USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0503%/8h= −55.0% APRnext payment −$2.51 per $10,000 · paid last 24h −0.049%

Price spread now: Phemex against Binance−0.687%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$262as in the Funding arb table

Net, price: spread back to 7d avg − costs−$328as in the Price arb table

costs, in and out, $10k−$2572.573% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)+0.590%+$59 · spread now −0.687%, 7d avg +0.018%

Together, before fees+0.547%+$55 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Phemex is 0.705% cheaper against Binance than usual: you would sell low and buy high (−$70 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.51 per $10,000. 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	Binance USELESSUSDT	0.2866	0.0603	pay 0.0301% / 4h	2h 03m	$24.4M	$110.8M	50x
Short	Phemex USELESSUSDT	0.2846	0.0100	get 0.0050% / 4h	2h 03m	$572K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.687%Rate

Funding earned: −$105.55
Price spread: −0.687% → +0.018%: −$70.49
Slippage, 4 orders: −$235.28
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$433.32
Costs to cover: 2.573%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Phemex: 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 Binance live order book, 9 min ago	0.17 bp	7.9 bp −$8	22.1 bp −$221	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	69.80 bp	123.5 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
Lighter USELESS	+0.0096%	1h	0.2865	−0.042%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2856	−0.335%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2864	−0.073%	$10.2M	$64.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2861	−0.181%	$28K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2858	−0.293%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2853	−0.457%	$20K	$388K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2846	−0.687%	$572K	$1.2M	20x
Aevo USELESS-PERP	+0.0232%	1h	0.2865	−0.019%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0292%	4h	0.2862	−0.136%	$5.3M	$9.7M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0346%	1h	0.2849	−0.593%	$41K	$698K	25x	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	+0.0450%	4h	0.2859	−0.227%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2866	+0.010%	$5.5M	$8.8M	20x	as long as short
MEXC USELESS_USDT	+0.0594%	4h	0.2868	+0.059%	$10.1M	$5.9M	50x	as long as short
Extended USELESS-USD	+0.0600%	1h	0.2868	+0.078%	$301K	$968K	5x	as long as short
Binance USELESSUSDTlong	+0.0603%	4h	0.2866	long leg	$24.4M	$110.8M	50x
edgeX USELESSUSDC	+0.0608%	4h	0.2849	−0.606%	$21K	$190K	10x	as long as short
BingX USELESS-USDT	+0.1094%	4h	0.2866	+0.014%	—	$4.9M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1211%	4h	0.2866	+0.014%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1283%	4h	0.2864	−0.073%	$663K	$2.2M	10x	as long as short
Variational Omni USELESS	+0.1388%	4h	0.2853	−0.446%	$1.2M	$1.8M	—	as long as short
Bybit USELESSUSDT	+0.1392%	4h	0.2864	−0.052%	$29.1M	$43.1M	13x	as long as short
Hyperliquid USELESS	+0.1525%	1h	0.2869	+0.094%	$14.7M	$19.8M	3x	as long as short
BloFin USELESS-USDT	+0.1621%	4h	0.2851	−0.523%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3006	+4.899%	$5K	$10K	5.5x	as long as short