Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0905%/8h= −99.1% APRpaid last 24h −0.263%

Price spread now: Polymarket Perps against Orderly+0.032%7-day average +0.004% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.978%−$98 on $10k

Price spread, last 3 days (all we have)+0.090%+$9 · spread now +0.032%, 7d avg +0.004%

Together, before fees−0.887%−$89 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.028% dearer against Orderly than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of +0.004%): +$3 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USELESS_USDC	0.2805	0.1309	pay 0.0654% / 4h	2h 07m	$22K	$1.3M	10x
Short	Polymarket Perps USELESS-USD	0.2806	0.0404	get 0.0050% / 1h	7m 59s	$27K	$202K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$189.99
Price spread: +0.032% → +0.004%: $2.82
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$201.17
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 59 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 Polymarket Perps live order book, 59 min ago	6.55 bp	12.0 bp −$12	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 23 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	0.2803	−0.064%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2802	−0.124%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2807	+0.064%	$9.9M	$66.0M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2800	−0.178%	$7.0M	$8.4M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2808	+0.093%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2808	+0.107%	$18K	$502K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2797	−0.267%	$605K	$1.1M	20x	as long as short
KuCoin USELESSUSDTM	+0.0132%	4h	0.2802	−0.125%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2806	+0.032%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USDshort	+0.0404%	1h	0.2806	+0.032%	$27K	$202K	3x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0543%	4h	0.2813	+0.294%	$21K	$194K	10x	as long as short
Extended USELESS-USD	+0.0544%	1h	0.2807	+0.074%	$298K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0548%	4h	0.2807	+0.064%	$23.8M	$117.0M	50x	as long as short
MEXC USELESS_USDT	+0.0552%	4h	0.2806	+0.025%	$11.0M	$6.0M	50x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2808	+0.093%	$5.4M	$9.8M	20x	as long as short
BingX USELESS-USDT	+0.0738%	4h	0.2807	+0.061%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0739%	4h	0.2805	+0.011%	$27.3M	$46.3M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0776%	1h	0.2814	+0.321%	$39K	$699K	25x	as long as short
Variational Omni USELESS	+0.0901%	4h	0.2816	+0.391%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1068%	4h	0.2801	−0.152%	$624K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1272%	1h	0.2809	+0.128%	$14.0M	$20.7M	3x	as long as short
Orderly PERP_USELESS_USDClong	+0.1309%	4h	0.2805	long leg	$22K	$1.3M	10x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2989	+6.542%	$5K	$9K	5.5x	as long as short