Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0845%/8h= −92.5% APRpaid last 24h −0.136%

Price spread now: Polymarket Perps against Bybit+0.682%7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$660.659% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.300%−$30 on $10k

Price spread, last 7 days−0.723%−$72 · spread now +0.682%, 7d avg +0.061%

Together, before fees−1.023%−$102 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.621% dearer against Bybit than usual: you sell high and buy low (spread +0.682% now, against its 7-day average of +0.061%): +$62 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.300% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.300% in total (about -15.6% 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	0.2699	0.0945	pay 0.0472% / 4h	1h 12m	$26.0M	$46.6M	13x
Short	Polymarket Perps USELESS-USD	0.2717	0.0100	get 0.0013% / 1h	12m 13s	$39K	$217K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.682%Rate

Funding earned: −$177.35
Price spread: +0.682% → +0.061%: $62.05
Slippage, 4 orders: −$46.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$181.17
Costs to cover: 0.659%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Polymarket Perps: live order book, 50 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, 2 min ago	0.18 bp	21.1 bp −$21	56.4 bp −$564	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 50 min ago	1.60 bp	18.7 bp −$19	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	0.2705	+0.211%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2712	+0.471%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2696	−0.119%	$6.8M	$8.6M	50x	as long as short
Polymarket Perps USELESS-USDshort	+0.0100%	1h	0.2717	+0.682%	$39K	$217K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2720	+0.789%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2708	+0.330%	$18K	$512K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2703	+0.144%	$597K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0214%	4h	0.2702	+0.119%	$9.6M	$63.8M	10x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2718	+0.702%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0270%	1h	0.2742	+1.593%	$38K	$695K	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0274%	4h	0.2709	+0.382%	$5.0M	$10.4M	12x	as long as short
Bitget USELESSUSDT	+0.0544%	4h	0.2703	+0.156%	$5.2M	$10.0M	20x	as long as short
edgeX USELESSUSDC	+0.0602%	4h	0.2743	+1.614%	$20K	$196K	10x	as long as short
Binance USELESSUSDT	+0.0605%	4h	0.2701	+0.058%	$22.9M	$118.5M	50x	as long as short
MEXC USELESS_USDT	+0.0606%	4h	0.2702	+0.111%	$10.8M	$6.1M	50x	as long as short
Extended USELESS-USD	+0.0608%	1h	0.2717	+0.675%	$286K	$1.1M	5x	as long as short
Hyperliquid USELESS	+0.0651%	1h	0.2702	+0.126%	$13.2M	$21.2M	3x	as long as short
BingX USELESS-USDT	+0.0888%	4h	0.2703	+0.137%	—	$5.2M	—	as long as short
Bybit USELESSUSDTlong	+0.0945%	4h	0.2699	long leg	$26.0M	$46.6M	13x
Variational Omni USELESS	+0.1001%	4h	0.2743	+1.616%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1008%	4h	0.2710	+0.398%	$570K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1216%	4h	0.2712	+0.467%	$1.2M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1388%	4h	0.2716	+0.630%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2878	+6.639%	$5K	$9K	5.5x	as long as short