Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.069%

Price spread now: Pacifica against Phemex+0.599%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Pacifica is 0.599% dearer against Phemex than usual: you sell high and buy low, +$60 on $10k if it goes back to zero (this spread has no 7-day history 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 23m	$558K	$1.2M	20x
Short	Pacifica USELESS	0.2738	0.0100	get 0.0013% / 1h	23m 26s	$30K	$70K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.599%Rate

Funding earned: $0
Price spread: +0.599% → 0.000%: $59.89
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $39.89
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: Phemex: live order book, 4 min ago; Pacifica: 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, 4 min ago	20.95 bp	49.1 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: 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	0.2743	+0.764%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESSshort	+0.0100%	1h	0.2738	+0.599%	$30K	$70K	3x
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2741	+0.698%	$9.6M	$63.2M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2740	+0.658%	$26K	$145K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2735	+0.470%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2735	+0.481%	$33K	$452K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2722	long leg	$558K	$1.2M	20x
ApeX Omni USELESSUSDT	+0.0198%	1h	0.2735	+0.485%	$38K	$699K	25x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2727	+0.185%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0330%	4h	0.2737	+0.573%	$5.1M	$9.8M	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	+0.0380%	4h	0.2737	+0.577%	$6.9M	$8.0M	50x	as long as short
edgeX USELESSUSDC	+0.0492%	4h	0.2737	+0.573%	$20K	$191K	10x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2738	+0.605%	$287K	$965K	5x	as long as short
MEXC USELESS_USDT	+0.0498%	4h	0.2742	+0.735%	$9.9M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0501%	4h	0.2741	+0.705%	$23.2M	$113.5M	50x	as long as short
Bitget USELESSUSDT	+0.0520%	4h	0.2741	+0.705%	$5.3M	$9.1M	20x	as long as short
Hyperliquid USELESS	+0.0924%	1h	0.2743	+0.783%	$13.4M	$20.5M	3x	as long as short
Aster USELESSUSDT	+0.1137%	4h	0.2737	+0.560%	$642K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1255%	4h	0.2733	+0.415%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1354%	4h	0.2741	+0.716%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1381%	4h	0.2740	+0.672%	$27.4M	$44.5M	13x	as long as short
Variational Omni USELESS	+0.1473%	4h	0.2741	+0.717%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1801%	4h	0.2738	+0.588%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2934	+7.796%	$5K	$9K	5.5x	as long as short