Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.4900%/8h= −536.5% APRpaid last 24h +1.228%

Price spread now: Phemex against Injective−7.398%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$147 a day on $10k at the current rate, and Phemex is 7.398% cheaper against Injective than usual: you would sell low and buy high (−$740 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective USELESS/USDC PERP	0.3032	0.5000	pay 0.0625% / 1h	53m 22s	$5K	$9K	5.5x
Short	Phemex USELESSUSDT	0.2808	0.0100	get 0.0050% / 4h	1h 53m	$573K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −7.398%Rate

Funding earned: −$1,029
Price spread: −7.398% → 0.000%: −$739.75
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$1,780.77
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 4 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 4 min ago	36.31 bp	75.3 bp −$75	doesn't fit	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2824	−6.860%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2825	−6.822%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2818	−7.055%	$9.9M	$63.7M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2854	−5.874%	$41K	$699K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2821	−6.952%	$27K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2821	−6.949%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2830	−6.665%	$25K	$406K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2808	−7.398%	$573K	$1.2M	20x
Aevo USELESS-PERP	+0.0232%	1h	0.2821	−6.948%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0286%	4h	0.2818	−7.048%	$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	0.2820	−6.995%	$7.0M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2822	−6.939%	$5.4M	$8.9M	20x	as long as short
edgeX USELESSUSDC	+0.0582%	4h	0.2850	−5.990%	$21K	$190K	10x	as long as short
Extended USELESS-USD	+0.0584%	1h	0.2820	−7.010%	$297K	$968K	5x	as long as short
MEXC USELESS_USDT	+0.0584%	4h	0.2822	−6.923%	$9.9M	$5.7M	50x	as long as short
Binance USELESSUSDT	+0.0586%	4h	0.2821	−6.973%	$24.0M	$111.3M	50x	as long as short
Hyperliquid USELESS	+0.1069%	1h	0.2823	−6.880%	$14.5M	$19.8M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1224%	4h	0.2823	−6.913%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1247%	4h	0.2821	−6.948%	$653K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1354%	4h	0.2821	−6.949%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1423%	4h	0.2823	−6.906%	$28.7M	$43.2M	13x	as long as short
Variational Omni USELESS	+0.1449%	4h	0.2870	−5.333%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1862%	4h	0.2819	−7.015%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.3032	long leg	$5K	$9K	5.5x