate USELESS_USDT	+0.0720%	4h	0.2872	−0.461%	$7.2M	$8.4M	50x	as long as short
BingX USELESS-USDT	+0.0866%	4h	0.2879	−0.215%	—	$5.1M	—	as long as short
Variational Omni USELESS	+0.0969%	4h	0.2879	−0.215%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1061%	4h	0.2875	−0.353%	$661K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1123%	1h	0.2881	−0.166%	$14.5M	$21.0M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1241%	4h	0.2880	−0.191%	$22K	$1.4M	10x	as long as short
BloFin USELESS-USDT	+0.1274%	4h	0.2874	−0.381%	$1.2M	$2.1M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3035	+5.195%	$5K	$9K	5.5x	as long as short