Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0185%/8h= −20.3% APRpaid last 24h −0.123%

Price spread now: ApeX Omni against Variational Omni−0.075%7-day average −0.100% · you buy dearer than you sell

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.233%−$23 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now −0.075%, 7d avg −0.100%

Together, before fees−0.277%+ Points / potential airdropVariational Omni: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.025% dearer against Variational Omni than usual: you sell high and buy low (spread −0.075% now, against its 7-day average of −0.100%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni USELESS	0.2810	0.0921	pay 0.0461% / 4h	1h 59m	$1.2M	$1.7M	—
Short	ApeX Omni USELESSUSDT	0.2808	0.0736	get 0.0092% / 1h	59m 11s	$39K	$700K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now −0.075%Rate

Funding earned: −$38.87
Price spread: −0.075% → −0.100%: $2.53
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$46.35
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; ApeX Omni: live order book, 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 Variational Omni RFQ quote, 5 min ago	5.34 bp	doesn't fit	108.5 bp −$1,085	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 4 min ago	7.11 bp	15.4 bp −$15	109.9 bp −$1,099	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	0.2815	+0.188%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2823	+0.459%	$31K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2816	+0.195%	$7.1M	$8.4M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2819	+0.316%	$28K	$204K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2818	+0.277%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2821	+0.402%	$18K	$503K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2808	−0.061%	$611K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0121%	4h	0.2816	+0.210%	$9.9M	$66.0M	10x	as long as short
Aevo USELESS-PERP	+0.0224%	1h	0.2818	+0.294%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0226%	4h	0.2818	+0.274%	$5.2M	$10.4M	12x	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	+0.056%	$21K	$195K	10x	as long as short
MEXC USELESS_USDT	+0.0578%	4h	0.2817	+0.252%	$11.0M	$5.9M	50x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2815	+0.167%	$5.4M	$9.9M	20x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.2817	+0.247%	$300K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0595%	4h	0.2816	+0.193%	$23.8M	$117.0M	50x	as long as short
Hyperliquid USELESS	+0.0603%	1h	0.2818	+0.288%	$14.0M	$20.7M	3x	as long as short
ApeX Omni USELESSUSDTshort	+0.0736%	1h	0.2808	−0.075%	$39K	$700K	25x
BingX USELESS-USDT	+0.0802%	4h	0.2817	+0.245%	—	$5.1M	—	as long as short
Variational Omni USELESSlong	+0.0921%	4h	0.2810	long leg	$1.2M	$1.7M	—
Bybit USELESSUSDT	+0.1007%	4h	0.2818	+0.284%	$27.4M	$46.2M	13x	as long as short
Aster USELESSUSDT	+0.1107%	4h	0.2823	+0.455%	$628K	$2.3M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1340%	4h	0.2819	+0.316%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2990	+6.402%	$5K	$9K	5.5x	as long as short