USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0801%/8h= +87.7% APRnext payment +$4.00 per $10,000 · paid last 24h +0.078%

Price spread now: Bybit against Phemex+0.464%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$189as in the Funding arb table

Net, price: spread back to 7d avg − costs−$152as in the Price arb table

costs, in and out, $10k−$2002.000% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 3 days (all we have)−0.422%−$42 · spread now +0.464%, 7d avg −0.015%

Together, before fees−0.314%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Bybit is 0.480% dearer against Phemex than usual: you sell high and buy low: +$48 more if the spread goes back to its 7-day average of −0.015%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.108% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$4.00 per $10,000. 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	Phemex USELESSUSDT	0.2799	0.0100	pay 0.0050% / 4h	2h 01m	$608K	$1.1M	20x
Short	Bybit USELESSUSDT	0.2812	0.0901	get 0.0450% / 4h	2h 01m	$27.3M	$46.2M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.464%Rate

Funding earned: $168.2
Price spread: +0.464% → −0.015%: $47.99
Slippage, 4 orders: −$177.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $16.17
Costs to cover: 2.000%
Break-even: 6.3 days

Slippage from Phemex: live order book, 1 min ago; Bybit: live order book, 3 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 Phemex live order book, 1 min ago	34.98 bp	75.3 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.31 bp	23.3 bp −$23	80.5 bp −$805	doesn't fit	doesn't fit

USELESS on 23 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	0.2811	+0.414%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2809	+0.350%	$31K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2805	+0.225%	$7.1M	$8.5M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2811	+0.436%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2807	+0.286%	$18K	$503K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2799	long leg	$608K	$1.1M	20x
OKX USELESS-USDT-SWAP	+0.0116%	4h	0.2811	+0.425%	$9.9M	$65.9M	10x	as long as short
KuCoin USELESSUSDTM	+0.0182%	4h	0.2809	+0.379%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0224%	1h	0.2811	+0.448%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USD	+0.0349%	1h	0.2808	+0.318%	$28K	$204K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0542%	4h	0.2814	+0.547%	$21K	$195K	10x	as long as short
MEXC USELESS_USDT	+0.0558%	4h	0.2811	+0.436%	$11.0M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0568%	1h	0.2810	+0.408%	$298K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0572%	4h	0.2813	+0.493%	$23.8M	$117.0M	50x	as long as short
Bitget USELESSUSDT	+0.0572%	4h	0.2810	+0.407%	$5.4M	$9.9M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0718%	1h	0.2812	+0.468%	$39K	$699K	25x	as long as short
BingX USELESS-USDT	+0.0802%	4h	0.2813	+0.486%	—	$5.1M	—	as long as short
Bybit USELESSUSDTshort	+0.0901%	4h	0.2812	+0.464%	$27.3M	$46.2M	13x
Variational Omni USELESS	+0.0921%	4h	0.2810	+0.400%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1090%	4h	0.2807	+0.297%	$625K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1228%	1h	0.2813	+0.512%	$14.0M	$20.7M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1331%	4h	0.2813	+0.489%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2977	+6.360%	$5K	$9K	5.5x	as long as short