Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0486%/8h= −53.2% APRpaid last 24h −0.249%

Price spread now: ApeX Omni against Orderly−0.515%70s7-day average +0.005% · you buy dearer than you sell

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.891%−$89 on $10k

Price spread, last 4 days (all we have)+0.513%+$51 · spread now −0.515%, 7d avg +0.005%

Together, before fees−0.378%−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and ApeX Omni is 0.519% cheaper against Orderly than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of +0.005%). Swap the legs. The two prices were read 70 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	Orderly PERP_USELESS_USDC	0.2875	0.0965	pay 0.0483% / 4h	15m 36s	$21K	$1.7M	10x
Short	ApeX Omni USELESSUSDT	0.2860	0.0479	get 0.0060% / 1h	15m 36s	$53K	$700K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.515%Rate

Funding earned: −$102.08
Price spread: −0.515% → +0.005%: −$51.95
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$170.02
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 23 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 23 min ago	10.30 bp	17.9 bp −$18	109.8 bp −$1,098	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2871	−0.143%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2867	−0.257%	$30K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2872	−0.108%	$5.2M	$10.8M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2872	−0.104%	$5.5M	$11.0M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2876	+0.042%	$28K	$281K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2876	+0.035%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2880	+0.167%	$20K	$514K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2873	−0.052%	$655K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0105%	4h	0.2872	−0.101%	$10.0M	$73.2M	10x	as long as short
Aevo USELESS-PERP	+0.0168%	1h	0.2869	−0.194%	$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	+0.0236%	4h	0.2870	−0.174%	$7.2M	$8.9M	50x	as long as short
edgeX USELESSUSDC	+0.0347%	4h	0.2874	−0.044%	$21K	$199K	10x	as long as short
Aster USELESSUSDT	+0.0366%	4h	0.2868	−0.248%	$564K	$2.2M	10x	as long as short
MEXC USELESS_USDT	+0.0366%	4h	0.2873	−0.080%	$12.7M	$6.3M	50x	as long as short
Binance USELESSUSDT	+0.0367%	4h	0.2871	−0.139%	$23.9M	$127.4M	50x	as long as short
Extended USELESS-USD	+0.0368%	1h	0.2872	−0.109%	$274K	$1.7M	5x	as long as short
ApeX Omni USELESSUSDTshort	+0.0479%	1h	0.2860	−0.515%	$53K	$700K	25x
BingX USELESS-USDT	+0.0582%	4h	0.2873	−0.052%	—	$5.4M	—	as long as short
Bybit USELESSUSDT	+0.0640%	4h	0.2873	−0.063%	$27.2M	$50.5M	13x	as long as short
Variational Omni USELESS	+0.0643%	4h	0.2875	+0.014%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.0881%	4h	0.2874	−0.014%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDClong	+0.0965%	4h	0.2875	long leg	$21K	$1.7M	10x
Hyperliquid USELESS	+0.1169%	1h	0.2874	−0.017%	$12.6M	$23.8M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3027	+5.280%	$5K	$11K	5.5x	as long as short