Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h −0.001%

Price spread now: Extended against edgeX−0.895%53s7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$362as 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−$3653.647% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)+1.038%+$104 · spread now −0.895%, 7d avg −0.077%

Together, before fees+1.063%+ Points / potential airdropedgeX: Active · Extended: Active · farm board+$106 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.818% cheaper against edgeX than usual: you would sell low and buy high, −$82 on $10k if it goes back to its 7-day average of −0.077%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX USELESSUSDC	0.2863	0.0607	pay 0.0303% / 4h	2h 08m	$21K	$190K	10x
Short	Extended USELESS-USD	0.2838	0.0608	get 0.0076% / 1h	8m 27s	$299K	$968K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpFee ExtendedbpOrdersPrice spread, now −0.895%Rate

Funding earned: $0.22
Price spread: −0.895% → −0.077%: −$81.84
Slippage, 4 orders: −$350.68
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$446.29
Costs to cover: 3.647%
Break-even: 14041.4 days

Slippage from edgeX: live order book, 13 min ago; Extended: live order book, 15 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 edgeX live order book, 13 min ago	1.53 bp	34.5 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 15 min ago	66.50 bp	85.1 bp −$85	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	0.2846	−0.598%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2846	−0.603%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2845	−0.657%	$10.1M	$64.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2838	−0.895%	$28K	$139K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2849	−0.507%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2844	−0.682%	$20K	$386K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2837	−0.912%	$568K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2849	−0.519%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0242%	4h	0.2831	−1.125%	$5.3M	$9.7M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0306%	1h	0.2856	−0.259%	$41K	$699K	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	+0.0394%	4h	0.2836	−0.954%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0526%	4h	0.2839	−0.853%	$5.5M	$8.8M	20x	as long as short
Binance USELESSUSDT	+0.0595%	4h	0.2842	−0.752%	$24.2M	$110.8M	50x	as long as short
MEXC USELESS_USDT	+0.0606%	4h	0.2839	−0.853%	$10.0M	$5.9M	50x	as long as short
edgeX USELESSUSDClong	+0.0607%	4h	0.2863	long leg	$21K	$190K	10x
Extended USELESS-USDshort	+0.0608%	1h	0.2838	−0.895%	$299K	$968K	5x
BingX USELESS-USDT	+0.1166%	4h	0.2845	−0.654%	—	$4.9M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1190%	4h	0.2844	−0.678%	$21K	$1.4M	10x	as long as short
Bybit USELESSUSDT	+0.1254%	4h	0.2843	−0.727%	$28.8M	$43.1M	13x	as long as short
Aster USELESSUSDT	+0.1283%	4h	0.2833	−1.048%	$656K	$2.2M	10x	as long as short
Variational Omni USELESS	+0.1295%	4h	0.2859	−0.153%	$1.2M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1525%	4h	0.2850	−0.462%	$1.2M	$1.9M	12x	as long as short
Hyperliquid USELESS	+0.1528%	1h	0.2840	−0.807%	$14.5M	$19.8M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3027	+5.716%	$5K	$10K	5.5x	as long as short