USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0384%/8h= +42.0% APRnext payment +$1.92 per $10,000 · paid last 24h +0.050%

Price spread now: MEXC against Phemex+0.243%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1631.631% of the position

Long on Phemex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.148%−$15 · spread now +0.243%, 7d avg +0.012%

Together, before fees−0.104%−$10 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 MEXC is 0.230% dearer against Phemex than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.012%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.92 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	0.2722	0.0100	pay 0.0050% / 4h	1h 09m	$557K	$1.2M	20x
Short	MEXC USELESS_USDT	0.2728	0.0484	get 0.0242% / 4h	1h 09m	$9.9M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.243%Rate

Funding earned: $80.64
Price spread: +0.243% → +0.012%: $23.05
Slippage, 4 orders: −$143.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee MEXC: 4 bp × 2 orders: −$8
Net: −$59.44
Costs to cover: 1.631%
Break-even: 12.2 days

Slippage from Phemex: live order book, 3 min ago; MEXC: live order book, 3 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	29.55 bp	66.4 bp −$66	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.37 bp	8.6 bp −$9	43.7 bp −$437	125.2 bp −$12.5K	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	0.2726	+0.151%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2725	+0.136%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2719	−0.103%	$9.5M	$63.0M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2724	+0.088%	$26K	$147K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2726	+0.151%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2725	+0.114%	$18K	$489K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2722	long leg	$557K	$1.2M	20x
ApeX Omni USELESSUSDT	+0.0197%	1h	0.2729	+0.272%	$38K	$700K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2728	+0.252%	$10K	—	3x	as long as short
Gate USELESS_USDT	+0.0322%	4h	0.2723	+0.062%	$6.8M	$8.1M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0326%	4h	0.2723	+0.051%	$5.1M	$9.9M	12x	as long as short
Bitget USELESSUSDT	+0.0464%	4h	0.2728	+0.228%	$5.2M	$9.1M	20x	as long as short
edgeX USELESSUSDC	+0.0474%	4h	0.2735	+0.509%	$20K	$190K	10x	as long as short
Binance USELESSUSDT	+0.0478%	4h	0.2721	−0.033%	$23.0M	$114.2M	50x	as long as short
Extended USELESS-USD	+0.0480%	1h	0.2727	+0.188%	$287K	$966K	5x	as long as short
MEXC USELESS_USDTshort	+0.0484%	4h	0.2728	+0.243%	$9.9M	$5.9M	50x
Hyperliquid USELESS	+0.0846%	1h	0.2729	+0.285%	$13.3M	$20.7M	3x	as long as short
Aster USELESSUSDT	+0.1094%	4h	0.2723	+0.042%	$637K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1286%	4h	0.2727	+0.180%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1296%	4h	0.2720	−0.059%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1329%	4h	0.2720	−0.048%	$27.2M	$44.8M	13x	as long as short
Variational Omni USELESS	+0.1472%	4h	0.2725	+0.113%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1762%	4h	0.2727	+0.180%	$1.1M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+6.349%	$5K	$9K	5.5x	as long as short