Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1113%/8h= +121.8% APRpaid last 24h +0.241%

Price spread now: Orderly against Aevo+0.084%7-day average — · you sell dearer than you buy

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

Long on Aevo Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Orderly is 0.084% dearer against Aevo than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo USELESS-PERP	0.2817	0.0224	pay 0.0028% / 1h	0m 21s	$10K	—	3x
Short	Orderly PERP_USELESS_USDC	0.2819	0.1337	get 0.0668% / 4h	2h 00m	$22K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aevo. 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 AevobpFee OrderlybpOrdersPrice spread, now +0.084%Rate

Funding earned: $233.65
Price spread: +0.084% → 0.000%: $8.38
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee Orderly: 3 bp × 2 orders: −$6
Net: $220.02
Costs to cover: 0.220%
Break-even: 0.4 days

Slippage unknown: Aevo: no order-book sample; 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 Aevo no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Aevo and 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 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	0.2814	−0.101%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2811	−0.207%	$31K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2808	−0.293%	$7.1M	$8.5M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2818	+0.059%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2807	−0.349%	$18K	$503K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2799	−0.633%	$608K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0126%	4h	0.2821	+0.133%	$9.9M	$66.1M	10x	as long as short
KuCoin USELESSUSDTM	+0.0200%	4h	0.2813	−0.129%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERPlong	+0.0224%	1h	0.2817	long leg	$10K	—	3x
Polymarket Perps USELESS-USD	+0.0341%	1h	0.2816	−0.033%	$28K	$204K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0542%	4h	0.2814	−0.090%	$21K	$195K	10x	as long as short
Extended USELESS-USD	+0.0568%	1h	0.2815	−0.067%	$298K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0570%	4h	0.2817	+0.023%	$11.0M	$6.0M	50x	as long as short
Bitget USELESSUSDT	+0.0574%	4h	0.2818	+0.031%	$5.4M	$9.9M	20x	as long as short
Binance USELESSUSDT	+0.0578%	4h	0.2818	+0.045%	$23.8M	$117.0M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0718%	1h	0.2812	−0.168%	$39K	$699K	25x	as long as short
BingX USELESS-USDT	+0.0802%	4h	0.2818	+0.031%	—	$5.1M	—	as long as short
Variational Omni USELESS	+0.0921%	4h	0.2810	−0.235%	$1.2M	$1.7M	—	as long as short
Bybit USELESSUSDT	+0.0949%	4h	0.2816	−0.040%	$27.3M	$46.2M	13x	as long as short
Aster USELESSUSDT	+0.1092%	4h	0.2814	−0.086%	$626K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1230%	1h	0.2818	+0.045%	$14.0M	$20.7M	3x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1337%	4h	0.2819	+0.084%	$22K	$1.3M	10x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2977	+5.686%	$5K	$9K	5.5x	as long as short