Funding you earn now, next payment 04:00 UTC−0.1180%/8h= −129.2% APRnext payment −$5.90 per $10,000 · paid last 24h −0.083%
Price spread now: Phemex against BingX−0.330%7-day average +0.019% · you buy dearer than you sell
Net, funding: paid 7d − costs−$223as in the Funding arb table
Net, price: spread back to 7d avg − costs−$244as in the Price arb table
costs, in and out, $10k−$2102.095% of the position
Funding, last 7 days−0.139%−$14 on $10k
+Price spread, last 3 days (all we have)+0.247%+$25 · spread now −0.330%, 7d avg +0.019%
=Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Phemex is 0.349% cheaper against BingX than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of +0.019%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.139% in total (about -7.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.90 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 | BingX USELESS-USDT | 0.2845 | 0.1280 | pay 0.0640% / 4h | 3h 35m | — | $5.0M | — |
| Short | Phemex USELESSUSDT | 0.2835 | 0.0100 | get 0.0050% / 4h | 3h 35m | $596K | $1.2M | 20x |
BingX USELESS-USDT
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against BingX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$247.8
- Price spread: −0.330% → +0.019%
- −$34.91
- Slippage, 4 orders
- −$187.55
- Fee BingX: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$492.25
- Costs to cover
- 2.095%
- Break-even
- never at this rate
Slippage from BingX: live order book, 10 min ago; Phemex: live order book, 2 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, 10 min ago | 3.55 bp | 20.4 bp −$20 | 62.7 bp −$627 | 475.9 bp −$47.6K | doesn't fit |
| Sell Phemex live order book, 2 min ago | 39.56 bp | 89.3 bp −$89 | 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 | 0.2844 | −0.014% | $1.3M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2846 | +0.028% | $32K | $70K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2842 | −0.084% | $10.0M | $66.7M | 10x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2843 | −0.049% | $47K | $171K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2846 | +0.032% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2841 | −0.148% | $19K | $506K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2835 | −0.330% | $596K | $1.2M | 20x | |
| KuCoin USELESSUSDTM | +0.0192% | 4h | 0.2845 | +0.011% | $5.2M | $10.1M | 12x | as long as short |
| Aevo USELESS-PERP | +0.0200% | 1h | 0.2836 | −0.324% | $10K | — | 3x | as long as short |
| Bitget USELESSUSDT | +0.0434% | 4h | 0.2847 | +0.081% | $5.5M | $9.6M | 20x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
KuCoin USELESSUSDTM
Aevo USELESS-PERP
Bitget USELESSUSDTShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX USELESSUSDC | +0.0461% | 4h | 0.2833 | −0.414% | $21K | $193K | 10x | as long as short |
| MEXC USELESS_USDT | +0.0470% | 4h | 0.2846 | +0.032% | $10.7M | $5.9M | 50x | as long as short |
| Binance USELESSUSDT | +0.0472% | 4h | 0.2845 | +0.020% | $24.0M | $116.2M | 50x | as long as short |
| Extended USELESS-USD | +0.0472% | 1h | 0.2845 | +0.016% | $300K | $1.2M | 5x | as long as short |
| ApeX Omni USELESSUSDT | +0.0662% | 1h | 0.2845 | +0.007% | $39K | $703K | 25x | as long as short |
| Variational Omni USELESS | +0.1041% | 4h | 0.2843 | −0.072% | $1.2M | $1.7M | — | as long as short |
| Aster USELESSUSDT | +0.1047% | 4h | 0.2842 | −0.091% | $653K | $2.3M | 10x | as long as short |
| Hyperliquid USELESS | +0.1175% | 1h | 0.2851 | +0.207% | $14.3M | $21.0M | 3x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1278% | 4h | 0.2846 | +0.042% | $22K | $1.4M | 10x | as long as short |
| BingX USELESS-USDTlong | +0.1280% | 4h | 0.2845 | long leg | — | $5.0M | — | |
| Bybit USELESSUSDT | +0.1294% | 4h | 0.2839 | −0.186% | $27.8M | $45.9M | 13x | as long as short |
| Gate USELESS_USDT | +0.1610% | 4h | 0.2838 | −0.236% | $7.1M | $8.3M | 50x | as long as short |
| BloFin USELESS-USDT | +0.1970% | 4h | 0.2837 | −0.285% | $1.2M | $2.0M | 12x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.3006 | +5.652% | $5K | $9K | 5.5x | as long as short |
edgeX USELESSUSDC
MEXC USELESS_USDT
Binance USELESSUSDT
Extended USELESS-USD
ApeX Omni USELESSUSDT
Variational Omni USELESS
Aster USELESSUSDT
Hyperliquid USELESS
Orderly PERP_USELESS_USDC
Bybit USELESSUSDT
Gate USELESS_USDT
BloFin USELESS-USDT
Injective USELESS/USDC PERP