USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0338%/8h= +37.0% APRnext payment +$1.69 per $10,000 · paid last 24h +0.022%

Price spread now: Bitget against Phemex+0.079%7-day average −0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$228as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$2242.238% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.079%, 7d avg −0.038%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Bitget is 0.118% dearer against Phemex than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.038%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.042% in total (about -2.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.69 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	0.2767	0.0100	pay 0.0050% / 4h	58m 38s	$557K	$1.2M	20x
Short	Bitget USELESSUSDT	0.2770	0.0438	get 0.0219% / 4h	58m 38s	$5.3M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.079%Rate

Funding earned: $70.98
Price spread: +0.079% → −0.038%: $11.77
Slippage, 4 orders: −$199.78
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$141.03
Costs to cover: 2.238%
Break-even: 20.9 days

Slippage from Phemex: live order book, 4 min ago; Bitget: live order book, 5 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, 4 min ago	35.16 bp	75.4 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	2.37 bp	28.7 bp −$29	doesn't fit	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
Pacifica USELESS	+0.0100%	1h	0.2773	+0.188%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2772	+0.166%	$9.7M	$64.6M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2772	+0.148%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2770	+0.101%	$18K	$492K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2767	long leg	$557K	$1.2M	20x
Aevo USELESS-PERP	+0.0200%	1h	0.2773	+0.208%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0216%	1h	0.2731	−1.319%	$38K	$701K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0261%	1h	0.2768	+0.018%	$29K	$152K	3x	as long as short
KuCoin USELESSUSDTM	+0.0328%	4h	0.2770	+0.101%	$5.1M	$9.9M	12x	as long as short
Lighter USELESS	+0.0336%	1h	0.2772	+0.159%	$1.3M	$1.1M	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0354%	4h	0.2774	+0.220%	$6.9M	$8.2M	50x	as long as short
Bitget USELESSUSDTshort	+0.0438%	4h	0.2770	+0.079%	$5.3M	$9.2M	20x
edgeX USELESSUSDC	+0.0475%	4h	0.2740	−0.991%	$20K	$192K	10x	as long as short
MEXC USELESS_USDT	+0.0518%	4h	0.2773	+0.188%	$10.1M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0520%	4h	0.2772	+0.181%	$23.5M	$114.8M	50x	as long as short
Extended USELESS-USD	+0.0520%	1h	0.2772	+0.160%	$292K	$966K	5x	as long as short
Aster USELESSUSDT	+0.1127%	4h	0.2776	+0.296%	$638K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1254%	4h	0.2773	+0.202%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1264%	4h	0.2773	+0.184%	$27.6M	$45.2M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1310%	4h	0.2773	+0.202%	$21K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1435%	4h	0.2748	−0.716%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1593%	1h	0.2776	+0.293%	$13.7M	$20.8M	3x	as long as short
BloFin USELESS-USDT	+0.1676%	4h	0.2773	+0.213%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2932	+5.940%	$5K	$9K	5.5x	as long as short