Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h −0.040%

Price spread now: Aevo against Phemex+0.329%7-day average — · you sell dearer than you buy

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

Long on Phemex 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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and Aevo is 0.329% dearer against Phemex than usual: you sell high and buy low: +$33 more if the spread 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	Phemex USELESSUSDT	0.2803	0.0100	pay 0.0050% / 4h	2h 06m	$608K	$1.1M	20x
Short	Aevo USELESS-PERP	0.2812	0.0216	get 0.0027% / 1h	6m 11s	$10K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now +0.329%Rate

Funding earned: $24.36
Price spread: +0.329% → 0.000%: $32.93
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: $29.29
Costs to cover: 0.280%
Break-even: from the start

Slippage unknown: Phemex: live order book, 1 min ago; 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 Phemex live order book, 1 min ago	22.31 bp	69.3 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

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 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	0.2811	+0.296%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2811	+0.278%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2810	+0.243%	$9.9M	$66.0M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2808	+0.164%	$7.1M	$8.5M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2813	+0.375%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2815	+0.439%	$18K	$502K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2803	long leg	$608K	$1.1M	20x
KuCoin USELESSUSDTM	+0.0152%	4h	0.2809	+0.200%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERPshort	+0.0216%	1h	0.2812	+0.329%	$10K	—	3x
Polymarket Perps USELESS-USD	+0.0381%	1h	0.2813	+0.367%	$27K	$203K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0541%	4h	0.2802	−0.038%	$21K	$194K	10x	as long as short
MEXC USELESS_USDT	+0.0546%	4h	0.2814	+0.400%	$11.0M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0552%	1h	0.2813	+0.370%	$298K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0554%	4h	0.2813	+0.364%	$23.8M	$117.1M	50x	as long as short
Bitget USELESSUSDT	+0.0578%	4h	0.2812	+0.332%	$5.4M	$9.9M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0679%	1h	0.2796	−0.250%	$39K	$698K	25x	as long as short
BingX USELESS-USDT	+0.0702%	4h	0.2812	+0.310%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0800%	4h	0.2810	+0.260%	$27.3M	$46.3M	13x	as long as short
Variational Omni USELESS	+0.0901%	4h	0.2816	+0.462%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1069%	4h	0.2808	+0.168%	$625K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1259%	1h	0.2815	+0.432%	$14.0M	$20.7M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1314%	4h	0.2812	+0.310%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2989	+6.618%	$5K	$9K	5.5x	as long as short