USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0314%/8h= +34.4% APRnext payment +$1.57 per $10,000 · paid last 24h +0.103%

Price spread now: Bybit against Phemex+0.130%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$142as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1551.553% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.130%, 7d avg −0.004%

Together, before fees+0.112%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Bybit is 0.134% dearer against Phemex than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.004%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.128% in total (about 6.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.57 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	0.2695	0.0100	pay 0.0050% / 4h	2h 41m	$637K	$1.1M	20x
Short	Bybit USELESSUSDT	0.2698	0.0414	get 0.0207% / 4h	2h 41m	$25.4M	$48.3M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.130%Rate

Funding earned: $65.92
Price spread: +0.130% → −0.004%: $13.36
Slippage, 4 orders: −$132.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$75.97
Costs to cover: 1.553%
Break-even: 15.1 days

Slippage from Phemex: live order book, 1 min ago; Bybit: live order book, 2 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	23.38 bp	60.6 bp −$61	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.19 bp	17.7 bp −$18	57.1 bp −$571	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	0.2695	−0.004%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2701	+0.233%	$11.8M	$22.5M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2698	+0.108%	$529K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2695	+0.011%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2700	+0.197%	$26K	$245K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2690	−0.193%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2682	−0.460%	$18K	$519K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2695	long leg	$637K	$1.1M	20x
Bitget USELESSUSDT	+0.0110%	4h	0.2700	+0.197%	$5.1M	$10.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0120%	4h	0.2702	+0.256%	$9.2M	$65.5M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0132%	4h	0.2697	+0.096%	$4.9M	$10.6M	12x	as long as short
Aevo USELESS-PERP	+0.0136%	1h	0.2690	−0.166%	$10K	—	3x	as long as short
edgeX USELESSUSDC	+0.0216%	4h	0.2691	−0.128%	$20K	$195K	10x	as long as short
Extended USELESS-USD	+0.0224%	1h	0.2700	+0.189%	$114K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0226%	4h	0.2701	+0.230%	$10.9M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0227%	4h	0.2701	+0.234%	$22.5M	$121.5M	50x	as long as short
BingX USELESS-USDT	+0.0390%	4h	0.2700	+0.208%	—	$5.3M	—	as long as short
Bybit USELESSUSDTshort	+0.0414%	4h	0.2698	+0.130%	$25.4M	$48.3M	13x
Variational Omni USELESS	+0.0499%	4h	0.2676	−0.709%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0646%	4h	0.2694	−0.011%	$6.7M	$8.5M	50x	as long as short
BloFin USELESS-USDT	+0.0660%	4h	0.2688	−0.263%	$1.1M	$2.0M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0832%	1h	0.2687	−0.286%	$47K	$698K	25x	as long as short
Orderly PERP_USELESS_USDC	+0.1205%	4h	0.2694	−0.011%	$21K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+4.880%	$5K	$11K	5.5x	as long as short