Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.069%

Price spread now: HTX against Phemex+0.135%7-day average −0.126% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 3 days (all we have)−0.437%−$44 · spread now +0.135%, 7d avg −0.126%

Together, before fees−0.596%−$60 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.261% dearer against Phemex than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of −0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2897	0.0100	pay 0.0050% / 4h	3h 09m	$612K	$1.2M	20x
Short	HTX USELESS-USDT	0.2901	0.0100	get 0.0050% / 4h	3h 09m	$19K	$512K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.135%Rate

Funding earned: $0
Price spread: +0.135% → −0.126%: $26.1
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: $2.1
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; HTX: live order book, 64 min ago. Net counts fees only.

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	57.54 bp	96.2 bp −$96	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 64 min ago	55.28 bp	doesn't fit	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	0.2899	+0.059%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2903	+0.186%	$32K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2897	−0.007%	$10.2M	$68.4M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2902	+0.142%	$49K	$176K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2900	+0.104%	—	$1.4M	10x	as long as short
HTX USELESS-USDTshort	+0.0100%	4h	0.2901	+0.135%	$19K	$512K	20x
Phemex USELESSUSDTlong	+0.0100%	4h	0.2897	long leg	$612K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0146%	4h	0.2897	−0.007%	$5.3M	$10.2M	12x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2901	+0.110%	$10K	—	3x	as long as short
Gate USELESS_USDT	+0.0440%	4h	0.2899	+0.062%	$7.3M	$8.5M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0441%	1h	0.2909	+0.400%	$40K	$699K	25x	as long as short
edgeX USELESSUSDC	+0.0486%	4h	0.2910	+0.445%	$22K	$193K	10x	as long as short
MEXC USELESS_USDT	+0.0510%	4h	0.2901	+0.131%	$11.2M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0510%	4h	0.2901	+0.111%	$24.5M	$116.9M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2898	+0.037%	$307K	$1.2M	5x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2898	+0.031%	$5.6M	$9.7M	20x	as long as short
BingX USELESS-USDT	+0.0762%	4h	0.2897	−0.014%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0795%	4h	0.2903	+0.193%	$28.4M	$46.4M	13x	as long as short
Variational Omni USELESS	+0.0994%	4h	0.2915	+0.617%	$1.2M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1053%	4h	0.2898	+0.035%	$1.2M	$2.1M	12x	as long as short
Aster USELESSUSDT	+0.1102%	4h	0.2901	+0.113%	$668K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1120%	1h	0.2904	+0.221%	$14.6M	$20.9M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1252%	4h	0.2900	+0.090%	$22K	$1.4M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3093	+6.747%	$5K	$9K	5.5x	as long as short