Funding you earn now, next payment 08:00 UTC−0.0206%/8h= −22.6% APRnext payment −$1.03 per $10,000 · paid last 24h −0.075%
Price spread now: Phemex against MEXC−0.200%7-day average −0.026% · you buy dearer than you sell
Net, funding: paid 7d − costs−$161as in the Funding arb table
Net, price: spread back to 7d avg − costs−$171as in the Price arb table
costs, in and out, $10k−$1531.532% of the position
Funding, last 7 days−0.076%−$8 on $10k
+Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.200%, 7d avg −0.026%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.174% cheaper against MEXC than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.026%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.03 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 | MEXC USELESS_USDT | 0.2897 | 0.0306 | pay 0.0153% / 4h | 41m 38s | $12.3M | $6.2M | 50x |
| Short | Phemex USELESSUSDT | 0.2891 | 0.0100 | get 0.0050% / 4h | 41m 38s | $650K | $1.2M | 20x |
MEXC USELESS_USDT
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against MEXC. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$43.26
- Price spread: −0.200% → −0.026%
- −$17.45
- Slippage, 4 orders
- −$133.24
- Fee MEXC: 4 bp × 2 orders
- −$8
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$213.95
- Costs to cover
- 1.532%
- Break-even
- never at this rate
Slippage from MEXC: live order book, 2 min ago; Phemex: live order book, 1 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, 2 min ago | 0.17 bp | 13.3 bp −$13 | 47.1 bp −$471 | 120.8 bp −$12.1K | 482.0 bp −$241.0K |
| Sell Phemex live order book, 1 min ago | 31.09 bp | 67.4 bp −$67 | 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 | 0.2895 | −0.072% | $1.3M | $1.2M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2891 | −0.219% | $31K | $19K | 3x | as long as short |
| KuCoin USELESSUSDTM | +0.0100% | 4h | 0.2894 | −0.114% | $5.3M | $10.7M | 12x | as long as short |
| Bitget USELESSUSDT | +0.0100% | 4h | 0.2897 | −0.021% | $5.6M | $10.6M | 20x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2894 | −0.110% | $30K | $271K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2890 | −0.255% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2888 | −0.304% | $19K | $516K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2891 | −0.200% | $650K | $1.2M | 20x | |
| OKX USELESS-USDT-SWAP | +0.0116% | 4h | 0.2894 | −0.093% | $10.0M | $72.8M | 10x | as long as short |
| Aevo USELESS-PERP | +0.0160% | 1h | 0.2883 | −0.505% | $10K | — | 3x | as long as short |
Lighter USELESS
Pacifica USELESS
KuCoin USELESSUSDTM
Bitget USELESSUSDT
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
OKX USELESS-USDT-SWAP
Aevo USELESS-PERPShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni USELESSUSDT | +0.0230% | 1h | 0.2874 | −0.801% | $53K | $701K | 25x | as long as short |
| Aster USELESSUSDT | +0.0273% | 4h | 0.2900 | +0.089% | $567K | $2.2M | 10x | as long as short |
| edgeX USELESSUSDC | +0.0292% | 4h | 0.2871 | −0.915% | $21K | $197K | 10x | as long as short |
| Extended USELESS-USD | +0.0304% | 1h | 0.2898 | +0.014% | $245K | $1.4M | 5x | as long as short |
| MEXC USELESS_USDTlong | +0.0306% | 4h | 0.2897 | long leg | $12.3M | $6.2M | 50x | |
| Binance USELESSUSDT | +0.0308% | 4h | 0.2897 | −0.021% | $24.1M | $125.4M | 50x | as long as short |
| Gate USELESS_USDT | +0.0416% | 4h | 0.2894 | −0.124% | $7.2M | $8.7M | 50x | as long as short |
| BingX USELESS-USDT | +0.0492% | 4h | 0.2900 | +0.086% | — | $5.4M | — | as long as short |
| Bybit USELESSUSDT | +0.0524% | 4h | 0.2896 | −0.031% | $27.4M | $49.8M | 13x | as long as short |
| Variational Omni USELESS | +0.0556% | 4h | 0.2875 | −0.753% | $1.2M | $1.9M | — | as long as short |
| BloFin USELESS-USDT | +0.0758% | 4h | 0.2872 | −0.873% | $1.2M | $2.2M | 12x | as long as short |
| Orderly PERP_USELESS_USDC | +0.0983% | 4h | 0.2888 | −0.300% | $22K | $1.6M | 10x | as long as short |
| Hyperliquid USELESS | +0.1042% | 1h | 0.2896 | −0.038% | $12.6M | $23.6M | 3x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.3006 | +3.762% | $5K | $11K | 5.5x | as long as short |
ApeX Omni USELESSUSDT
Aster USELESSUSDT
edgeX USELESSUSDC
Extended USELESS-USD
Binance USELESSUSDT
Gate USELESS_USDT
BingX USELESS-USDT
Bybit USELESSUSDT
Variational Omni USELESS
BloFin USELESS-USDT
Orderly PERP_USELESS_USDC
Hyperliquid USELESS
Injective USELESS/USDC PERP