Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.069%

Price spread now: Phemex against Pacifica−0.148%7-day average — · you buy dearer than you sell

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

Long on Pacifica Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.241%+$24 on $10k

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

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.148% cheaper against Pacifica than usual: you would sell low and buy high, −$15 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica USELESS	0.2969	0.0100	pay 0.0013% / 1h	57m 30s	$33K	$70K	3x
Short	Phemex USELESSUSDT	0.2965	0.0100	get 0.0050% / 4h	2h 57m	$589K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Pacifica. 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 PacificabpFee PhemexbpOrdersPrice spread, now −0.148%Rate

Funding earned: $0
Price spread: −0.148% → 0.000%: −$14.82
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$34.82
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Phemex: live order book, just now. 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 Pacifica no order-book sample	—	—	—	—	—
Sell Phemex live order book, just now	17.38 bp	54.5 bp −$55	doesn't fit	doesn't fit	doesn't fit

Pacifica: 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	0.2966	−0.098%	$1.4M	$1.0M	3x	as long as short
Pacifica USELESSlong	+0.0100%	1h	0.2969	long leg	$33K	$70K	3x
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2974	+0.152%	$10.5M	$66.4M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2972	+0.081%	$28K	$130K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2972	+0.101%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2971	+0.057%	$20K	$374K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2965	−0.148%	$589K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0150%	4h	0.2967	−0.084%	$5.5M	$9.5M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2972	+0.108%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0370%	4h	0.2962	−0.236%	$7.3M	$7.6M	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	+0.0436%	1h	0.2967	−0.071%	$42K	$698K	25x	as long as short
Bitget USELESSUSDT	+0.0584%	4h	0.2969	+0.013%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0696%	4h	0.2971	+0.068%	$22K	$188K	10x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2965	−0.127%	$312K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0698%	4h	0.2969	−0.017%	$21.9M	$5.7M	50x	as long as short
Binance USELESSUSDT	+0.0698%	4h	0.2968	−0.047%	$25.8M	$108.4M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1122%	4h	0.2972	+0.098%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1162%	4h	0.2965	−0.153%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1389%	4h	0.2971	+0.053%	$691K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1402%	4h	0.2966	−0.098%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1542%	4h	0.2968	−0.030%	$29.9M	$42.5M	13x	as long as short
Hyperliquid USELESS	+0.1656%	1h	0.2975	+0.199%	$15.2M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.2230%	4h	0.2967	−0.057%	$1.3M	$2.1M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3151	+6.137%	$5K	$10K	5.5x	as long as short