Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0341%/8h= −37.3% APRpaid last 24h −0.039%

Price spread now: SunX against ApeX Omni+0.191%47s7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$176as 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−$1661.655% of the position

Long on ApeX Omni Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now +0.191%, 7d avg +0.032%

Together, before fees−0.270%−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.159% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of +0.032%): +$16 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 7 days (−0.104% in total) that is about 11 days. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.104% in total (about -5.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni USELESSUSDT	0.2829	0.0441	pay 0.0055% / 1h	59m 20s	$52K	$702K	25x
Short	SunX USELESS-USDT	0.2834	0.0100	get 0.0050% / 4h	59m 20s	—	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.191%Rate

Funding earned: −$71.57
Price spread: +0.191% → +0.032%: $15.9
Slippage, 4 orders: −$147.53
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$221.2
Costs to cover: 1.655%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 44 min ago; SunX: 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 ApeX Omni live order book, 44 min ago	10.78 bp	18.6 bp −$19	95.4 bp −$954	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	44.88 bp	64.0 bp −$64	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	0.2837	+0.279%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2835	+0.212%	$30K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2836	+0.247%	$5.2M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2839	+0.371%	$5.5M	$10.5M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2840	+0.375%	$28K	$267K	3x	as long as short
SunX USELESS-USDTshort	+0.0100%	4h	0.2834	+0.191%	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2831	+0.067%	$19K	$515K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2835	+0.219%	$648K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0106%	4h	0.2837	+0.297%	$9.8M	$71.0M	10x	as long as short
Aster USELESSUSDT	+0.0131%	4h	0.2835	+0.223%	$555K	$2.2M	10x	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	+0.0144%	1h	0.2832	+0.090%	$10K	—	3x	as long as short
edgeX USELESSUSDC	+0.0247%	4h	0.2830	+0.049%	$21K	$198K	10x	as long as short
MEXC USELESS_USDT	+0.0252%	4h	0.2839	+0.368%	$11.9M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0252%	4h	0.2839	+0.346%	$23.6M	$124.9M	50x	as long as short
Extended USELESS-USD	+0.0256%	1h	0.2839	+0.345%	$241K	$896K	5x	as long as short
Bybit USELESSUSDT	+0.0427%	4h	0.2838	+0.308%	$26.7M	$49.5M	13x	as long as short
ApeX Omni USELESSUSDTlong	+0.0441%	1h	0.2829	long leg	$52K	$702K	25x
BingX USELESS-USDT	+0.0458%	4h	0.2839	+0.368%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0534%	4h	0.2827	−0.086%	$1.2M	$1.9M	—	as long as short
Gate USELESS_USDT	+0.0566%	4h	0.2833	+0.141%	$7.1M	$8.6M	50x	as long as short
Hyperliquid USELESS	+0.0575%	1h	0.2842	+0.449%	$12.4M	$23.5M	3x	as long as short
BloFin USELESS-USDT	+0.0698%	4h	0.2830	+0.035%	$1.2M	$2.1M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0948%	4h	0.2836	+0.258%	$22K	$1.5M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2999	+5.992%	$5K	$11K	5.5x	as long as short