Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0572%/8h= +62.6% APRpaid last 24h +0.095%

Price spread now: Extended against OKX−0.269%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$158as in the Funding arb table

Net, price: spread back to 7d avg − costs−$206as in the Price arb table

costs, in and out, $10k−$1771.772% of the position

Long on OKX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.188%+$19 on $10k

Price spread, last 4 days (all we have)+0.279%+$28 · spread now −0.269%, 7d avg +0.019%

Together, before fees+0.468%+ Points / potential airdropExtended: Active · farm board+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.288% cheaper against OKX than usual: you would sell low and buy high (spread −0.269% now, against its 7-day average of +0.019%). If the spread goes back, that is −$29 on $10k: about 40 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.188% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.188% in total (about 9.8% 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	0.2908	0.0100	pay 0.0050% / 4h	2h 48m	$10.3M	$65.0M	10x
Short	Extended USELESS-USD	0.2900	0.0672	get 0.0084% / 1h	48m 46s	$305K	$967K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.269%Rate

Funding earned: $120.12
Price spread: −0.269% → +0.019%: −$28.78
Slippage, 4 orders: −$162.25
Fee OKX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$85.91
Costs to cover: 1.772%
Break-even: 12.0 days

Slippage from OKX: live order book, 5 min ago; Extended: live order book, 39 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	2.93 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 39 min ago	53.37 bp	70.2 bp −$70	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
ApeX Omni USELESSUSDT	+0.0032%	1h	0.2875	−1.138%	$41K	$697K	25x	as long as short
Lighter USELESS	+0.0096%	1h	0.2902	−0.206%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2902	−0.224%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPlong	+0.0100%	4h	0.2908	long leg	$10.3M	$65.0M	10x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2902	−0.203%	$28K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2899	−0.320%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2900	−0.268%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2894	−0.485%	$575K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0132%	4h	0.2898	−0.347%	$5.4M	$9.6M	12x	as long as short
Gate USELESS_USDT	+0.0208%	4h	0.2895	−0.444%	$7.2M	$7.7M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0240%	1h	0.2899	−0.297%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0566%	4h	0.2902	−0.224%	$5.5M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0660%	4h	0.2902	−0.217%	$21.3M	$5.8M	50x	as long as short
Extended USELESS-USDshort	+0.0672%	1h	0.2900	−0.269%	$305K	$967K	5x
Binance USELESSUSDT	+0.0672%	4h	0.2907	−0.041%	$25.0M	$109.5M	50x	as long as short
edgeX USELESSUSDC	+0.0693%	4h	0.2894	−0.493%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1114%	4h	0.2899	−0.299%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1192%	4h	0.2881	−0.935%	$1.1M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1322%	4h	0.2896	−0.421%	$668K	$2.2M	10x	as long as short
Bybit USELESSUSDT	+0.1381%	4h	0.2911	+0.113%	$29.3M	$42.7M	13x	as long as short
BingX USELESS-USDT	+0.1394%	4h	0.2904	−0.144%	—	$4.9M	—	as long as short
Hyperliquid USELESS	+0.1457%	1h	0.2908	+0.014%	$14.9M	$19.6M	3x	as long as short
BloFin USELESS-USDT	+0.1885%	4h	0.2900	−0.285%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3071	+5.619%	$5K	$10K	5.5x	as long as short