Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.069%

Price spread now: Phemex against SunX−0.412%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$315as in the Funding arb table

Net, price: spread back to 7d avg − costs−$371as in the Price arb table

costs, in and out, $10k−$3313.309% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 3 days (all we have)+0.792%+$79 · spread now −0.412%, 7d avg −0.007%

Together, before fees+0.951%+$95 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 0.405% cheaper against SunX than usual: you would sell low and buy high, −$40 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX USELESS-USDT	0.2915	0.0100	pay 0.0050% / 4h	2h 48m	—	$1.4M	10x
Short	Phemex USELESSUSDT	0.2903	0.0100	get 0.0050% / 4h	2h 48m	$576K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now −0.412%Rate

Funding earned: $0
Price spread: −0.412% → −0.007%: −$40.45
Slippage, 4 orders: −$310.88
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$371.33
Costs to cover: 3.309%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Phemex: live order book, 5 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 SunX live order book, 6 min ago	44.87 bp	63.2 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	35.59 bp	123.1 bp −$123	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
ApeX Omni USELESSUSDT	+0.0032%	1h	0.2875	−1.372%	$41K	$697K	25x	as long as short
Lighter USELESS	+0.0096%	1h	0.2909	−0.213%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2902	−0.460%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2916	+0.041%	$10.3M	$65.2M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2908	−0.226%	$28K	$135K	3x	as long as short
SunX USELESS-USDTlong	+0.0100%	4h	0.2915	long leg	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2907	−0.261%	$20K	$376K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2903	−0.412%	$576K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0134%	4h	0.2906	−0.302%	$5.4M	$9.6M	12x	as long as short
Gate USELESS_USDT	+0.0232%	4h	0.2905	−0.326%	$7.2M	$7.7M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0240%	1h	0.2910	−0.160%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0564%	4h	0.2923	+0.268%	$5.5M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0670%	4h	0.2911	−0.137%	$21.4M	$5.8M	50x	as long as short
Extended USELESS-USD	+0.0672%	1h	0.2918	+0.100%	$306K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0672%	4h	0.2917	+0.058%	$25.1M	$109.2M	50x	as long as short
edgeX USELESSUSDC	+0.0693%	4h	0.2894	−0.729%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1117%	4h	0.2913	−0.086%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1192%	4h	0.2881	−1.169%	$1.1M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1322%	4h	0.2909	−0.209%	$671K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1361%	4h	0.2913	−0.065%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1380%	4h	0.2917	+0.075%	$29.3M	$42.6M	13x	as long as short
Hyperliquid USELESS	+0.1500%	1h	0.2915	+0.007%	$14.9M	$19.6M	3x	as long as short
BloFin USELESS-USDT	+0.1885%	4h	0.2900	−0.521%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3071	+5.369%	$5K	$10K	5.5x	as long as short