Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0943%/8h= −103.3% APRpaid last 24h −0.268%

Price spread now: Aevo against Orderly−0.025%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Aevo is 0.025% cheaper against Orderly than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USELESS_USDC	0.2984	0.1183	pay 0.0592% / 4h	1h 31m	$25K	$1.9M	10x
Short	Aevo USELESS-PERP	0.2983	0.0240	get 0.0030% / 1h	31m 35s	$11K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.025%Rate

Funding earned: −$198.03
Price spread: −0.025% → 0.000%: −$2.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$222.51
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Aevo: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo no order-book sample	—	—	—	—	—

Orderly and Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

USELESS on 24 exchanges

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
Injective USELESS/USDC PERP	+0.0033%	1h	0.3187	+6.834%	$5K	$10K	5.5x	as long as short
Lighter USELESS	+0.0096%	1h	0.2984	+0.003%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2983	−0.002%	$32K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2984	+0.023%	$28K	$289K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2983	−0.020%	—	$1.3M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2978	−0.191%	$38K	$542K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2978	−0.194%	$701K	$1.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0131%	4h	0.2983	−0.023%	$11.3M	$73.8M	10x	as long as short
KuCoin USELESSUSDTM	+0.0172%	4h	0.2981	−0.084%	$5.5M	$10.3M	10x	as long as short
Aevo USELESS-PERPshort	+0.0240%	1h	0.2983	−0.025%	$11K	—	3x

Show all 24 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0296%	4h	0.2984	+0.010%	$5.9M	$10.6M	20x	as long as short
Aster USELESSUSDT	+0.0564%	4h	0.2983	−0.010%	$645K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0659%	4h	0.2980	−0.116%	$22K	$202K	10x	as long as short
MEXC USELESS_USDT	+0.0660%	4h	0.2984	+0.010%	$16.3M	$7.2M	50x	as long as short
Binance USELESSUSDT	+0.0661%	4h	0.2985	+0.050%	$25.8M	$131.1M	50x	as long as short
Extended USELESS-USD	+0.0664%	1h	0.2984	+0.019%	$293K	$1.7M	5x	as long as short
ApeX Omni USELESSUSDT	+0.0680%	1h	0.2985	+0.050%	$57K	$694K	25x	as long as short
Gate USELESS_USDT	+0.0810%	4h	0.2981	−0.090%	$7.5M	$8.5M	50x	as long as short
BingX USELESS-USDT	+0.1032%	4h	0.2984	+0.023%	—	$5.7M	—	as long as short
Bybit USELESSUSDT	+0.1089%	4h	0.2984	+0.030%	$29.4M	$52.2M	13x	as long as short
Hyperliquid USELESS	+0.1126%	1h	0.2984	+0.020%	$13.9M	$22.0M	3x	as long as short
Variational Omni USELESS	+0.1144%	4h	0.2989	+0.186%	$1.3M	$1.9M	—	as long as short
Orderly PERP_USELESS_USDClong	+0.1183%	4h	0.2984	long leg	$25K	$1.9M	10x
BloFin USELESS-USDT	+0.1385%	4h	0.2980	−0.124%	$1.3M	$2.3M	12x	as long as short