Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0552%/8h= +60.4% APRpaid last 24h +0.025%

Price spread now: BingX against Extended+0.038%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$203as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$2072.075% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now +0.038%, 7d avg +0.025%

Together, before fees+0.196%+ Points / potential airdropExtended: Active · farm board+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$17 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 0.042% in total (about 2.2% 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	Extended USELESS-USD	0.2923	0.0648	pay 0.0081% / 1h	15m 13s	$308K	$968K	5x
Short	BingX USELESS-USDT	0.2924	0.1200	get 0.0600% / 4h	2h 15m	—	$4.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Extended. 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 ExtendedbpFee BingXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $115.92
Price spread: +0.038% → +0.025%: $1.34
Slippage, 4 orders: −$192.47
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$90.21
Costs to cover: 2.075%
Break-even: 12.4 days

Slippage from Extended: live order book, 8 min ago; BingX: live order book, 4 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 Extended live order book, 8 min ago	66.50 bp	84.5 bp −$85	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	2.20 bp	18.9 bp −$19	73.1 bp −$731	378.6 bp −$37.9K	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	0.2921	−0.068%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2914	−0.299%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2921	−0.068%	$10.5M	$65.5M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2924	+0.041%	$29K	$138K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2931	+0.260%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2921	−0.078%	$20K	$384K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2911	−0.400%	$582K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0238%	4h	0.2920	−0.113%	$5.4M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2923	+0.012%	$10K	—	3x	as long as short
Gate USELESS_USDT	+0.0386%	4h	0.2918	−0.181%	$7.3M	$7.8M	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	+0.0396%	1h	0.2925	+0.065%	$42K	$699K	25x	as long as short
Bitget USELESSUSDT	+0.0526%	4h	0.2922	−0.027%	$5.6M	$8.8M	20x	as long as short
Extended USELESS-USDlong	+0.0648%	1h	0.2923	long leg	$308K	$968K	5x
Binance USELESSUSDT	+0.0650%	4h	0.2922	−0.022%	$25.2M	$110.0M	50x	as long as short
MEXC USELESS_USDT	+0.0660%	4h	0.2923	−0.013%	$10.3M	$5.9M	50x	as long as short
edgeX USELESSUSDC	+0.0661%	4h	0.2932	+0.310%	$22K	$190K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1179%	4h	0.2923	−0.020%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDTshort	+0.1200%	4h	0.2924	+0.038%	—	$4.9M	—
Bybit USELESSUSDT	+0.1237%	4h	0.2924	+0.045%	$29.6M	$42.8M	13x	as long as short
Variational Omni USELESS	+0.1330%	4h	0.2930	+0.220%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1381%	4h	0.2923	−0.013%	$675K	$2.2M	10x	as long as short
Hyperliquid USELESS	+0.1608%	1h	0.2928	+0.165%	$15.0M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.1617%	4h	0.2927	+0.130%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3111	+6.418%	$5K	$10K	5.5x	as long as short