Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0484%/8h= −53.0% APRpaid last 24h −0.045%

Price spread now: Phemex against Extended−0.314%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$316as in the Funding arb table

Net, price: spread back to 7d avg − costs−$345as in the Price arb table

costs, in and out, $10k−$3093.094% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now −0.314%, 7d avg +0.039%

Together, before fees−0.039%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.353% cheaper against Extended than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.065% in total (about -3.4% 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	0.2817	0.0584	pay 0.0073% / 1h	52m 40s	$297K	$968K	5x
Short	Phemex USELESSUSDT	0.2808	0.0100	get 0.0050% / 4h	1h 52m	$573K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.314%Rate

Funding earned: −$101.64
Price spread: −0.314% → +0.039%: −$35.31
Slippage, 4 orders: −$292.36
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$446.31
Costs to cover: 3.094%
Break-even: never at this rate

Slippage from Extended: live order book, 30 min ago; Phemex: 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, 30 min ago	66.50 bp	84.5 bp −$85	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	36.31 bp	75.3 bp −$75	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	0.2816	−0.041%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2816	−0.041%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2814	−0.087%	$9.9M	$63.6M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2854	+1.326%	$41K	$699K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2821	+0.165%	$27K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2821	+0.169%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2830	+0.474%	$25K	$406K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2808	−0.314%	$573K	$1.2M	20x
Aevo USELESS-PERP	+0.0232%	1h	0.2821	+0.170%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0286%	4h	0.2815	−0.065%	$5.2M	$9.7M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0294%	4h	0.2815	−0.048%	$7.0M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2816	−0.016%	$5.4M	$8.9M	20x	as long as short
Binance USELESSUSDT	+0.0572%	4h	0.2816	−0.017%	$24.0M	$111.4M	50x	as long as short
edgeX USELESSUSDC	+0.0582%	4h	0.2850	+1.201%	$21K	$190K	10x	as long as short
Extended USELESS-USDlong	+0.0584%	1h	0.2817	long leg	$297K	$968K	5x
MEXC USELESS_USDT	+0.0584%	4h	0.2816	−0.009%	$9.9M	$5.7M	50x	as long as short
Hyperliquid USELESS	+0.1023%	1h	0.2819	+0.101%	$14.5M	$19.8M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1224%	4h	0.2823	+0.208%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1232%	4h	0.2814	−0.103%	$651K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1354%	4h	0.2816	−0.012%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1423%	4h	0.2818	+0.052%	$28.6M	$43.3M	13x	as long as short
Variational Omni USELESS	+0.1449%	4h	0.2870	+1.909%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1862%	4h	0.2819	+0.098%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3032	+7.649%	$5K	$9K	5.5x	as long as short