Settings8H · net · $10k
Funding arb · Price arb /

USELESS

all USELESS markets
SwapBacktest
Alert: funding
Alert: spread
Funding you earn now, next payment 04:00 UTC+0.0378%/8h= +41.4% APRnext payment +$1.89 per $10,000 · paid last 24h +0.049%
Price spread now: Binance against Phemex+0.269%7-day average −0.013% · you sell dearer than you buy
Net, funding: paid 7d − costs−$220as in the Funding arb table
Net, price: spread back to 7d avg − costs−$196as in the Price arb table
costs, in and out, $10k−$2242.244% of the position
What this pair did over the last
the charts below follow
Funding, last 7 days+0.043%+$4 on $10k
Price spread, last 3 days (all we have)−0.117%−$12 · spread now +0.269%, 7d avg −0.013%
Together, before fees−0.074%−$7 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 Binance is 0.281% dearer against Phemex than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of −0.013%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.043% in total (about 2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.89 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex USELESSUSDT0.27920.0100pay 0.0050% / 4h3h 54m$585K$1.2M20x
ShortBinance USELESSUSDT0.27990.0478get 0.0239% / 4h3h 54m$23.6M$116.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Binance 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

Funding earned
$79.33
Price spread: +0.269% → −0.013%
$28.12
Slippage, 4 orders
−$202.42
Fee Phemex: 6 bp × 2 orders
−$12
Fee Binance: 5 bp × 2 orders
−$10
Net
−$116.96
Costs to cover
2.244%
Break-even
17.3 days
Slippage from Phemex: live order book, 3 min ago; Binance: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 3 min ago33.27 bp98.3 bp −$98doesn't fitdoesn't fitdoesn't fit
Sell Binance live order book, 3 min ago1.07 bp22.2 bp −$22105.6 bp −$1,056doesn't fitdoesn't fit

USELESS on 24 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Lighter USELESS+0.0096%1h0.2800+0.297%$1.3M$1.1M3xas long as short
Pacifica USELESS+0.0100%1h0.2801+0.347%$31K$70K3xas long as short
OKX USELESS-USDT-SWAP+0.0100%4h0.2797+0.197%$9.8M$66.0M10xas long as short
ApeX Omni USELESSUSDT+0.0100%1h0.2805+0.480%$39K$703K25xas long as short
Polymarket Perps USELESS-USD+0.0100%1h0.2792+0.018%$42K$166K3xas long as short
SunX USELESS-USDT+0.0100%4h0.2795+0.107%$1.4M10xas long as short
HTX USELESS-USDT+0.0100%4h0.2784−0.254%$18K$502K20xas long as short
Phemex USELESSUSDTlong+0.0100%4h0.2792long leg$585K$1.2M20x
KuCoin USELESSUSDTM+0.0154%4h0.2797+0.186%$5.2M$10.0M12xas long as short
Aevo USELESS-PERP+0.0200%1h0.2811+0.685%$10K3xas long as short
Show all 24 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget USELESSUSDT+0.0298%4h0.2803+0.398%$5.3M$9.4M20xas long as short
Bybit USELESSUSDT+0.0367%4h0.2799+0.254%$27.4M$45.8M13xas long as short
Gate USELESS_USDT+0.0398%4h0.2798+0.215%$7.0M$8.2M50xas long as short
edgeX USELESSUSDC+0.0463%4h0.2807+0.537%$21K$192K10xas long as short
MEXC USELESS_USDT+0.0476%4h0.2800+0.315%$10.5M$5.9M50xas long as short
Binance USELESSUSDTshort+0.0478%4h0.2799+0.269%$23.6M$116.2M50x
Extended USELESS-USD+0.0480%1h0.2799+0.252%$295K$834K5xas long as short
Variational Omni USELESS+0.1018%4h0.2808+0.604%$1.2M$1.7Mas long as short
Aster USELESSUSDT+0.1021%4h0.2797+0.183%$643K$2.3M10xas long as short
Orderly PERP_USELESS_USDC+0.1316%4h0.2793+0.050%$22K$1.4M10xas long as short
Hyperliquid USELESS+0.1376%1h0.2808+0.584%$14.0M$21.1M3xas long as short
BloFin USELESS-USDT+0.1661%4h0.2799+0.258%$1.2M$2.0M12xas long as short
BingX USELESS-USDT+0.3242%4h0.2798+0.236%$5.0Mas long as short
Injective USELESS/USDC PERP+0.5000%1h0.2972+6.462%$5K$9K5.5xas long as short