USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1218%/8h= +133.4% APRnext payment +$6.09 per $10,000 · paid last 24h +0.201%

Price spread now: Orderly against Phemex+0.140%7-day average −0.009% · you sell dearer than you buy

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

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.781%+$78 on $10k

Price spread, last 4 days (all we have)−0.167%−$17 · spread now +0.140%, 7d avg −0.009%

Together, before fees+0.614%+$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$37 a day on $10k at the current rate, and Orderly is 0.149% dearer against Phemex than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.009%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.781% in total (about 40.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$6.09 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	0.2564	0.0100	pay 0.0050% / 4h	28m 05s	$574K	$1.0M	20x
Short	Orderly PERP_USELESS_USDC	0.2567	0.1318	get 0.0659% / 4h	28m 05s	$19K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.140%Rate

Funding earned: $255.8
Price spread: +0.140% → −0.009%: $14.92
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $252.72
Costs to cover: 0.180%
Break-even: 0.1 days

Slippage unknown: Phemex: live order book, 5 min ago; Orderly: no order-book sample. 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, 5 min ago	16.00 bp	49.6 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2564	−0.004%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2566	+0.082%	$11.4M	$22.9M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2568	+0.160%	$28K	$64K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2565	+0.051%	$32K	$223K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2564	+0.016%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2560	−0.144%	$17K	$521K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2564	long leg	$574K	$1.0M	20x
Aevo USELESS-PERP	+0.0200%	1h	0.2567	+0.111%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0201%	4h	0.2565	+0.027%	$8.9M	$63.1M	10x	as long as short
KuCoin USELESSUSDTM	+0.0222%	4h	0.2565	+0.035%	$4.6M	$10.7M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0238%	4h	0.2565	+0.035%	$6.4M	$8.7M	50x	as long as short
Bitget USELESSUSDT	+0.0342%	4h	0.2565	+0.027%	$4.9M	$10.4M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0420%	1h	0.2558	−0.230%	$33K	$693K	25x	as long as short
Binance USELESSUSDT	+0.0455%	4h	0.2565	+0.053%	$21.4M	$123.2M	50x	as long as short
Extended USELESS-USD	+0.0456%	1h	0.2562	−0.061%	$113K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0458%	4h	0.2565	+0.059%	$10.3M	$6.2M	50x	as long as short
edgeX USELESSUSDC	+0.0461%	4h	0.2566	+0.101%	$19K	$197K	10x	as long as short
Aster USELESSUSDT	+0.0510%	4h	0.2568	+0.148%	$508K	$2.4M	10x	as long as short
Bybit USELESSUSDT	+0.0510%	4h	0.2565	+0.031%	$24.5M	$48.5M	13x	as long as short
BingX USELESS-USDT	+0.0532%	4h	0.2566	+0.070%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0718%	4h	0.2564	−0.004%	$1.0M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.0779%	4h	0.2576	+0.472%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1318%	4h	0.2567	+0.140%	$19K	$1.2M	10x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2704	+5.472%	$5K	$11K	5.5x	as long as short