Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.069%

Price spread now: Phemex against HTX+0.255%7-day average +0.129% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.255%, 7d avg +0.129%

Together, before fees+0.142%+$14 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: Phemex is 0.126% dearer against HTX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.129%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX USELESS-USDT	0.2784	0.0100	pay 0.0050% / 4h	3h 55m	$18K	$502K	20x
Short	Phemex USELESSUSDT	0.2792	0.0100	get 0.0050% / 4h	3h 55m	$585K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now +0.255%Rate

Funding earned: $0
Price spread: +0.255% → +0.129%: $12.63
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.37
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 18 min ago; Phemex: live order book, 3 min ago. Net counts fees only.

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 HTX live order book, 18 min ago	55.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	33.27 bp	84.1 bp −$84	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	0.2794	+0.327%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2797	+0.436%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2800	+0.546%	$9.8M	$66.0M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2797	+0.460%	$7.0M	$8.2M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2805	+0.736%	$39K	$703K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2792	+0.273%	$42K	$166K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2795	+0.363%	—	$1.4M	10x	as long as short
HTX USELESS-USDTlong	+0.0100%	4h	0.2784	long leg	$18K	$502K	20x
Phemex USELESSUSDTshort	+0.0100%	4h	0.2792	+0.255%	$585K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0154%	4h	0.2789	+0.147%	$5.1M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0200%	1h	0.2811	+0.942%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0292%	4h	0.2800	+0.557%	$5.3M	$9.4M	20x	as long as short
Bybit USELESSUSDT	+0.0367%	4h	0.2798	+0.503%	$27.4M	$45.8M	13x	as long as short
edgeX USELESSUSDC	+0.0463%	4h	0.2807	+0.794%	$21K	$192K	10x	as long as short
Binance USELESSUSDT	+0.0478%	4h	0.2798	+0.502%	$23.6M	$116.1M	50x	as long as short
Extended USELESS-USD	+0.0480%	1h	0.2791	+0.227%	$293K	$834K	5x	as long as short
MEXC USELESS_USDT	+0.0480%	4h	0.2797	+0.435%	$10.4M	$5.9M	50x	as long as short
Variational Omni USELESS	+0.1018%	4h	0.2808	+0.861%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1033%	4h	0.2790	+0.196%	$641K	$2.3M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1316%	4h	0.2793	+0.305%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1362%	1h	0.2804	+0.715%	$14.0M	$21.1M	3x	as long as short
BloFin USELESS-USDT	+0.1661%	4h	0.2799	+0.514%	$1.2M	$2.0M	12x	as long as short
BingX USELESS-USDT	+0.3242%	4h	0.2801	+0.603%	—	$5.0M	—	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2972	+6.734%	$5K	$9K	5.5x	as long as short