Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h −0.001%

Price spread now: Aevo against Phemex−1.418%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Aevo is 1.418% cheaper against Phemex than usual: you would sell low and buy high (spread −1.418% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$142 on $10k: about 44 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2980	0.0100	pay 0.0050% / 4h	3h 31m	$680K	$1.3M	20x
Short	Aevo USELESS-PERP	0.2938	0.0208	get 0.0026% / 1h	31m 21s	$11K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phemex. 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 PhemexbpFee AevobpOrdersPrice spread, now −1.418%Rate

Funding earned: $22.68
Price spread: −1.418% → 0.000%: −$141.82
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$147.14
Costs to cover: 0.280%
Break-even: 52.4 days

Slippage unknown: Phemex: live order book, 1 min ago; Aevo: no order-book sample. 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 Phemex live order book, 1 min ago	37.18 bp	68.3 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: 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	0.2969	−0.373%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2966	−0.473%	$31K	$19K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2972	−0.255%	$10.8M	$78.0M	10x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2975	−0.168%	$5.7M	$11.4M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2970	−0.342%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2977	−0.094%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2974	−0.201%	$19K	$516K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2980	long leg	$680K	$1.3M	20x
Gate USELESS_USDT	+0.0106%	4h	0.2971	−0.282%	$7.5M	$9.0M	50x	as long as short
KuCoin USELESSUSDTM	+0.0136%	4h	0.2974	−0.201%	$5.5M	$11.0M	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-PERPshort	+0.0208%	1h	0.2938	−1.418%	$11K	—	3x
Aster USELESSUSDT	+0.0336%	4h	0.2971	−0.290%	$616K	$2.3M	10x	as long as short
edgeX USELESSUSDC	+0.0485%	4h	0.2985	+0.159%	$22K	$200K	10x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2973	−0.215%	$283K	$1.7M	5x	as long as short
Binance USELESSUSDT	+0.0514%	4h	0.2977	−0.097%	$25.6M	$133.6M	50x	as long as short
MEXC USELESS_USDT	+0.0516%	4h	0.2971	−0.302%	$13.9M	$6.7M	50x	as long as short
Variational Omni USELESS	+0.0817%	4h	0.3007	+0.911%	$1.2M	$1.9M	—	as long as short
Orderly PERP_USELESS_USDC	+0.0961%	4h	0.2975	−0.175%	$22K	$1.9M	10x	as long as short
Hyperliquid USELESS	+0.1098%	1h	0.2977	−0.101%	$13.4M	$24.3M	3x	as long as short
ApeX Omni USELESSUSDT	+0.1100%	1h	0.2978	−0.060%	$56K	$699K	25x	as long as short
BingX USELESS-USDT	+0.1247%	4h	0.2977	−0.097%	—	$5.5M	—	as long as short
BloFin USELESS-USDT	+0.1487%	4h	0.2980	+0.007%	$1.3M	$2.3M	12x	as long as short
Bybit USELESSUSDT	+0.1566%	4h	0.2975	−0.161%	$29.5M	$53.4M	13x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3176	+6.574%	$5K	$11K	5.5x	as long as short