Funding you earn now, next payment 08:00 UTC+0.0722%/8h= +79.1% APRnext payment +$3.61 per $10,000 · paid last 24h +0.106%
Price spread now: BingX against Phemex−0.295%7-day average −0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$149as in the Funding arb table
Net, price: spread back to 7d avg − costs−$194as in the Price arb table
costs, in and out, $10k−$1651.648% of the position
Funding, last 7 days+0.158%+$16 on $10k
+Price spread, last 4 days (all we have)+0.307%+$31 · spread now −0.295%, 7d avg −0.002%
=Funding pays, the price is against you. BingX is 0.293% cheaper against Phemex than usual: you would sell low and buy high (spread −0.295% now, against its 7-day average of −0.002%). If the spread goes back, that is −$29 on $10k: about 32 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.158% in total) that is about 13 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.158% in total (about 8.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.61 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 | Phemex USELESSUSDT | 0.2613 | 0.0100 | pay 0.0050% / 4h | 3h 31m | $599K | $1.1M | 20x |
| Short | BingX USELESS-USDT | 0.2605 | 0.0822 | get 0.0411% / 4h | 3h 31m | — | $5.3M | — |
Phemex USELESSUSDT
BingX USELESS-USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
BingX against Phemex. 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
- $151.62
- Price spread: −0.295% → −0.002%
- −$29.27
- Slippage, 4 orders
- −$142.8
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee BingX: 5 bp × 2 orders
- −$10
- Net
- −$42.45
- Costs to cover
- 1.648%
- Break-even
- 9.0 days
Slippage from Phemex: live order book, 1 min ago; BingX: live order book, 3 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, 1 min ago | 8.59 bp | 47.8 bp −$48 | doesn't fit | doesn't fit | doesn't fit |
| Sell BingX live order book, 3 min ago | 3.83 bp | 20.4 bp −$20 | 70.0 bp −$700 | 360.8 bp −$36.1K | 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 | 0.2609 | −0.145% | $1.2M | $1.2M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2616 | +0.131% | $28K | $18K | 3x | as long as short |
| ApeX Omni USELESSUSDT | +0.0100% | 1h | 0.2618 | +0.199% | $36K | $696K | 25x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2614 | +0.054% | $25K | $233K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2611 | −0.057% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2602 | −0.410% | $18K | $520K | 20x | as long as short |
| Phemex USELESSUSDTlong | +0.0100% | 4h | 0.2613 | long leg | $599K | $1.1M | 20x | |
| Aevo USELESS-PERP | +0.0168% | 1h | 0.2612 | −0.027% | $9K | — | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0190% | 4h | 0.2608 | −0.168% | $8.8M | $63.0M | 10x | as long as short |
| Bitget USELESSUSDT | +0.0210% | 4h | 0.2605 | −0.291% | $5.0M | $10.3M | 20x | as long as short |
Lighter USELESS
Pacifica USELESS
ApeX Omni USELESSUSDT
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
Aevo USELESS-PERP
OKX USELESS-USDT-SWAP
Bitget USELESSUSDTShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin USELESSUSDTM | +0.0218% | 4h | 0.2614 | +0.031% | $4.7M | $10.7M | 12x | as long as short |
| Aster USELESSUSDT | +0.0261% | 4h | 0.2609 | −0.161% | $516K | $2.4M | 10x | as long as short |
| edgeX USELESSUSDC | +0.0356% | 4h | 0.2618 | +0.202% | $19K | $197K | 10x | as long as short |
| Extended USELESS-USD | +0.0360% | 1h | 0.2612 | −0.032% | $112K | $1.1M | 5x | as long as short |
| MEXC USELESS_USDT | +0.0360% | 4h | 0.2608 | −0.199% | $10.5M | $6.0M | 50x | as long as short |
| Binance USELESSUSDT | +0.0361% | 4h | 0.2608 | −0.186% | $21.8M | $121.9M | 50x | as long as short |
| Hyperliquid USELESS | +0.0390% | 1h | 0.2606 | −0.276% | $11.4M | $22.7M | 3x | as long as short |
| Gate USELESS_USDT | +0.0520% | 4h | 0.2610 | −0.122% | $6.5M | $8.6M | 50x | as long as short |
| Variational Omni USELESS | +0.0590% | 4h | 0.2630 | +0.643% | $1.1M | $1.8M | — | as long as short |
| BingX USELESS-USDTshort | +0.0822% | 4h | 0.2605 | −0.295% | — | $5.3M | — | |
| Bybit USELESSUSDT | +0.1038% | 4h | 0.2607 | −0.214% | $24.6M | $48.5M | 13x | as long as short |
| BloFin USELESS-USDT | +0.1063% | 4h | 0.2619 | +0.241% | $1.1M | $1.9M | 12x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1301% | 4h | 0.2612 | −0.011% | $19K | $1.2M | 10x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.2767 | +5.894% | $5K | $11K | 5.5x | as long as short |
KuCoin USELESSUSDTM
Aster USELESSUSDT
edgeX USELESSUSDC
Extended USELESS-USD
MEXC USELESS_USDT
Binance USELESSUSDT
Hyperliquid USELESS
Gate USELESS_USDT
Variational Omni USELESS
Bybit USELESSUSDT
BloFin USELESS-USDT
Orderly PERP_USELESS_USDC
Injective USELESS/USDC PERP