Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.026%

Price spread now: Polymarket Perps against Phemex+0.153%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$243as in the Funding arb table

Net, price: spread back to 7d avg − costs−$207as in the Price arb table

costs, in and out, $10k−$2222.225% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.201%−$20 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now +0.153%, 7d avg −0.003%

Together, before fees−0.163%−$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.156% dearer against Phemex than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2678	0.0100	pay 0.0050% / 4h	2h 28m	$633K	$1.1M	20x
Short	Polymarket Perps USELESS-USD	0.2682	0.0100	get 0.0013% / 1h	28m 23s	$26K	$249K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.153%Rate

Funding earned: $0
Price spread: +0.153% → −0.003%: $15.6
Slippage, 4 orders: −$202.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$206.86
Costs to cover: 2.225%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Polymarket Perps: live order book, 19 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	4.29 bp	45.7 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 19 min ago	0.37 bp	75.2 bp −$75	doesn't fit	doesn't fit	doesn't fit

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	0.2678	+0.019%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2682	+0.157%	$11.6M	$22.9M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2679	+0.032%	$525K	$2.2M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2683	+0.183%	$29K	$18K	3x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2676	−0.060%	$5.1M	$10.4M	20x	as long as short
Polymarket Perps USELESS-USDshort	+0.0100%	1h	0.2682	+0.153%	$26K	$249K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2685	+0.243%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2681	+0.108%	$18K	$519K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2678	long leg	$633K	$1.1M	20x
KuCoin USELESSUSDTM	+0.0104%	4h	0.2679	+0.037%	$4.9M	$10.6M	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-PERP	+0.0136%	1h	0.2686	+0.305%	$10K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0152%	4h	0.2679	+0.049%	$9.2M	$65.3M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0204%	1h	0.2681	+0.112%	$47K	$698K	25x	as long as short
MEXC USELESS_USDT	+0.0214%	4h	0.2682	+0.161%	$10.9M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0215%	4h	0.2679	+0.023%	$22.3M	$122.0M	50x	as long as short
Extended USELESS-USD	+0.0216%	1h	0.2679	+0.051%	$114K	$1.1M	5x	as long as short
edgeX USELESSUSDC	+0.0219%	4h	0.2683	+0.190%	$20K	$196K	10x	as long as short
Bybit USELESSUSDT	+0.0352%	4h	0.2679	+0.026%	$25.2M	$48.5M	13x	as long as short
BingX USELESS-USDT	+0.0378%	4h	0.2680	+0.090%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0473%	4h	0.2682	+0.153%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0616%	4h	0.2687	+0.329%	$1.1M	$2.0M	12x	as long as short
Gate USELESS_USDT	+0.0768%	4h	0.2679	+0.037%	$6.7M	$8.6M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1167%	4h	0.2681	+0.101%	$20K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+5.534%	$5K	$11K	5.5x	as long as short