Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0482%/8h= +52.8% APRpaid last 24h +0.021%

Price spread now: ApeX Omni against OKX−1.232%100s7-day average +0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as 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−$730.735% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.052%+$5 on $10k

Price spread, last 3 days (all we have)+1.140%+$114 · spread now −1.232%, 7d avg +0.065%

Together, before fees+1.193%+$119 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 1.297% cheaper against OKX than usual: you would sell low and buy high (spread −1.232% now, against its 7-day average of +0.065%). If the spread goes back, that is −$130 on $10k: about 9.0 days of funding at the current rate (+$14 a day). At the pace of the last 7 days (+0.052% in total) that is about 6 months. The two prices were read 100 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 0.052% in total (about 2.7% 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	OKX USELESS-USDT-SWAP	0.2824	0.0100	pay 0.0050% / 4h	53m 51s	$9.8M	$66.1M	10x
Short	ApeX Omni USELESSUSDT	0.2789	0.0582	get 0.0073% / 1h	53m 51s	$39K	$701K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now −1.232%Rate

Funding earned: $101.19
Price spread: −1.232% → +0.065%: −$129.75
Slippage, 4 orders: −$53.49
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$102.06
Costs to cover: 0.735%
Break-even: 14.1 days

Slippage from OKX: live order book, 5 min ago; ApeX Omni: live order book, 25 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 OKX live order book, 5 min ago	0.36 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 25 min ago	9.14 bp	21.7 bp −$22	118.0 bp −$1,180	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	0.2823	−0.025%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2813	−0.397%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPlong	+0.0100%	4h	0.2824	long leg	$9.8M	$66.1M	10x
SunX USELESS-USDT	+0.0100%	4h	0.2825	+0.046%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2818	−0.202%	$18K	$492K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2809	−0.510%	$565K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2824	+0.024%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USD	+0.0222%	1h	0.2825	+0.050%	$30K	$152K	3x	as long as short
KuCoin USELESSUSDTM	+0.0332%	4h	0.2820	−0.131%	$5.2M	$9.9M	12x	as long as short
Gate USELESS_USDT	+0.0416%	4h	0.2817	−0.237%	$7.0M	$8.2M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0436%	4h	0.2822	−0.081%	$5.3M	$9.3M	20x	as long as short
edgeX USELESSUSDC	+0.0519%	4h	0.2791	−1.165%	$21K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0524%	4h	0.2824	+0.007%	$10.3M	$5.9M	50x	as long as short
Extended USELESS-USD	+0.0528%	1h	0.2826	+0.076%	$297K	$966K	5x	as long as short
Binance USELESSUSDT	+0.0531%	4h	0.2825	+0.030%	$23.8M	$115.3M	50x	as long as short
ApeX Omni USELESSUSDTshort	+0.0582%	1h	0.2789	−1.232%	$39K	$701K	25x
Aster USELESSUSDT	+0.1152%	4h	0.2824	−0.004%	$650K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1194%	4h	0.2825	+0.039%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1223%	4h	0.2823	−0.032%	$28.0M	$45.3M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1334%	4h	0.2825	+0.057%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1387%	4h	0.2793	−1.078%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1521%	1h	0.2827	+0.117%	$14.0M	$20.9M	3x	as long as short
BloFin USELESS-USDT	+0.1587%	4h	0.2814	−0.347%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2957	+4.699%	$5K	$9K	5.5x	as long as short