Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0270%/8h= +29.6% APRpaid last 24h −0.062%

Price spread now: Polymarket Perps against Phemex+0.218%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$189as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1691.690% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.196%−$20 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now +0.218%, 7d avg −0.011%

Together, before fees−0.305%−$30 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 Polymarket Perps is 0.229% dearer against Phemex than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.011%. Mind the row above: over the last 7 days funding on this pair cost −0.196%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2799	0.0100	pay 0.0050% / 4h	2h 05m	$608K	$1.1M	20x
Short	Polymarket Perps USELESS-USD	0.2805	0.0370	get 0.0046% / 1h	5m 14s	$27K	$203K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.218%Rate

Funding earned: $56.8
Price spread: +0.218% → −0.011%: $22.85
Slippage, 4 orders: −$149.04
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$89.39
Costs to cover: 1.690%
Break-even: 18.0 days

Slippage from Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 62 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, 2 min ago	22.31 bp	69.3 bp −$69	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 62 min ago	6.55 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit

USELESS on 23 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	0.2801	+0.089%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2808	+0.329%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2800	+0.032%	$9.9M	$65.7M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2801	+0.075%	$7.0M	$8.5M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2809	+0.379%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2802	+0.118%	$18K	$503K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2799	long leg	$608K	$1.1M	20x
KuCoin USELESSUSDTM	+0.0146%	4h	0.2801	+0.089%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2804	+0.200%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USDshort	+0.0370%	1h	0.2805	+0.218%	$27K	$203K	3x

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0543%	4h	0.2811	+0.418%	$21K	$194K	10x	as long as short
Extended USELESS-USD	+0.0552%	1h	0.2804	+0.188%	$298K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0552%	4h	0.2805	+0.207%	$10.9M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0554%	4h	0.2803	+0.157%	$23.8M	$117.0M	50x	as long as short
Bitget USELESSUSDT	+0.0576%	4h	0.2800	+0.039%	$5.4M	$9.9M	20x	as long as short
BingX USELESS-USDT	+0.0702%	4h	0.2801	+0.064%	—	$5.1M	—	as long as short
ApeX Omni USELESSUSDT	+0.0716%	1h	0.2808	+0.325%	$39K	$698K	25x	as long as short
Bybit USELESSUSDT	+0.0801%	4h	0.2802	+0.096%	$27.2M	$46.3M	13x	as long as short
Variational Omni USELESS	+0.0873%	4h	0.2812	+0.458%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1079%	4h	0.2805	+0.218%	$625K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1244%	1h	0.2801	+0.089%	$14.0M	$20.7M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1313%	4h	0.2806	+0.261%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2989	+6.774%	$5K	$9K	5.5x	as long as short