Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.041%

Price spread now: ApeX Omni against OKX+0.101%100s7-day average +0.024% · you sell dearer than you buy

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−$700.697% of the position

Long on OKX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 4 days (all we have)−0.491%−$49 · spread now +0.101%, 7d avg +0.024%

Together, before fees−0.415%−$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and ApeX Omni is 0.077% dearer against OKX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.024%. The two prices were read 100 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 0.075% in total (about 3.9% 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	OKX USELESS-USDT-SWAP	0.2868	0.0104	pay 0.0052% / 4h	11m 42s	$10.0M	$73.1M	10x
Short	ApeX Omni USELESSUSDT	0.2871	0.0476	get 0.0060% / 1h	11m 42s	$53K	$700K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against OKX. 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 OKXbpFee ApeX OmnibpOrdersPrice spread, now +0.101%Rate

Funding earned: $78.05
Price spread: +0.101% → +0.024%: $7.7
Slippage, 4 orders: −$49.69
Fee OKX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $16.06
Costs to cover: 0.697%
Break-even: 5.6 days

Slippage from OKX: live order book, 2 min ago; ApeX Omni: live order book, 27 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 OKX live order book, 2 min ago	0.87 bp	17.7 bp −$18	76.3 bp −$763	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 27 min ago	10.30 bp	17.9 bp −$18	109.8 bp −$1,098	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	0.2866	−0.084%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2868	+0.008%	$30K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2865	−0.094%	$5.2M	$10.8M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2867	−0.045%	$5.5M	$11.0M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2867	−0.052%	$28K	$281K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2867	−0.035%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2858	−0.338%	$19K	$514K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2865	−0.108%	$655K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAPlong	+0.0104%	4h	0.2868	long leg	$10.0M	$73.1M	10x
Aevo USELESS-PERP	+0.0176%	1h	0.2865	−0.099%	$10K	—	3x	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	+0.0230%	4h	0.2863	−0.167%	$7.2M	$8.9M	50x	as long as short
Aster USELESSUSDT	+0.0346%	4h	0.2862	−0.197%	$563K	$2.2M	10x	as long as short
edgeX USELESSUSDC	+0.0358%	4h	0.2876	+0.272%	$21K	$199K	10x	as long as short
Extended USELESS-USD	+0.0368%	1h	0.2865	−0.095%	$274K	$1.7M	5x	as long as short
Binance USELESSUSDT	+0.0371%	4h	0.2867	−0.039%	$23.9M	$127.4M	50x	as long as short
MEXC USELESS_USDT	+0.0376%	4h	0.2865	−0.112%	$12.7M	$6.3M	50x	as long as short
ApeX Omni USELESSUSDTshort	+0.0476%	1h	0.2871	+0.101%	$53K	$700K	25x
BingX USELESS-USDT	+0.0582%	4h	0.2865	−0.094%	—	$5.4M	—	as long as short
Variational Omni USELESS	+0.0643%	4h	0.2875	+0.248%	$1.2M	$1.9M	—	as long as short
Bybit USELESSUSDT	+0.0668%	4h	0.2868	+0.003%	$27.2M	$50.5M	13x	as long as short
BloFin USELESS-USDT	+0.0905%	4h	0.2872	+0.119%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0963%	4h	0.2866	−0.087%	$21K	$1.7M	10x	as long as short
Hyperliquid USELESS	+0.1178%	1h	0.2870	+0.070%	$12.6M	$23.8M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3027	+5.526%	$5K	$11K	5.5x	as long as short