Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0344%/8h= −37.7% APRpaid last 24h −0.074%

Price spread now: ApeX Omni against MEXC+1.084%96s7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$810.811% of the position

Long on MEXC Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.132%−$13 on $10k

Price spread, last 4 days (all we have)−0.863%−$86 · spread now +1.084%, 7d avg −0.020%

Together, before fees−0.995%−$99 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 1.104% dearer against MEXC than usual: you sell high and buy low (spread +1.084% now, against its 7-day average of −0.020%): +$110 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.132% in total) that is about 59 days. The two prices were read 96 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.132% in total (about -6.9% 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	MEXC USELESS_USDT	0.2713	0.0614	pay 0.0307% / 4h	1h 13m	$10.7M	$6.1M	50x
Short	ApeX Omni USELESSUSDT	0.2742	0.0270	get 0.0034% / 1h	13m 59s	$38K	$695K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against MEXC. 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 MEXCbpFee ApeX OmnibpOrdersPrice spread, now +1.084%Rate

Funding earned: −$72.31
Price spread: +1.084% → −0.020%: $110.41
Slippage, 4 orders: −$63.11
Fee MEXC: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$43
Costs to cover: 0.811%
Break-even: from the start

Slippage from MEXC: live order book, 4 min ago; ApeX Omni: live order book, 50 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 MEXC live order book, 4 min ago	0.18 bp	26.0 bp −$26	51.2 bp −$512	126.3 bp −$12.6K	doesn't fit
Sell ApeX Omni live order book, 50 min ago	7.11 bp	15.4 bp −$15	109.9 bp −$1,099	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	0.2712	−0.018%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2717	+0.167%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2707	−0.199%	$6.8M	$8.6M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2712	−0.018%	$38K	$217K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2714	+0.059%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2718	+0.199%	$18K	$512K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2710	−0.100%	$599K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0197%	4h	0.2711	−0.048%	$9.6M	$63.9M	10x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2727	+0.514%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0266%	4h	0.2711	−0.055%	$5.0M	$10.4M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDTshort	+0.0270%	1h	0.2742	+1.084%	$38K	$695K	25x
Bitget USELESSUSDT	+0.0542%	4h	0.2712	−0.022%	$5.3M	$10.0M	20x	as long as short
edgeX USELESSUSDC	+0.0602%	4h	0.2743	+1.104%	$20K	$196K	10x	as long as short
MEXC USELESS_USDTlong	+0.0614%	4h	0.2713	long leg	$10.7M	$6.1M	50x
Binance USELESSUSDT	+0.0616%	4h	0.2712	−0.015%	$23.0M	$118.4M	50x	as long as short
Extended USELESS-USD	+0.0616%	1h	0.2711	−0.045%	$286K	$1.1M	5x	as long as short
Hyperliquid USELESS	+0.0658%	1h	0.2713	+0.022%	$13.2M	$21.1M	3x	as long as short
BingX USELESS-USDT	+0.0934%	4h	0.2714	+0.041%	—	$5.2M	—	as long as short
Bybit USELESSUSDT	+0.0936%	4h	0.2712	−0.037%	$26.2M	$46.6M	13x	as long as short
Variational Omni USELESS	+0.1001%	4h	0.2743	+1.107%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1038%	4h	0.2712	−0.029%	$571K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1267%	4h	0.2722	+0.347%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1387%	4h	0.2715	+0.088%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2904	+7.071%	$5K	$9K	5.5x	as long as short