Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h −0.030%

Price spread now: ApeX Omni against Phemex+0.972%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$202as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$1951.950% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)+0.422%+$42 · spread now +0.972%, 7d avg +0.005%

Together, before fees+0.351%+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and ApeX Omni is 0.967% dearer against Phemex than usual: you sell high and buy low: +$97 more if the spread goes back to its 7-day average of +0.005%. Mind the row above: over the last 7 days funding on this pair cost −0.070%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2716	0.0100	pay 0.0050% / 4h	1h 14m	$600K	$1.1M	20x
Short	ApeX Omni USELESSUSDT	0.2742	0.0270	get 0.0034% / 1h	14m 53s	$38K	$695K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now +0.972%Rate

Funding earned: $35.63
Price spread: +0.972% → +0.005%: $96.69
Slippage, 4 orders: −$172.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$62.67
Costs to cover: 1.950%
Break-even: 19.3 days

Slippage from Phemex: live order book, 3 min ago; ApeX Omni: live order book, 49 min ago.

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, 3 min ago	29.40 bp	64.7 bp −$65	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 49 min ago	7.11 bp	15.4 bp −$15	109.9 bp −$1,099	doesn't fit	doesn't fit

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	0.2718	+0.099%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2728	+0.443%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2715	−0.041%	$6.8M	$8.6M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2726	+0.390%	$39K	$216K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2729	+0.504%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2719	+0.118%	$18K	$512K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2716	long leg	$600K	$1.1M	20x
OKX USELESS-USDT-SWAP	+0.0202%	4h	0.2719	+0.114%	$9.6M	$64.0M	10x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2731	+0.568%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDTshort	+0.0270%	1h	0.2742	+0.972%	$38K	$695K	25x

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0272%	4h	0.2718	+0.107%	$5.0M	$10.4M	12x	as long as short
Bitget USELESSUSDT	+0.0544%	4h	0.2720	+0.173%	$5.3M	$10.0M	20x	as long as short
edgeX USELESSUSDC	+0.0602%	4h	0.2743	+0.993%	$20K	$196K	10x	as long as short
Binance USELESSUSDT	+0.0616%	4h	0.2719	+0.133%	$23.0M	$118.3M	50x	as long as short
Extended USELESS-USD	+0.0616%	1h	0.2717	+0.060%	$287K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0618%	4h	0.2720	+0.166%	$10.8M	$6.0M	50x	as long as short
Hyperliquid USELESS	+0.0665%	1h	0.2720	+0.158%	$13.3M	$21.1M	3x	as long as short
BingX USELESS-USDT	+0.0934%	4h	0.2721	+0.188%	—	$5.2M	—	as long as short
Bybit USELESSUSDT	+0.0952%	4h	0.2718	+0.092%	$26.2M	$46.6M	13x	as long as short
Variational Omni USELESS	+0.1001%	4h	0.2743	+0.995%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1038%	4h	0.2720	+0.144%	$572K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1267%	4h	0.2722	+0.236%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1393%	4h	0.2722	+0.225%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2904	+6.952%	$5K	$9K	5.5x	as long as short