Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1398%/8h= −153.1% APRpaid last 24h −0.124%

Price spread now: Polymarket Perps against Bybit+0.118%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$172as in the Price arb table

costs, in and out, $10k−$1771.773% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 7 days−0.086%−$9 · spread now +0.118%, 7d avg +0.063%

Together, before fees−0.349%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.055% dearer against Bybit than usual: you sell high and buy low (spread +0.118% now, against its 7-day average of +0.063%): +$6 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.263% in total) that is about 35 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.263% in total (about -13.7% 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	0.2960	0.1498	pay 0.0749% / 4h	2h 56m	$29.9M	$42.2M	13x
Short	Polymarket Perps USELESS-USD	0.2964	0.0100	get 0.0013% / 1h	56m 20s	$28K	$130K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.118%Rate

Funding earned: −$293.55
Price spread: +0.118% → +0.063%: $5.52
Slippage, 4 orders: −$158.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$465.32
Costs to cover: 1.773%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Polymarket Perps: 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, 3 min ago	2.69 bp	19.1 bp −$19	81.5 bp −$815	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 30 min ago	2.86 bp	85.5 bp −$86	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	0.2952	−0.294%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2977	+0.580%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2958	−0.078%	$10.5M	$66.0M	10x	as long as short
Polymarket Perps USELESS-USDshort	+0.0100%	1h	0.2964	+0.118%	$28K	$130K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2964	+0.122%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2966	+0.206%	$20K	$375K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2949	−0.382%	$587K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0142%	4h	0.2963	+0.074%	$5.5M	$9.5M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2956	−0.138%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0336%	4h	0.2960	+0.007%	$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	+0.0436%	1h	0.2967	+0.226%	$42K	$698K	25x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2954	−0.226%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0696%	4h	0.2971	+0.365%	$22K	$188K	10x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2959	−0.056%	$312K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0698%	4h	0.2963	+0.081%	$21.9M	$5.7M	50x	as long as short
Binance USELESSUSDT	+0.0698%	4h	0.2960	+0.007%	$25.8M	$108.3M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1120%	4h	0.2961	+0.024%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1162%	4h	0.2965	+0.143%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1388%	4h	0.2970	+0.318%	$690K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1486%	4h	0.2960	−0.024%	—	$4.9M	—	as long as short
Bybit USELESSUSDTlong	+0.1498%	4h	0.2960	long leg	$29.9M	$42.2M	13x
Hyperliquid USELESS	+0.1726%	1h	0.2970	+0.331%	$15.2M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.2155%	4h	0.2980	+0.665%	$1.3M	$2.1M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3151	+6.452%	$5K	$10K	5.5x	as long as short