USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.1509%/8h= +165.3% APRnext payment +$7.55 per $10,000 · paid last 24h +0.133%

Price spread now: Variational Omni against Phemex+0.536%7-day average +0.096% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.252%+$25 on $10k

Price spread, last 4 days (all we have)−0.362%−$36 · spread now +0.536%, 7d avg +0.096%

Together, before fees−0.109%+ Points / potential airdropVariational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$45 a day on $10k at the current rate, and Variational Omni is 0.440% dearer against Phemex than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of +0.096%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.252% in total (about 24.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$7.55 per $10,000. 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	0.3049	0.0100	pay 0.0050% / 4h	48m 30s	$722K	$1.3M	20x
Short	Variational Omni USELESS	0.3065	0.1609	get 0.0805% / 4h	48m 30s	$1.3M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.536%Rate

Funding earned: $316.98
Price spread: +0.536% → +0.096%: $44.02
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $349
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 2 min ago; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

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, 2 min ago	22.98 bp	67.8 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	3.26 bp	doesn't fit	49.0 bp −$490	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
Pacifica USELESS	+0.0100%	1h	0.3070	+0.692%	$33K	$18K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.3055	+0.200%	—	$1.2M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.3056	+0.233%	$39K	$532K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.3049	long leg	$722K	$1.3M	20x
Lighter USELESS	+0.0120%	1h	0.3074	+0.817%	$1.4M	$1.1M	3x	as long as short
Polymarket Perps USELESS-USD	+0.0206%	1h	0.3080	+1.036%	$29K	$294K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0283%	4h	0.3076	+0.879%	$11.9M	$75.9M	10x	as long as short
Aevo USELESS-PERP	+0.0304%	1h	0.3067	+0.613%	$11K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0536%	4h	0.3070	+0.689%	$5.8M	$10.2M	10x	as long as short
Bitget USELESSUSDT	+0.0572%	4h	0.3079	+1.000%	$6.1M	$11.2M	20x	as long as short

Show all 24 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0838%	4h	0.3069	+0.672%	$7.8M	$8.7M	50x	as long as short
edgeX USELESSUSDC	+0.0877%	4h	0.3061	+0.402%	$23K	$201K	10x	as long as short
ApeX Omni USELESSUSDT	+0.0880%	1h	0.3047	−0.059%	$58K	$699K	25x	as long as short
Aster USELESSUSDT	+0.0900%	4h	0.3072	+0.762%	$665K	$2.4M	10x	as long as short
Extended USELESS-USD	+0.0904%	1h	0.3073	+0.796%	$303K	$1.9M	5x	as long as short
MEXC USELESS_USDT	+0.0906%	4h	0.3075	+0.843%	$18.2M	$7.3M	50x	as long as short
Binance USELESSUSDT	+0.0914%	4h	0.3075	+0.847%	$27.1M	$133.0M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1439%	4h	0.3057	+0.266%	$25K	$1.8M	10x	as long as short
BingX USELESS-USDT	+0.1528%	4h	0.3073	+0.800%	—	$5.8M	—	as long as short
Variational Omni USELESSshort	+0.1609%	4h	0.3065	+0.536%	$1.3M	$1.9M	—
Hyperliquid USELESS	+0.1745%	1h	0.3072	+0.761%	$14.6M	$21.6M	3x	as long as short
Bybit USELESSUSDT	+0.1762%	4h	0.3080	+1.023%	$31.1M	$52.7M	13x	as long as short
BloFin USELESS-USDT	+0.2205%	4h	0.3058	+0.295%	$1.4M	$2.5M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3264	+7.065%	$6K	$10K	5.5x	as long as short