Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.037%

Price spread now: Phemex against HTX+0.084%7-day average +0.113% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 4 days (all we have)+0.257%+$26 · spread now +0.084%, 7d avg +0.113%

Together, before fees+0.417%+$42 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.029% cheaper against HTX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX USELESS-USDT	0.2620	0.0100	pay 0.0050% / 4h	3h 32m	$18K	$520K	20x
Short	Phemex USELESSUSDT	0.2622	0.0100	get 0.0050% / 4h	3h 32m	$601K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now +0.084%Rate

Funding earned: $0
Price spread: +0.084% → +0.113%: −$2.9
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.9
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 21 min ago; Phemex: live order book, just now. Net counts fees only.

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 HTX live order book, 21 min ago	30.22 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, just now	8.59 bp	77.7 bp −$78	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	0.2614	−0.221%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2616	−0.152%	$28K	$18K	3x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2618	−0.084%	$36K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2614	−0.229%	$25K	$233K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2626	+0.240%	—	$1.4M	10x	as long as short
HTX USELESS-USDTlong	+0.0100%	4h	0.2620	long leg	$18K	$520K	20x
Phemex USELESSUSDTshort	+0.0100%	4h	0.2622	+0.084%	$601K	$1.1M	20x
Aevo USELESS-PERP	+0.0168%	1h	0.2612	−0.309%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0190%	4h	0.2611	−0.347%	$8.8M	$63.1M	10x	as long as short
Bitget USELESSUSDT	+0.0210%	4h	0.2613	−0.286%	$5.0M	$10.3M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0218%	4h	0.2614	−0.229%	$4.7M	$10.7M	12x	as long as short
Aster USELESSUSDT	+0.0261%	4h	0.2614	−0.237%	$517K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0356%	4h	0.2618	−0.081%	$19K	$197K	10x	as long as short
Extended USELESS-USD	+0.0360%	1h	0.2615	−0.213%	$112K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0360%	4h	0.2614	−0.221%	$10.5M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0361%	4h	0.2613	−0.293%	$21.8M	$121.9M	50x	as long as short
Hyperliquid USELESS	+0.0401%	1h	0.2614	−0.252%	$11.4M	$22.6M	3x	as long as short
Gate USELESS_USDT	+0.0520%	4h	0.2615	−0.218%	$6.5M	$8.6M	50x	as long as short
Variational Omni USELESS	+0.0590%	4h	0.2630	+0.358%	$1.1M	$1.8M	—	as long as short
BingX USELESS-USDT	+0.0822%	4h	0.2612	−0.298%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.1038%	4h	0.2613	−0.267%	$24.6M	$48.6M	13x	as long as short
BloFin USELESS-USDT	+0.1063%	4h	0.2619	−0.042%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1301%	4h	0.2612	−0.294%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2767	+5.595%	$5K	$11K	5.5x	as long as short