Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1104%/8h= +120.8% APRpaid last 24h +0.283%

Price spread now: Orderly against Polymarket Perps+0.056%7-day average −0.006% · you sell dearer than you buy

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+1.041%+$104 on $10k

Price spread, last 4 days (all we have)−0.197%−$20 · spread now +0.056%, 7d avg −0.006%

Together, before fees+0.844%+$84 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Orderly is 0.062% dearer against Polymarket Perps than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps USELESS-USD	0.2700	0.0100	pay 0.0013% / 1h	41m 10s	$26K	$245K	3x
Short	Orderly PERP_USELESS_USDC	0.2702	0.1204	get 0.0602% / 4h	2h 41m	$21K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.056%Rate

Funding earned: $231.74
Price spread: +0.056% → −0.006%: $6.18
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $223.93
Costs to cover: 0.140%
Break-even: 0.2 days

Slippage unknown: Polymarket Perps: live order book, 6 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 Polymarket Perps live order book, 6 min ago	0.37 bp	55.6 bp −$56	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	0.2696	−0.141%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2696	−0.148%	$11.7M	$22.5M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2693	−0.276%	$528K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2695	−0.185%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USDlong	+0.0100%	1h	0.2700	long leg	$26K	$245K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2701	+0.030%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2697	−0.119%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2697	−0.093%	$638K	$1.1M	20x	as long as short
Bitget USELESSUSDT	+0.0110%	4h	0.2697	−0.107%	$5.1M	$10.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0121%	4h	0.2697	−0.104%	$9.2M	$65.4M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0132%	4h	0.2696	−0.167%	$4.9M	$10.6M	12x	as long as short
Aevo USELESS-PERP	+0.0136%	1h	0.2700	+0.002%	$10K	—	3x	as long as short
edgeX USELESSUSDC	+0.0216%	4h	0.2691	−0.324%	$20K	$195K	10x	as long as short
Extended USELESS-USD	+0.0224%	1h	0.2700	+0.004%	$114K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0226%	4h	0.2698	−0.085%	$10.9M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0227%	4h	0.2693	−0.259%	$22.4M	$121.6M	50x	as long as short
BingX USELESS-USDT	+0.0390%	4h	0.2697	−0.130%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0414%	4h	0.2640	−2.237%	$24.9M	$48.4M	13x	as long as short
Variational Omni USELESS	+0.0513%	4h	0.2699	−0.032%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0646%	4h	0.2694	−0.207%	$6.7M	$8.5M	50x	as long as short
BloFin USELESS-USDT	+0.0654%	4h	0.2694	−0.226%	$1.1M	$2.0M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0832%	1h	0.2687	−0.481%	$47K	$698K	25x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1204%	4h	0.2702	+0.056%	$21K	$1.2M	10x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+4.674%	$5K	$11K	5.5x	as long as short