Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.012%

Price spread now: KuCoin against ApeX Omni−0.077%82s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1181.181% of the position

Long on ApeX Omni Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.161%+$16 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.077%, 7d avg −0.049%

Together, before fees+0.281%+$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and KuCoin is 0.028% cheaper against ApeX Omni than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.049%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.161%, so the current rate has only just turned against you. The two prices were read 82 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	ApeX Omni USELESSUSDT	0.2603	0.0424	pay 0.0053% / 1h	14m 12s	$33K	$694K	25x
Short	KuCoin USELESSUSDTM	0.2601	0.0244	get 0.0122% / 4h	14m 12s	$4.7M	$10.7M	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against ApeX Omni. 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 ApeX OmnibpFee KuCoinbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$37.72
Price spread: −0.077% → −0.049%: −$2.75
Slippage, 4 orders: −$96.05
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$158.52
Costs to cover: 1.181%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 44 min ago; KuCoin: 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 ApeX Omni live order book, 44 min ago	7.86 bp	18.8 bp −$19	119.4 bp −$1,194	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	8.07 bp	49.1 bp −$49	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	0.2602	−0.046%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2598	−0.208%	$28K	$66K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2604	+0.019%	$29K	$226K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2600	−0.100%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2601	−0.061%	$18K	$523K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2599	−0.161%	$582K	$1.0M	20x	as long as short
Aevo USELESS-PERP	+0.0192%	1h	0.2604	+0.052%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0203%	4h	0.2604	+0.027%	$8.9M	$63.3M	10x	as long as short
Hyperliquid USELESS	+0.0228%	1h	0.2606	+0.127%	$11.4M	$22.7M	3x	as long as short
Gate USELESS_USDT	+0.0236%	4h	0.2599	−0.150%	$6.5M	$8.8M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTMshort	+0.0244%	4h	0.2601	−0.077%	$4.7M	$10.7M	12x
Bitget USELESSUSDT	+0.0294%	4h	0.2600	−0.119%	$4.9M	$10.4M	20x	as long as short
edgeX USELESSUSDC	+0.0416%	4h	0.2606	+0.114%	$19K	$197K	10x	as long as short
ApeX Omni USELESSUSDTlong	+0.0424%	1h	0.2603	long leg	$33K	$694K	25x
Extended USELESS-USD	+0.0424%	1h	0.2603	−0.008%	$113K	$1.2M	5x	as long as short
Binance USELESSUSDT	+0.0425%	4h	0.2601	−0.069%	$21.6M	$121.8M	50x	as long as short
MEXC USELESS_USDT	+0.0430%	4h	0.2602	−0.042%	$10.5M	$6.2M	50x	as long as short
BingX USELESS-USDT	+0.0480%	4h	0.2603	+0.012%	—	$5.3M	—	as long as short
Aster USELESSUSDT	+0.0481%	4h	0.2599	−0.146%	$517K	$2.4M	10x	as long as short
Bybit USELESSUSDT	+0.0510%	4h	0.2601	−0.073%	$24.7M	$48.3M	13x	as long as short
Variational Omni USELESS	+0.0639%	4h	0.2602	−0.027%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0740%	4h	0.2596	−0.269%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1317%	4h	0.2604	+0.042%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2757	+5.905%	$5K	$11K	5.5x	as long as short