Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0186%/8h= +20.4% APRpaid last 24h +0.026%

Price spread now: Bybit against Extended+0.082%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1151.145% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 7 days−0.244%−$24 · spread now +0.082%, 7d avg +0.025%

Together, before fees−0.212%+ Points / potential airdropExtended: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.058% dearer against Extended than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.025%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% 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	Extended USELESS-USD	0.2688	0.0224	pay 0.0028% / 1h	43m 50s	$114K	$1.1M	5x
Short	Bybit USELESSUSDT	0.2690	0.0410	get 0.0205% / 4h	2h 43m	$25.4M	$48.3M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.082%Rate

Funding earned: $39.16
Price spread: +0.082% → +0.025%: $5.78
Slippage, 4 orders: −$98.52
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$69.58
Costs to cover: 1.145%
Break-even: 19.4 days

Slippage from Extended: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	6.20 bp	30.1 bp −$30	282.7 bp −$2,827	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.19 bp	18.3 bp −$18	48.1 bp −$481	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	0.2690	+0.097%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2691	+0.116%	$11.7M	$22.5M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2686	−0.056%	$526K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2692	+0.142%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2691	+0.120%	$26K	$244K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2692	+0.175%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2690	+0.086%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2692	+0.175%	$637K	$1.1M	20x	as long as short
Bitget USELESSUSDT	+0.0114%	4h	0.2691	+0.105%	$5.1M	$10.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0131%	4h	0.2690	+0.093%	$9.1M	$65.2M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0136%	1h	0.2685	−0.100%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0144%	4h	0.2687	−0.029%	$4.9M	$10.6M	12x	as long as short
Extended USELESS-USDlong	+0.0224%	1h	0.2688	long leg	$114K	$1.1M	5x
Binance USELESSUSDT	+0.0226%	4h	0.2690	+0.067%	$22.4M	$121.5M	50x	as long as short
MEXC USELESS_USDT	+0.0234%	4h	0.2688	+0.019%	$10.8M	$6.0M	50x	as long as short
edgeX USELESSUSDC	+0.0243%	4h	0.2683	−0.195%	$20K	$197K	10x	as long as short
Bybit USELESSUSDTshort	+0.0410%	4h	0.2690	+0.082%	$25.4M	$48.3M	13x
BingX USELESS-USDT	+0.0438%	4h	0.2688	+0.019%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0499%	4h	0.2676	−0.454%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0514%	4h	0.2682	−0.230%	$6.7M	$8.5M	50x	as long as short
BloFin USELESS-USDT	+0.0600%	4h	0.2686	−0.067%	$1.1M	$2.0M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0823%	1h	0.2681	−0.253%	$47K	$698K	25x	as long as short
Orderly PERP_USELESS_USDC	+0.1211%	4h	0.2690	+0.086%	$21K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+5.150%	$5K	$11K	5.5x	as long as short