Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0412%/8h= +45.1% APRpaid last 24h +0.042%

Price spread now: Extended against Phemex+0.315%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$280as in the Funding arb table

Net, price: spread back to 7d avg − costs−$252as in the Price arb table

costs, in and out, $10k−$2872.873% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.161%−$16 · spread now +0.315%, 7d avg −0.033%

Together, before fees−0.091%+ Points / potential airdropExtended: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Extended is 0.348% dearer against Phemex than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of −0.033%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.070% in total (about 3.6% a year). A funding rate is set anew for every payment. 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	0.2805	0.0100	pay 0.0050% / 4h	27m 29s	$569K	$1.2M	20x
Short	Extended USELESS-USD	0.2814	0.0512	get 0.0064% / 1h	27m 29s	$297K	$966K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.315%Rate

Funding earned: $86.52
Price spread: +0.315% → −0.033%: $34.79
Slippage, 4 orders: −$270.26
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$165.96
Costs to cover: 2.873%
Break-even: 20.4 days

Slippage from Phemex: live order book, just now; Extended: live order book, 51 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, just now	44.22 bp	79.7 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 51 min ago	7.80 bp	22.0 bp −$22	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
Lighter USELESS	+0.0096%	1h	0.2814	+0.324%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2814	+0.310%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2816	+0.389%	$9.9M	$66.5M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2814	+0.321%	$35K	$158K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2824	+0.670%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2817	+0.424%	$19K	$496K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2805	long leg	$569K	$1.2M	20x
ApeX Omni USELESSUSDT	+0.0147%	1h	0.2815	+0.360%	$39K	$702K	25x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2817	+0.444%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0240%	4h	0.2811	+0.207%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0328%	4h	0.2815	+0.346%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0360%	4h	0.2812	+0.239%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDC	+0.0497%	4h	0.2823	+0.631%	$21K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0508%	4h	0.2814	+0.332%	$10.4M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0510%	4h	0.2814	+0.335%	$23.7M	$116.1M	50x	as long as short
Extended USELESS-USDshort	+0.0512%	1h	0.2814	+0.315%	$297K	$966K	5x
BingX USELESS-USDT	+0.0960%	4h	0.2816	+0.385%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.0985%	4h	0.2818	+0.471%	$27.8M	$45.7M	13x	as long as short
Aster USELESSUSDT	+0.1097%	4h	0.2816	+0.393%	$647K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1185%	4h	0.2823	+0.630%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1323%	4h	0.2824	+0.699%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1326%	4h	0.2818	+0.449%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1539%	1h	0.2818	+0.449%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2985	+6.407%	$5K	$9K	5.5x	as long as short