USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0108%/8h= −11.9% APRnext payment −$0.54 per $10,000 · paid last 24h −0.155%

Price spread now: Bybit against Orderly−0.084%7-day average +0.002% · you buy dearer than you sell

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

Long on Orderly Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.712%−$71 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.084%, 7d avg +0.002%

Together, before fees−0.576%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.086% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USELESS_USDC	0.2619	0.1303	pay 0.0652% / 4h	3h 33m	$19K	$1.2M	10x
Short	Bybit USELESSUSDT	0.2617	0.1195	get 0.0598% / 4h	3h 33m	$24.7M	$48.6M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$22.73
Price spread: −0.084% → +0.002%: −$8.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.33
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bybit: 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 Orderly no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.19 bp	21.0 bp −$21	60.1 bp −$601	doesn't fit	doesn't fit

Orderly: 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 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	0.2618	−0.057%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2617	−0.073%	$28K	$18K	3x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2618	−0.046%	$36K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2622	+0.122%	$25K	$232K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2626	+0.279%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2620	+0.038%	$18K	$520K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2622	+0.122%	$601K	$1.1M	20x	as long as short
Aevo USELESS-PERP	+0.0168%	1h	0.2619	−0.023%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0196%	4h	0.2618	−0.034%	$8.9M	$63.3M	10x	as long as short
Bitget USELESSUSDT	+0.0216%	4h	0.2620	+0.038%	$5.0M	$10.3M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0224%	4h	0.2620	+0.019%	$4.7M	$10.7M	12x	as long as short
Aster USELESSUSDT	+0.0266%	4h	0.2618	−0.043%	$518K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0356%	4h	0.2618	−0.043%	$19K	$197K	10x	as long as short
Extended USELESS-USD	+0.0360%	1h	0.2618	−0.056%	$112K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0361%	4h	0.2620	+0.027%	$21.8M	$122.0M	50x	as long as short
MEXC USELESS_USDT	+0.0362%	4h	0.2622	+0.115%	$10.6M	$6.0M	50x	as long as short
Hyperliquid USELESS	+0.0426%	1h	0.2622	+0.103%	$11.5M	$22.6M	3x	as long as short
Variational Omni USELESS	+0.0590%	4h	0.2630	+0.397%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0598%	4h	0.2618	−0.042%	$6.5M	$8.6M	50x	as long as short
BingX USELESS-USDT	+0.0822%	4h	0.2619	−0.019%	—	$5.3M	—	as long as short
BloFin USELESS-USDT	+0.1063%	4h	0.2619	−0.004%	$1.1M	$1.9M	12x	as long as short
Bybit USELESSUSDTshort	+0.1195%	4h	0.2617	−0.084%	$24.7M	$48.6M	13x
Orderly PERP_USELESS_USDClong	+0.1303%	4h	0.2619	long leg	$19K	$1.2M	10x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2767	+5.635%	$5K	$11K	5.5x	as long as short