Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.062%

Price spread now: Phemex against Polymarket Perps−0.567%46s7-day average +0.025% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Phemex

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)+0.299%+$30 · spread now −0.567%, 7d avg +0.025%

Together, before fees+0.495%+$49 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.592% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$59 on $10k if it goes back to its 7-day average of +0.025%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps USELESS-USD	0.2962	0.0100	pay 0.0013% / 1h	34m 31s	$29K	$137K	3x
Short	Phemex USELESSUSDT	0.2945	0.0100	get 0.0050% / 4h	2h 34m	$585K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.567%Rate

Funding earned: $0
Price spread: −0.567% → +0.025%: −$59.2
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$79.2
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 52 min ago; Phemex: live order book, 3 min ago. 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, 52 min ago	2.86 bp	50.3 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	35.40 bp	doesn't fit	doesn't fit	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	0.2958	−0.128%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2957	−0.192%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2956	−0.223%	$10.5M	$66.1M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2929	−1.121%	$42K	$698K	25x	as long as short
Polymarket Perps USELESS-USDlong	+0.0100%	1h	0.2962	long leg	$29K	$137K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2952	−0.341%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2934	−0.962%	$20K	$378K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2945	−0.567%	$585K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0184%	4h	0.2960	−0.057%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2951	−0.377%	$11K	—	3x	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	+0.0402%	4h	0.2959	−0.101%	$7.4M	$7.7M	50x	as long as short
Bitget USELESSUSDT	+0.0534%	4h	0.2960	−0.068%	$5.6M	$8.7M	20x	as long as short
Extended USELESS-USD	+0.0672%	1h	0.2964	+0.052%	$311K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0674%	4h	0.2961	−0.041%	$10.5M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0675%	4h	0.2960	−0.068%	$25.5M	$109.1M	50x	as long as short
edgeX USELESSUSDC	+0.0676%	4h	0.2927	−1.204%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1146%	4h	0.2951	−0.368%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1232%	4h	0.2962	−0.024%	—	$4.9M	—	as long as short
Variational Omni USELESS	+0.1256%	4h	0.2936	−0.886%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1352%	4h	0.2959	−0.093%	$683K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1359%	4h	0.2961	−0.034%	$29.8M	$42.5M	13x	as long as short
Hyperliquid USELESS	+0.1543%	1h	0.2962	+0.007%	$15.1M	$19.6M	3x	as long as short
BloFin USELESS-USDT	+0.1673%	4h	0.2953	−0.327%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3110	+4.983%	$5K	$10K	5.5x	as long as short