Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0091%/8h= +9.9% APRpaid last 24h +0.023%

Price spread now: ApeX Omni against Gate−0.947%96s7-day average +0.111% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as 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−$1501.501% of the position

Long on Gate Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 4 days (all we have)+0.949%+$95 · spread now −0.947%, 7d avg +0.111%

Together, before fees+0.976%+$98 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 1.057% cheaper against Gate than usual: you would sell low and buy high (spread −0.947% now, against its 7-day average of +0.111%). If the spread goes back, that is −$106 on $10k: about 39 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.027% in total) that is about 9 months. The two prices were read 96 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	Gate USELESS_USDT	0.2599	0.0248	pay 0.0124% / 4h	21m 48s	$6.5M	$8.7M	50x
Short	ApeX Omni USELESSUSDT	0.2574	0.0339	get 0.0042% / 1h	21m 48s	$33K	$693K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Gate. 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 GatebpFee ApeX OmnibpOrdersPrice spread, now −0.947%Rate

Funding earned: $19.05
Price spread: −0.947% → +0.111%: −$105.73
Slippage, 4 orders: −$125.11
Fee Gate: 7.5 bp × 2 orders: −$15
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$236.78
Costs to cover: 1.501%
Break-even: 94.0 days

Slippage from Gate: live order book, 2 min ago; ApeX Omni: live order book, 37 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 Gate live order book, 2 min ago	3.68 bp	44.3 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 37 min ago	7.86 bp	15.4 bp −$15	106.8 bp −$1,068	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	0.2592	−0.239%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2600	+0.042%	$11.6M	$22.5M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2595	−0.154%	$29K	$64K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2603	+0.154%	$31K	$224K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2602	+0.146%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2612	+0.508%	$18K	$522K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2610	+0.427%	$584K	$1.0M	20x	as long as short
Aevo USELESS-PERP	+0.0192%	1h	0.2615	+0.613%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0198%	4h	0.2593	−0.227%	$8.9M	$63.6M	10x	as long as short
KuCoin USELESSUSDTM	+0.0218%	4h	0.2593	−0.216%	$4.7M	$10.7M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDTlong	+0.0248%	4h	0.2599	long leg	$6.5M	$8.7M	50x
Bitget USELESSUSDT	+0.0318%	4h	0.2596	−0.112%	$4.9M	$10.5M	20x	as long as short
ApeX Omni USELESSUSDTshort	+0.0339%	1h	0.2574	−0.947%	$33K	$693K	25x
Binance USELESSUSDT	+0.0432%	4h	0.2594	−0.165%	$21.6M	$122.7M	50x	as long as short
Extended USELESS-USD	+0.0432%	1h	0.2598	−0.028%	$113K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0432%	4h	0.2596	−0.092%	$10.4M	$6.2M	50x	as long as short
edgeX USELESSUSDC	+0.0441%	4h	0.2578	−0.788%	$19K	$196K	10x	as long as short
Bybit USELESSUSDT	+0.0484%	4h	0.2593	−0.227%	$24.6M	$48.6M	13x	as long as short
BingX USELESS-USDT	+0.0486%	4h	0.2600	+0.065%	—	$5.3M	—	as long as short
Aster USELESSUSDT	+0.0495%	4h	0.2599	+0.013%	$515K	$2.4M	10x	as long as short
Variational Omni USELESS	+0.0681%	4h	0.2564	−1.323%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0752%	4h	0.2582	−0.620%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1330%	4h	0.2615	+0.627%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2735	+5.264%	$5K	$11K	5.5x	as long as short