USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0262%/8h= +28.7% APRnext payment +$1.31 per $10,000 · paid last 24h −0.056%

Price spread now: Gate against Phemex+0.061%7-day average −0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$327as in the Funding arb table

Net, price: spread back to 7d avg − costs−$298as in the Price arb table

costs, in and out, $10k−$3163.164% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now +0.061%, 7d avg −0.121%

Together, before fees−0.225%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Gate is 0.182% dearer against Phemex than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.121%. Mind the row above: over the last 7 days funding on this pair cost −0.107%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.107% in total (about -5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.31 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	0.2809	0.0100	pay 0.0050% / 4h	9m 29s	$574K	$1.2M	20x
Short	Gate USELESS_USDT	0.2811	0.0362	get 0.0181% / 4h	9m 29s	$7.0M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.061%Rate

Funding earned: $55.02
Price spread: +0.061% → −0.121%: $18.17
Slippage, 4 orders: −$289.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$243.24
Costs to cover: 3.164%
Break-even: 37.9 days

Slippage from Phemex: live order book, 3 min ago; Gate: live order book, 4 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	39.67 bp	80.0 bp −$80	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	8.16 bp	74.3 bp −$74	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	0.2817	+0.253%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2815	+0.206%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2811	+0.057%	$9.9M	$66.4M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2811	+0.064%	$40K	$163K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2823	+0.463%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2815	+0.199%	$19K	$499K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2809	long leg	$574K	$1.2M	20x
ApeX Omni USELESSUSDT	+0.0102%	1h	0.2812	+0.089%	$39K	$701K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2817	+0.276%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0206%	4h	0.2811	+0.064%	$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	+0.0300%	4h	0.2813	+0.121%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDTshort	+0.0362%	4h	0.2811	+0.061%	$7.0M	$8.3M	50x
Binance USELESSUSDT	+0.0496%	4h	0.2813	+0.135%	$23.7M	$116.5M	50x	as long as short
edgeX USELESSUSDC	+0.0496%	4h	0.2818	+0.320%	$21K	$192K	10x	as long as short
MEXC USELESS_USDT	+0.0502%	4h	0.2816	+0.246%	$10.4M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0504%	1h	0.2812	+0.080%	$297K	$966K	5x	as long as short
BingX USELESS-USDT	+0.0890%	4h	0.2812	+0.093%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.0953%	4h	0.2813	+0.132%	$27.6M	$45.8M	13x	as long as short
Variational Omni USELESS	+0.1029%	4h	0.2823	+0.482%	$1.2M	$1.8M	—	as long as short
Aster USELESSUSDT	+0.1065%	4h	0.2818	+0.295%	$647K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1235%	4h	0.2825	+0.541%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1316%	4h	0.2818	+0.288%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1494%	1h	0.2822	+0.459%	$14.1M	$21.1M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2971	+5.741%	$5K	$9K	5.5x	as long as short