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: Phemex against SunX−0.369%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$274as in the Funding arb table

Net, price: spread back to 7d avg − costs−$324as in the Price arb table

costs, in and out, $10k−$2902.901% of the position

Long on SunX Short on Phemex

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)+0.437%+$44 · spread now −0.369%, 7d avg −0.026%

Together, before fees+0.597%+$60 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 0.343% cheaper against SunX than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX USELESS-USDT	0.2819	0.0100	pay 0.0050% / 4h	1h 58m	—	$1.4M	10x
Short	Phemex USELESSUSDT	0.2808	0.0100	get 0.0050% / 4h	1h 58m	$611K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SunX. 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 SunXbpFee PhemexbpOrdersPrice spread, now −0.369%Rate

Funding earned: $0
Price spread: −0.369% → −0.026%: −$34.34
Slippage, 4 orders: −$270.12
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$324.46
Costs to cover: 2.901%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Phemex: 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 SunX live order book, 6 min ago	45.21 bp	63.9 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	34.98 bp	86.3 bp −$86	doesn't fit	doesn't fit	doesn't fit

USELESS on 23 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	0.2816	−0.085%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2819	+0.018%	$31K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2811	−0.273%	$7.1M	$8.4M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2818	−0.032%	$29K	$205K	3x	as long as short
SunX USELESS-USDTlong	+0.0100%	4h	0.2819	long leg	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2814	−0.174%	$18K	$503K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2808	−0.369%	$611K	$1.1M	20x
OKX USELESS-USDT-SWAP	+0.0116%	4h	0.2815	−0.142%	$9.9M	$66.0M	10x	as long as short
KuCoin USELESSUSDTM	+0.0226%	4h	0.2813	−0.202%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2821	+0.085%	$10K	—	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0552%	4h	0.2812	−0.252%	$21K	$195K	10x	as long as short
Bitget USELESSUSDT	+0.0580%	4h	0.2813	−0.195%	$5.4M	$9.9M	20x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.2816	−0.107%	$300K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0594%	4h	0.2817	−0.057%	$11.0M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0595%	4h	0.2816	−0.110%	$23.8M	$117.0M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0736%	1h	0.2808	−0.383%	$39K	$700K	25x	as long as short
BingX USELESS-USDT	+0.0802%	4h	0.2817	−0.053%	—	$5.1M	—	as long as short
Variational Omni USELESS	+0.0921%	4h	0.2810	−0.308%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.0996%	1h	0.2818	−0.014%	$14.0M	$20.7M	3x	as long as short
Bybit USELESSUSDT	+0.1006%	4h	0.2816	−0.117%	$27.3M	$46.2M	13x	as long as short
Aster USELESSUSDT	+0.1117%	4h	0.2817	−0.071%	$627K	$2.3M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1338%	4h	0.2820	+0.032%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2990	+6.074%	$5K	$9K	5.5x	as long as short