Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0578%/8h= +63.3% APRpaid last 24h +0.249%

Price spread now: Orderly against ApeX Omni−0.102%7-day average −0.005% · you buy dearer than you sell

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.891%+$89 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.102%, 7d avg −0.005%

Together, before fees+0.995%+$99 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.097% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of −0.005%). If the spread goes back, that is −$10 on $10k: about 13 hours of funding at the current rate (+$17 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni USELESSUSDT	0.2855	0.0380	pay 0.0047% / 1h	21m 15s	$53K	$701K	25x
Short	Orderly PERP_USELESS_USDC	0.2852	0.0958	get 0.0479% / 4h	21m 15s	$21K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against ApeX 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 ApeX OmnibpFee OrderlybpOrdersPrice spread, now −0.102%Rate

Funding earned: $121.46
Price spread: −0.102% → −0.005%: −$9.69
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $95.76
Costs to cover: 0.160%
Break-even: 1.5 days

Slippage unknown: ApeX Omni: live order book, 17 min ago; Orderly: no order-book sample. 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 ApeX Omni live order book, 17 min ago	10.30 bp	18.2 bp −$18	110.4 bp −$1,104	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.2854	−0.049%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2850	−0.164%	$30K	$19K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2853	−0.063%	$9.9M	$72.6M	10x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2848	−0.245%	$5.2M	$10.8M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2853	−0.081%	$5.5M	$11.0M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2852	−0.119%	$28K	$280K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2857	+0.074%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2861	+0.193%	$19K	$514K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2858	+0.109%	$647K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0160%	1h	0.2856	+0.028%	$10K	—	3x	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	+0.0264%	4h	0.2852	−0.112%	$7.1M	$8.9M	50x	as long as short
edgeX USELESSUSDC	+0.0308%	4h	0.2869	+0.492%	$21K	$198K	10x	as long as short
Aster USELESSUSDT	+0.0324%	4h	0.2852	−0.119%	$559K	$2.2M	10x	as long as short
MEXC USELESS_USDT	+0.0328%	4h	0.2852	−0.119%	$12.6M	$6.3M	50x	as long as short
Extended USELESS-USD	+0.0344%	1h	0.2850	−0.178%	$272K	$1.7M	5x	as long as short
Binance USELESSUSDT	+0.0344%	4h	0.2856	+0.026%	$23.7M	$127.3M	50x	as long as short
ApeX Omni USELESSUSDTlong	+0.0380%	1h	0.2855	long leg	$53K	$701K	25x
BingX USELESS-USDT	+0.0554%	4h	0.2853	−0.084%	—	$5.4M	—	as long as short
Bybit USELESSUSDT	+0.0583%	4h	0.2856	+0.018%	$27.0M	$50.4M	13x	as long as short
Variational Omni USELESS	+0.0591%	4h	0.2855	−0.013%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.0823%	4h	0.2852	−0.091%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDCshort	+0.0958%	4h	0.2852	−0.102%	$21K	$1.7M	10x
Hyperliquid USELESS	+0.1099%	1h	0.2854	−0.028%	$12.5M	$23.8M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3021	+5.828%	$5K	$11K	5.5x	as long as short