Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0508%/8h= +55.6% APRpaid last 24h +0.083%

Price spread now: Extended against Phemex+0.111%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$327as in the Funding arb table

Net, price: spread back to 7d avg − costs−$328as in the Price arb table

costs, in and out, $10k−$3393.387% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 4 days (all we have)+0.177%+$18 · spread now +0.111%, 7d avg +0.002%

Together, before fees+0.292%+ Points / potential airdropExtended: Active · farm board+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Extended is 0.110% dearer against Phemex than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.115% in total (about 6.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2955	0.0100	pay 0.0050% / 4h	1h 52m	$694K	$1.3M	20x
Short	Extended USELESS-USD	0.2958	0.0608	get 0.0076% / 1h	52m 02s	$281K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ExtendedbpOrdersPrice spread, now +0.111%Rate

Funding earned: $106.68
Price spread: +0.111% → +0.002%: $10.97
Slippage, 4 orders: −$321.7
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$221.05
Costs to cover: 3.387%
Break-even: 21.5 days

Slippage from Phemex: live order book, 4 min ago; Extended: live order book, 4 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, 4 min ago	23.06 bp	52.5 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	59.53 bp	77.9 bp −$78	doesn't fit	doesn't fit	doesn't fit

USELESS on 24 exchanges

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
Injective USELESS/USDC PERP	+0.0033%	1h	0.3187	+7.876%	$5K	$10K	5.5x	as long as short
Lighter USELESS	+0.0096%	1h	0.2959	+0.146%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2960	+0.176%	$31K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2955	+0.020%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2962	+0.240%	—	$1.3M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2953	−0.044%	$38K	$545K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2955	long leg	$694K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0128%	4h	0.2959	+0.132%	$5.5M	$10.6M	12x	as long as short
OKX USELESS-USDT-SWAP	+0.0138%	4h	0.2959	+0.152%	$11.0M	$74.3M	10x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2958	+0.108%	$11K	—	3x	as long as short

Show all 24 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0256%	4h	0.2959	+0.149%	$5.8M	$10.7M	20x	as long as short
Gate USELESS_USDT	+0.0452%	4h	0.2960	+0.173%	$7.4M	$8.4M	50x	as long as short
Aster USELESSUSDT	+0.0490%	4h	0.2961	+0.228%	$642K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0579%	4h	0.2957	+0.091%	$22K	$200K	10x	as long as short
MEXC USELESS_USDT	+0.0604%	4h	0.2962	+0.230%	$15.8M	$7.0M	50x	as long as short
Extended USELESS-USDshort	+0.0608%	1h	0.2958	+0.111%	$281K	$1.7M	5x
Binance USELESSUSDT	+0.0611%	4h	0.2963	+0.284%	$25.5M	$131.5M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0762%	1h	0.2950	−0.159%	$56K	$687K	25x	as long as short
Hyperliquid USELESS	+0.1020%	1h	0.2962	+0.257%	$13.7M	$22.9M	3x	as long as short
BingX USELESS-USDT	+0.1048%	4h	0.2963	+0.281%	—	$5.7M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1127%	4h	0.2961	+0.206%	$24K	$1.9M	10x	as long as short
Bybit USELESSUSDT	+0.1155%	4h	0.2961	+0.206%	$29.1M	$52.3M	13x	as long as short
Variational Omni USELESS	+0.1163%	4h	0.2963	+0.294%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.1464%	4h	0.2969	+0.474%	$1.3M	$2.3M	12x	as long as short