Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.069%

Price spread now: SunX against Phemex+0.467%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$293as in the Funding arb table

Net, price: spread back to 7d avg − costs−$232as in the Price arb table

costs, in and out, $10k−$2772.771% of the position

Long on Phemex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 3 days (all we have)−0.544%−$54 · spread now +0.467%, 7d avg +0.020%

Together, before fees−0.703%−$70 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: SunX is 0.446% dearer against Phemex than usual: you sell high and buy low, +$45 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2893	0.0100	pay 0.0050% / 4h	3h 03m	$612K	$1.2M	20x
Short	SunX USELESS-USDT	0.2907	0.0100	get 0.0050% / 4h	3h 03m	—	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.467%Rate

Funding earned: $0
Price spread: +0.467% → +0.020%: $44.62
Slippage, 4 orders: −$257.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$232.43
Costs to cover: 2.771%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; SunX: live order book, 11 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	29.50 bp	77.5 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 11 min ago	45.12 bp	64.1 bp −$64	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	0.2887	−0.225%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2886	−0.238%	$32K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2887	−0.228%	$10.2M	$68.2M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2888	−0.183%	$48K	$178K	3x	as long as short
SunX USELESS-USDTshort	+0.0100%	4h	0.2907	+0.467%	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2899	+0.211%	$19K	$513K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2893	long leg	$612K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0134%	4h	0.2882	−0.377%	$5.3M	$10.2M	12x	as long as short
Gate USELESS_USDT	+0.0196%	4h	0.2883	−0.335%	$7.2M	$8.5M	50x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2882	−0.372%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0438%	1h	0.2901	+0.273%	$40K	$698K	25x	as long as short
MEXC USELESS_USDT	+0.0502%	4h	0.2886	−0.249%	$11.1M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0502%	4h	0.2885	−0.264%	$24.4M	$116.9M	50x	as long as short
edgeX USELESSUSDC	+0.0503%	4h	0.2905	+0.414%	$22K	$194K	10x	as long as short
Extended USELESS-USD	+0.0504%	1h	0.2885	−0.287%	$303K	$1.2M	5x	as long as short
Bitget USELESSUSDT	+0.0596%	4h	0.2886	−0.252%	$5.6M	$9.7M	20x	as long as short
BingX USELESS-USDT	+0.0756%	4h	0.2886	−0.252%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0881%	4h	0.2887	−0.225%	$28.2M	$46.4M	13x	as long as short
Variational Omni USELESS	+0.0960%	4h	0.2897	+0.118%	$1.2M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.0983%	4h	0.2895	+0.069%	$1.2M	$2.1M	12x	as long as short
Hyperliquid USELESS	+0.1093%	1h	0.2890	−0.118%	$14.5M	$21.0M	3x	as long as short
Aster USELESSUSDT	+0.1093%	4h	0.2884	−0.325%	$664K	$2.3M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1248%	4h	0.2889	−0.149%	$22K	$1.4M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3073	+6.225%	$5K	$9K	5.5x	as long as short