Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0960%/8h= +105.2% APRpaid last 24h +0.124%

Price spread now: Bybit against Polymarket Perps+0.224%7-day average −0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$610.609% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 7 days−0.224%−$22 · spread now +0.224%, 7d avg −0.062%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and Bybit is 0.286% dearer against Polymarket Perps than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of −0.062%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.263% in total (about 13.7% a year). A funding rate is set anew for every payment. 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	Polymarket Perps USELESS-USD	0.2808	0.0100	pay 0.0013% / 1h	35m 15s	$34K	$156K	3x
Short	Bybit USELESSUSDT	0.2814	0.1060	get 0.0530% / 4h	35m 15s	$27.8M	$45.7M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Polymarket Perps. 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 Polymarket PerpsbpFee BybitbpOrdersPrice spread, now +0.224%Rate

Funding earned: $201.69
Price spread: +0.224% → −0.062%: $28.64
Slippage, 4 orders: −$41.94
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $169.39
Costs to cover: 0.609%
Break-even: 1.1 days

Slippage from Polymarket Perps: live order book, 41 min ago; Bybit: live order book, 4 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 Polymarket Perps live order book, 41 min ago	2.38 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.18 bp	19.4 bp −$19	56.7 bp −$567	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	0.2814	+0.231%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2809	+0.036%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2813	+0.192%	$9.8M	$66.2M	10x	as long as short
Polymarket Perps USELESS-USDlong	+0.0100%	1h	0.2808	long leg	$34K	$156K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2809	+0.032%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2808	+0.018%	$18K	$495K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2804	−0.128%	$568K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0194%	1h	0.2804	−0.139%	$39K	$700K	25x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2811	+0.120%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0292%	4h	0.2809	+0.025%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0350%	4h	0.2814	+0.224%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0392%	4h	0.2804	−0.125%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDC	+0.0506%	4h	0.2813	+0.176%	$21K	$192K	10x	as long as short
Binance USELESSUSDT	+0.0510%	4h	0.2815	+0.267%	$23.7M	$116.0M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2811	+0.101%	$297K	$966K	5x	as long as short
MEXC USELESS_USDT	+0.0514%	4h	0.2815	+0.242%	$10.4M	$6.0M	50x	as long as short
BingX USELESS-USDT	+0.1040%	4h	0.2813	+0.171%	—	$5.0M	—	as long as short
Bybit USELESSUSDTshort	+0.1060%	4h	0.2814	+0.224%	$27.8M	$45.7M	13x
Aster USELESSUSDT	+0.1107%	4h	0.2810	+0.078%	$646K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1218%	4h	0.2814	+0.232%	$1.2M	$1.8M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1338%	4h	0.2813	+0.175%	$22K	$1.4M	10x	as long as short
BloFin USELESS-USDT	+0.1395%	4h	0.2815	+0.239%	$1.2M	$2.0M	12x	as long as short
Hyperliquid USELESS	+0.1503%	1h	0.2815	+0.264%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2995	+6.660%	$5K	$9K	5.5x	as long as short