Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h −0.003%

Price spread now: KuCoin against Aevo−0.135%7-day average — · you buy dearer than you sell

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

Long on Aevo Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. KuCoin is 0.135% cheaper against Aevo than usual: you would sell low and buy high (spread −0.135% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 3.7 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo USELESS-PERP	0.2711	0.0200	pay 0.0025% / 1h	8m 14s	$10K	—	3x
Short	KuCoin USELESSUSDTM	0.2707	0.0322	get 0.0161% / 4h	1h 08m	$5.0M	$9.9M	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Aevo. 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 AevobpFee KuCoinbpOrdersPrice spread, now −0.135%Rate

Funding earned: $25.62
Price spread: −0.135% → 0.000%: −$13.46
Slippage, 4 orders: no order book: not counted
Fee Aevo: 8 bp × 2 orders: −$16
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$15.84
Costs to cover: 0.280%
Break-even: 11.3 days

Slippage unknown: Aevo: no order-book sample; KuCoin: live order book, 5 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 Aevo no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 5 min ago	9.33 bp	30.7 bp −$31	doesn't fit	doesn't fit	doesn't fit

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2710	−0.039%	$1.2M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2712	+0.050%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2708	−0.098%	$9.5M	$62.8M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2708	−0.090%	$27K	$150K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2710	−0.046%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2708	−0.116%	$18K	$490K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2696	−0.555%	$551K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0197%	1h	0.2729	+0.670%	$38K	$700K	25x	as long as short
Aevo USELESS-PERPlong	+0.0200%	1h	0.2711	long leg	$10K	—	3x
Gate USELESS_USDT	+0.0308%	4h	0.2706	−0.164%	$6.8M	$8.1M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTMshort	+0.0322%	4h	0.2707	−0.135%	$5.0M	$9.9M	12x
Bitget USELESSUSDT	+0.0458%	4h	0.2709	−0.053%	$5.2M	$9.1M	20x	as long as short
Extended USELESS-USD	+0.0472%	1h	0.2710	−0.030%	$286K	$966K	5x	as long as short
Binance USELESSUSDT	+0.0476%	4h	0.2710	−0.031%	$22.9M	$114.3M	50x	as long as short
MEXC USELESS_USDT	+0.0476%	4h	0.2711	+0.020%	$9.9M	$6.0M	50x	as long as short
edgeX USELESSUSDC	+0.0487%	4h	0.2726	+0.563%	$20K	$191K	10x	as long as short
Hyperliquid USELESS	+0.0836%	1h	0.2710	−0.039%	$13.2M	$20.7M	3x	as long as short
Aster USELESSUSDT	+0.1085%	4h	0.2707	−0.146%	$634K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1283%	4h	0.2710	−0.035%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1296%	4h	0.2710	−0.024%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1329%	4h	0.2709	−0.057%	$27.0M	$45.0M	13x	as long as short
Variational Omni USELESS	+0.1472%	4h	0.2725	+0.510%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1727%	4h	0.2708	−0.109%	$1.1M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+6.771%	$5K	$9K	5.5x	as long as short