Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0238%/8h= +26.1% APRpaid last 24h −0.053%

Price spread now: ApeX Omni against MEXC−1.394%81s7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as 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−$490.493% of the position

Long on MEXC Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)+1.294%+$129 · spread now −1.394%, 7d avg −0.033%

Together, before fees+1.170%+$117 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 1.361% cheaper against MEXC than usual: you would sell low and buy high (spread −1.394% now, against its 7-day average of −0.033%). If the spread goes back, that is −$136 on $10k: about 19 days of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.125%, so the current rate has only just turned in your favour. The two prices were read 81 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.125% in total (about -6.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC USELESS_USDT	0.2991	0.0612	pay 0.0306% / 4h	1h 48m	$16.0M	$7.1M	50x
Short	ApeX Omni USELESSUSDT	0.2949	0.0850	get 0.0106% / 1h	48m 14s	$56K	$688K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against MEXC. 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 MEXCbpFee ApeX OmnibpOrdersPrice spread, now −1.394%Rate

Funding earned: $50.06
Price spread: −1.394% → −0.033%: −$136.11
Slippage, 4 orders: −$31.29
Fee MEXC: 4 bp × 2 orders: −$8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$135.33
Costs to cover: 0.493%
Break-even: 25.9 days

Slippage from MEXC: live order book, 3 min ago; ApeX Omni: live order book, 63 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 MEXC live order book, 3 min ago	0.85 bp	8.8 bp −$9	45.0 bp −$450	116.7 bp −$11.7K	doesn't fit
Sell ApeX Omni live order book, 63 min ago	5.12 bp	13.7 bp −$14	doesn't fit	doesn't fit	doesn't fit

USELESS on 24 exchanges

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
Injective USELESS/USDC PERP	+0.0033%	1h	0.3187	+6.577%	$5K	$10K	5.5x	as long as short
Lighter USELESS	+0.0096%	1h	0.2989	−0.074%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2982	−0.291%	$32K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2984	−0.231%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2988	−0.080%	—	$1.3M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2978	−0.438%	$38K	$546K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2977	−0.465%	$695K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0142%	4h	0.2985	−0.181%	$5.5M	$10.5M	10x	as long as short
OKX USELESS-USDT-SWAP	+0.0143%	4h	0.2991	+0.017%	$11.1M	$75.0M	10x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2989	−0.072%	$11K	—	3x	as long as short

Show all 24 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0266%	4h	0.2988	−0.097%	$5.9M	$10.7M	20x	as long as short
Gate USELESS_USDT	+0.0422%	4h	0.2983	−0.271%	$7.5M	$8.4M	50x	as long as short
Aster USELESSUSDT	+0.0505%	4h	0.2985	−0.199%	$647K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0609%	4h	0.2957	−1.141%	$22K	$201K	10x	as long as short
MEXC USELESS_USDTlong	+0.0612%	4h	0.2991	long leg	$16.0M	$7.1M	50x
Binance USELESSUSDT	+0.0612%	4h	0.2991	+0.003%	$25.8M	$131.3M	50x	as long as short
Extended USELESS-USD	+0.0616%	1h	0.2988	−0.100%	$283K	$1.7M	5x	as long as short
ApeX Omni USELESSUSDTshort	+0.0850%	1h	0.2949	−1.394%	$56K	$688K	25x
BingX USELESS-USDT	+0.1072%	4h	0.2992	+0.043%	—	$5.7M	—	as long as short
Hyperliquid USELESS	+0.1127%	1h	0.2992	+0.053%	$14.0M	$23.0M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1127%	4h	0.2988	−0.077%	$25K	$1.9M	10x	as long as short
Bybit USELESSUSDT	+0.1153%	4h	0.2986	−0.154%	$29.3M	$52.3M	13x	as long as short
Variational Omni USELESS	+0.1208%	4h	0.2955	−1.209%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.1517%	4h	0.2984	−0.231%	$1.3M	$2.3M	12x	as long as short