Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1098%/8h= −120.2% APRpaid last 24h −0.253%

Price spread now: Polymarket Perps against Orderly−0.042%7-day average +0.011% · you buy dearer than you sell

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.920%−$92 on $10k

Price spread, last 3 days (all we have)+0.337%+$34 · spread now −0.042%, 7d avg +0.011%

Together, before fees−0.583%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Polymarket Perps is 0.053% cheaper against Orderly than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USELESS_USDC	0.2851	0.1198	pay 0.0599% / 4h	2h 06m	$21K	$1.4M	10x
Short	Polymarket Perps USELESS-USD	0.2850	0.0100	get 0.0013% / 1h	6m 11s	$28K	$139K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$230.5
Price spread: −0.042% → +0.011%: −$5.32
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$249.81
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 15 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 Polymarket Perps live order book, 15 min ago	2.89 bp	28.3 bp −$28	doesn't fit	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	0.2852	+0.032%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2847	−0.126%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2851	+0.007%	$10.1M	$64.3M	10x	as long as short
Polymarket Perps USELESS-USDshort	+0.0100%	1h	0.2850	−0.042%	$28K	$139K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2852	+0.039%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2841	−0.358%	$20K	$387K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2834	−0.589%	$569K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2850	−0.031%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0266%	4h	0.2844	−0.239%	$5.3M	$9.7M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0281%	1h	0.2848	−0.105%	$40K	$699K	25x	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	+0.0436%	4h	0.2842	−0.316%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2851	−0.007%	$5.5M	$8.8M	20x	as long as short
MEXC USELESS_USDT	+0.0590%	4h	0.2853	+0.056%	$10.0M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0591%	4h	0.2853	+0.077%	$24.3M	$110.8M	50x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.2852	+0.036%	$299K	$968K	5x	as long as short
edgeX USELESSUSDC	+0.0608%	4h	0.2849	−0.083%	$21K	$190K	10x	as long as short
BingX USELESS-USDT	+0.1094%	4h	0.2852	+0.032%	—	$4.9M	—	as long as short
Orderly PERP_USELESS_USDClong	+0.1198%	4h	0.2851	long leg	$21K	$1.4M	10x
Aster USELESSUSDT	+0.1276%	4h	0.2847	−0.146%	$659K	$2.2M	10x	as long as short
Variational Omni USELESS	+0.1295%	4h	0.2859	+0.282%	$1.2M	$1.7M	—	as long as short
Bybit USELESSUSDT	+0.1326%	4h	0.2853	+0.088%	$28.9M	$43.1M	13x	as long as short
Hyperliquid USELESS	+0.1521%	1h	0.2853	+0.060%	$14.6M	$19.8M	3x	as long as short
BloFin USELESS-USDT	+0.1534%	4h	0.2853	+0.053%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3006	+5.451%	$5K	$10K	5.5x	as long as short