Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0813%/8h= −89.0% APRpaid last 24h −0.098%

Price spread now: ApeX Omni against BingX+0.410%53s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as 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−$810.814% of the position

Long on BingX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 3 days (all we have)−0.620%−$62 · spread now +0.410%, 7d avg +0.004%

Together, before fees−0.798%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.406% dearer against BingX than usual: you sell high and buy low (spread +0.410% now, against its 7-day average of +0.004%): +$41 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 7 days (−0.178% in total) that is about 16 days. The two prices were read 53 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 -0.178% in total (about -9.3% 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	BingX USELESS-USDT	0.2803	0.0960	pay 0.0480% / 4h	24m 29s	—	$5.0M	—
Short	ApeX Omni USELESSUSDT	0.2815	0.0147	get 0.0018% / 1h	24m 29s	$39K	$702K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against BingX. 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 BingXbpFee ApeX OmnibpOrdersPrice spread, now +0.410%Rate

Funding earned: −$170.64
Price spread: +0.410% → +0.004%: $40.58
Slippage, 4 orders: −$61.44
Fee BingX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$211.49
Costs to cover: 0.814%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; ApeX Omni: live order book, 54 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 BingX live order book, 11 min ago	3.37 bp	16.7 bp −$17	64.7 bp −$647	436.0 bp −$43.6K	doesn't fit
Sell ApeX Omni live order book, 54 min ago	9.14 bp	21.7 bp −$22	118.0 bp −$1,180	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	0.2807	+0.143%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2805	+0.067%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2803	−0.032%	$9.9M	$66.2M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2803	−0.014%	$36K	$159K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2809	+0.210%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2806	+0.096%	$18K	$496K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2807	+0.111%	$569K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDTshort	+0.0147%	1h	0.2815	+0.410%	$39K	$702K	25x
Aevo USELESS-PERP	+0.0200%	1h	0.2806	+0.088%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0226%	4h	0.2804	+0.004%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0310%	4h	0.2804	+0.032%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0352%	4h	0.2799	−0.164%	$7.0M	$8.3M	50x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2803	−0.029%	$295K	$966K	5x	as long as short
edgeX USELESSUSDC	+0.0497%	4h	0.2823	+0.682%	$21K	$191K	10x	as long as short
Binance USELESSUSDT	+0.0500%	4h	0.2804	+0.003%	$23.6M	$116.2M	50x	as long as short
MEXC USELESS_USDT	+0.0504%	4h	0.2807	+0.136%	$10.3M	$6.0M	50x	as long as short
BingX USELESS-USDTlong	+0.0960%	4h	0.2803	long leg	—	$5.0M	—
Bybit USELESSUSDT	+0.0967%	4h	0.2804	+0.029%	$27.6M	$45.7M	13x	as long as short
Aster USELESSUSDT	+0.1078%	4h	0.2805	+0.061%	$645K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1121%	4h	0.2811	+0.283%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1267%	4h	0.2810	+0.235%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1324%	4h	0.2811	+0.278%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1553%	1h	0.2809	+0.209%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2972	+5.993%	$5K	$9K	5.5x	as long as short