Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.062%

Price spread now: Phemex against Polymarket Perps−0.500%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$233as in the Funding arb table

Net, price: spread back to 7d avg − costs−$305as in the Price arb table

costs, in and out, $10k−$2522.525% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)+0.231%+$23 · spread now −0.500%, 7d avg +0.025%

Together, before fees+0.428%+$43 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: Phemex is 0.525% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$52 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps USELESS-USD	0.2861	0.0100	pay 0.0013% / 1h	59m 58s	$28K	$140K	3x
Short	Phemex USELESSUSDT	0.2847	0.0100	get 0.0050% / 4h	1h 59m	$574K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now −0.500%Rate

Funding earned: $0
Price spread: −0.500% → +0.025%: −$52.47
Slippage, 4 orders: −$232.47
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$304.94
Costs to cover: 2.525%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 22 min ago; Phemex: 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 Polymarket Perps live order book, 22 min ago	2.89 bp	7.9 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	59.01 bp	109.6 bp −$110	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	0.2860	−0.031%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2859	−0.077%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2858	−0.108%	$10.1M	$64.5M	10x	as long as short
Polymarket Perps USELESS-USDlong	+0.0100%	1h	0.2861	long leg	$28K	$140K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2862	+0.042%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2857	−0.129%	$20K	$388K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2847	−0.500%	$574K	$1.2M	20x
Aevo USELESS-PERP	+0.0232%	1h	0.2860	−0.034%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0300%	4h	0.2858	−0.115%	$5.3M	$9.7M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0327%	1h	0.2850	−0.381%	$41K	$698K	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0394%	4h	0.2854	−0.224%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0518%	4h	0.2861	−0.007%	$5.5M	$8.8M	20x	as long as short
edgeX USELESSUSDC	+0.0584%	4h	0.2856	−0.163%	$21K	$191K	10x	as long as short
Extended USELESS-USD	+0.0584%	1h	0.2861	+0.006%	$300K	$968K	5x	as long as short
Binance USELESSUSDT	+0.0585%	4h	0.2861	+0.018%	$24.4M	$110.8M	50x	as long as short
MEXC USELESS_USDT	+0.0592%	4h	0.2862	+0.024%	$10.0M	$5.9M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1214%	4h	0.2860	−0.045%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1277%	4h	0.2856	−0.162%	$662K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1322%	4h	0.2863	+0.056%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1419%	4h	0.2861	0.000%	$29.0M	$43.1M	13x	as long as short
Variational Omni USELESS	+0.1422%	4h	0.2857	−0.134%	$1.2M	$1.8M	—	as long as short
Hyperliquid USELESS	+0.1510%	1h	0.2865	+0.140%	$14.7M	$19.8M	3x	as long as short
BloFin USELESS-USDT	+0.1771%	4h	0.2851	−0.339%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3006	+5.086%	$5K	$10K	5.5x	as long as short