USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0298%/8h= −32.6% APRnext payment −$1.49 per $10,000 · paid last 24h +0.056%

Price spread now: Phemex against Gate−0.084%7-day average +0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs−$255as in the Funding arb table

Net, price: spread back to 7d avg − costs−$287as in the Price arb table

costs, in and out, $10k−$2662.657% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 3 days (all we have)−0.425%−$42 · spread now −0.084%, 7d avg +0.133%

Together, before fees−0.318%−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.217% cheaper against Gate than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.133%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.107%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.107% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.49 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	Gate USELESS_USDT	0.2967	0.0398	pay 0.0199% / 4h	2h 57m	$7.4M	$7.6M	50x
Short	Phemex USELESSUSDT	0.2965	0.0100	get 0.0050% / 4h	2h 57m	$589K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$62.58
Price spread: −0.084% → +0.133%: −$21.71
Slippage, 4 orders: −$238.71
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$350
Costs to cover: 2.657%
Break-even: never at this rate

Slippage from Gate: live order book, just now; 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 Gate live order book, just now	3.03 bp	43.9 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	43.12 bp	99.0 bp −$99	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	0.2969	+0.054%	$1.4M	$1.0M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2971	+0.138%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2968	+0.040%	$10.6M	$66.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2973	+0.209%	$28K	$129K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2972	+0.165%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2971	+0.121%	$20K	$374K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2965	−0.084%	$589K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0150%	4h	0.2968	+0.020%	$5.5M	$9.5M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2972	+0.172%	$11K	—	3x	as long as short
Gate USELESS_USDTlong	+0.0398%	4h	0.2967	long leg	$7.4M	$7.6M	50x

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0520%	1h	0.2970	+0.094%	$41K	$696K	25x	as long as short
Bitget USELESSUSDT	+0.0588%	4h	0.2969	+0.057%	$5.6M	$8.7M	20x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2973	+0.199%	$312K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0698%	4h	0.2973	+0.181%	$25.9M	$108.4M	50x	as long as short
MEXC USELESS_USDT	+0.0700%	4h	0.2972	+0.172%	$21.9M	$5.7M	50x	as long as short
edgeX USELESSUSDC	+0.0701%	4h	0.2970	+0.096%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1122%	4h	0.2972	+0.162%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1162%	4h	0.2965	−0.089%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1395%	4h	0.2971	+0.120%	$691K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1402%	4h	0.2972	+0.152%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1565%	4h	0.2972	+0.152%	$30.0M	$42.5M	13x	as long as short
Hyperliquid USELESS	+0.1740%	1h	0.2975	+0.256%	$15.2M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.2230%	4h	0.2967	+0.007%	$1.3M	$2.1M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3151	+6.205%	$5K	$10K	5.5x	as long as short