Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.049%

Price spread now: Phemex against OKX−0.192%7-day average +0.057% · you buy dearer than you sell

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

Long on OKX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.192%, 7d avg +0.057%

Together, before fees+0.253%+$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.249% cheaper against OKX than usual: you would sell low and buy high, −$25 on $10k if it goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX USELESS-USDT-SWAP	0.2813	0.0100	pay 0.0050% / 4h	1h 36m	$9.9M	$63.9M	10x
Short	Phemex USELESSUSDT	0.2807	0.0100	get 0.0050% / 4h	1h 36m	$577K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.192%Rate

Funding earned: $0
Price spread: −0.192% → +0.057%: −$24.88
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$46.88
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; Phemex: live order book, 1 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 OKX live order book, 2 min ago	0.18 bp	20.2 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	24.10 bp	120.3 bp −$120	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	0.2812	−0.028%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2815	+0.081%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPlong	+0.0100%	4h	0.2813	long leg	$9.9M	$63.9M	10x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2814	+0.043%	$27K	$143K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2815	+0.071%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2830	+0.615%	$30K	$419K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2807	−0.192%	$577K	$1.2M	20x
Aevo USELESS-PERP	+0.0224%	1h	0.2812	−0.037%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0334%	4h	0.2812	−0.025%	$5.2M	$9.8M	12x	as long as short
Gate USELESS_USDT	+0.0376%	4h	0.2809	−0.128%	$7.0M	$7.9M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0473%	1h	0.2822	+0.331%	$40K	$700K	25x	as long as short
Bitget USELESSUSDT	+0.0536%	4h	0.2808	−0.149%	$5.4M	$8.9M	20x	as long as short
Extended USELESS-USD	+0.0560%	1h	0.2813	+0.024%	$296K	$965K	5x	as long as short
Binance USELESSUSDT	+0.0562%	4h	0.2810	−0.110%	$23.7M	$112.0M	50x	as long as short
edgeX USELESSUSDC	+0.0563%	4h	0.2828	+0.533%	$21K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0570%	4h	0.2814	+0.043%	$10.0M	$5.8M	50x	as long as short
Hyperliquid USELESS	+0.1176%	1h	0.2816	+0.121%	$14.2M	$20.0M	3x	as long as short
Aster USELESSUSDT	+0.1244%	4h	0.2816	+0.107%	$651K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1250%	4h	0.2810	−0.096%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1440%	4h	0.2815	+0.078%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1483%	4h	0.2814	+0.039%	$28.5M	$43.5M	13x	as long as short
Variational Omni USELESS	+0.1535%	4h	0.2824	+0.410%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1937%	4h	0.2811	−0.071%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2987	+6.200%	$5K	$9K	5.5x	as long as short