Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0613%/8h= −67.1% APRpaid last 24h −0.107%

Price spread now: ApeX Omni against Bybit+3.342%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs+$259as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Bybit Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.177%−$18 on $10k

Price spread, last 4 days (all we have)−3.042%−$304 · spread now +3.342%, 7d avg +0.013%

Together, before fees−3.218%−$322 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 3.329% dearer against Bybit than usual: you sell high and buy low (spread +3.342% now, against its 7-day average of +0.013%): +$333 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 7 days (−0.177% in total) that is about 4 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.177% in total (about -9.2% 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	Bybit USELESSUSDT	0.2619	0.0949	pay 0.0475% / 4h	1h 07m	$25.3M	$47.3M	13x
Short	ApeX Omni USELESSUSDT	0.2706	0.0336	get 0.0042% / 1h	7m 33s	$37K	$694K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Bybit. 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 BybitbpFee ApeX OmnibpOrdersPrice spread, now +3.342%Rate

Funding earned: −$128.75
Price spread: +3.342% → +0.013%: $332.91
Slippage, 4 orders: −$52.67
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $130.49
Costs to cover: 0.737%
Break-even: from the start

Slippage from Bybit: live order book, 1 min ago; ApeX Omni: live order book, 56 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 Bybit live order book, 1 min ago	0.19 bp	18.3 bp −$18	66.5 bp −$665	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 56 min ago	7.11 bp	15.4 bp −$15	109.9 bp −$1,099	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	0.2692	+2.815%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2700	+3.103%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2657	+1.474%	$6.7M	$8.6M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2620	+0.050%	$37K	$218K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2706	+3.345%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2714	+3.643%	$18K	$513K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2703	+3.246%	$597K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0226%	4h	0.2621	+0.095%	$9.4M	$62.4M	10x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2707	+3.374%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0294%	4h	0.2695	+2.933%	$5.0M	$10.4M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDTshort	+0.0336%	1h	0.2706	+3.342%	$37K	$694K	25x
Bitget USELESSUSDT	+0.0548%	4h	0.2622	+0.122%	$5.1M	$10.2M	20x	as long as short
edgeX USELESSUSDC	+0.0598%	4h	0.2708	+3.420%	$20K	$195K	10x	as long as short
Hyperliquid USELESS	+0.0627%	1h	0.2702	+3.193%	$13.1M	$21.0M	3x	as long as short
MEXC USELESS_USDT	+0.0630%	4h	0.2667	+1.867%	$10.7M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0631%	4h	0.2634	+0.604%	$22.4M	$119.2M	50x	as long as short
Extended USELESS-USD	+0.0632%	1h	0.2666	+1.832%	$281K	$1.1M	5x	as long as short
BingX USELESS-USDT	+0.0926%	4h	0.2651	+1.260%	—	$5.2M	—	as long as short
Bybit USELESSUSDTlong	+0.0949%	4h	0.2619	long leg	$25.3M	$47.3M	13x
Variational Omni USELESS	+0.0982%	4h	0.2712	+3.562%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1005%	4h	0.2700	+3.111%	$535K	$2.4M	10x	as long as short
BloFin USELESS-USDT	+0.1298%	4h	0.2707	+3.399%	$1.2M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1398%	4h	0.2711	+3.540%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2877	+9.861%	$5K	$9K	5.5x	as long as short