Funding you earn now, next payment 00:00 UTC−0.1046%/8h= −114.6% APRnext payment −$5.23 per $10,000 · paid last 24h −0.192%
Price spread now: Phemex against Orderly−0.200%7-day average +0.035% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.724%−$72 on $10k
+Price spread, last 3 days (all we have)+0.227%+$23 · spread now −0.200%, 7d avg +0.035%
=Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Phemex is 0.235% cheaper against Orderly than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.035%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.724% in total (about -37.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.23 per $10,000. 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 | Orderly PERP_USELESS_USDC | 0.2951 | 0.1146 | pay 0.0573% / 4h | 2h 35m | $22K | $1.4M | 10x |
| Short | Phemex USELESSUSDT | 0.2945 | 0.0100 | get 0.0050% / 4h | 2h 35m | $585K | $1.3M | 20x |
Orderly PERP_USELESS_USDC
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$219.77
- Price spread: −0.200% → +0.035%
- −$23.54
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$261.3
- Costs to cover
- 0.180%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Phemex: live order book, 3 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 Phemex live order book, 3 min ago | 35.40 bp | doesn't fit | doesn't fit | 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 | 0.2952 | +0.017% | $1.4M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2934 | −0.576% | $33K | $70K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2958 | +0.224% | $10.5M | $66.1M | 10x | as long as short |
| ApeX Omni USELESSUSDT | +0.0100% | 1h | 0.2929 | −0.756% | $42K | $698K | 25x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2952 | +0.010% | $29K | $135K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2952 | +0.027% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2934 | −0.596% | $20K | $378K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2945 | −0.200% | $585K | $1.3M | 20x | |
| KuCoin USELESSUSDTM | +0.0174% | 4h | 0.2955 | +0.122% | $5.5M | $9.6M | 12x | as long as short |
| Aevo USELESS-PERP | +0.0240% | 1h | 0.2951 | −0.009% | $11K | — | 3x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
ApeX Omni USELESSUSDT
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
KuCoin USELESSUSDTM
Aevo USELESS-PERPShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate USELESS_USDT | +0.0354% | 4h | 0.2950 | −0.027% | $7.4M | $7.7M | 50x | as long as short |
| Bitget USELESSUSDT | +0.0534% | 4h | 0.2959 | +0.244% | $5.6M | $8.7M | 20x | as long as short |
| Extended USELESS-USD | +0.0672% | 1h | 0.2951 | −0.013% | $309K | $967K | 5x | as long as short |
| MEXC USELESS_USDT | +0.0674% | 4h | 0.2953 | +0.054% | $10.5M | $5.8M | 50x | as long as short |
| Binance USELESSUSDT | +0.0675% | 4h | 0.2958 | +0.215% | $25.5M | $109.0M | 50x | as long as short |
| edgeX USELESSUSDC | +0.0676% | 4h | 0.2927 | −0.839% | $22K | $189K | 10x | as long as short |
| Orderly PERP_USELESS_USDClong | +0.1146% | 4h | 0.2951 | long leg | $22K | $1.4M | 10x | |
| BingX USELESS-USDT | +0.1232% | 4h | 0.2959 | +0.271% | — | $4.9M | — | as long as short |
| Variational Omni USELESS | +0.1256% | 4h | 0.2936 | −0.520% | $1.2M | $1.7M | — | as long as short |
| Bybit USELESSUSDT | +0.1297% | 4h | 0.2961 | +0.339% | $29.8M | $42.5M | 13x | as long as short |
| Aster USELESSUSDT | +0.1352% | 4h | 0.2945 | −0.221% | $679K | $2.1M | 10x | as long as short |
| Hyperliquid USELESS | +0.1543% | 1h | 0.2963 | +0.382% | $15.1M | $19.6M | 3x | as long as short |
| BloFin USELESS-USDT | +0.1673% | 4h | 0.2953 | +0.041% | $1.2M | $2.0M | 12x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.3110 | +5.371% | $5K | $10K | 5.5x | as long as short |
Gate USELESS_USDT
Bitget USELESSUSDT
Extended USELESS-USD
MEXC USELESS_USDT
Binance USELESSUSDT
edgeX USELESSUSDC
BingX USELESS-USDT
Variational Omni USELESS
Bybit USELESSUSDT
Aster USELESSUSDT
Hyperliquid USELESS
BloFin USELESS-USDT
Injective USELESS/USDC PERP