Funding you earn now, next payment 04:00 UTC−0.0472%/8h= −51.7% APRnext payment −$2.36 per $10,000 · paid last 24h −0.044%
Price spread now: Phemex against Binance−0.178%52s7-day average +0.007% · you buy dearer than you sell
Net, funding: paid 7d − costs−$208as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$2022.022% of the position
Funding, last 7 days−0.061%−$6 on $10k
+Price spread, last 3 days (all we have)+0.105%+$10 · spread now −0.178%, 7d avg +0.007%
=Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Phemex is 0.185% cheaper against Binance than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.007%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.061% in total (about -3.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance USELESSUSDT | 0.2810 | 0.0572 | pay 0.0286% / 4h | 2h 01m | $23.8M | $117.0M | 50x |
| Short | Phemex USELESSUSDT | 0.2805 | 0.0100 | get 0.0050% / 4h | 2h 01m | $609K | $1.1M | 20x |
Binance USELESSUSDT
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$99.11
- Price spread: −0.178% → +0.007%
- −$18.46
- Slippage, 4 orders
- −$180.17
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$319.74
- Costs to cover
- 2.022%
- Break-even
- never at this rate
Slippage from Binance: live order book, 12 min ago; Phemex: live order book, 1 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 Binance live order book, 12 min ago | 0.35 bp | 19.5 bp −$20 | 54.2 bp −$542 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 1 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 | 0.2807 | −0.114% | $1.3M | $1.2M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2809 | −0.057% | $31K | $70K | 3x | as long as short |
| Gate USELESS_USDT | +0.0100% | 4h | 0.2805 | −0.189% | $7.1M | $8.5M | 50x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2812 | +0.064% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2810 | −0.004% | $18K | $503K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2805 | −0.178% | $609K | $1.1M | 20x | |
| OKX USELESS-USDT-SWAP | +0.0116% | 4h | 0.2809 | −0.032% | $9.9M | $65.8M | 10x | as long as short |
| KuCoin USELESSUSDTM | +0.0182% | 4h | 0.2804 | −0.217% | $5.2M | $10.4M | 12x | as long as short |
| Aevo USELESS-PERP | +0.0224% | 1h | 0.2814 | +0.123% | $10K | — | 3x | as long as short |
| Polymarket Perps USELESS-USD | +0.0349% | 1h | 0.2808 | −0.089% | $28K | $204K | 3x | as long as short |
Lighter USELESS
Pacifica USELESS
Gate USELESS_USDT
SunX USELESS-USDT
HTX USELESS-USDT
OKX USELESS-USDT-SWAP
KuCoin USELESSUSDTM
Aevo USELESS-PERP
Polymarket Perps USELESS-USDShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| edgeX USELESSUSDC | +0.0542% | 4h | 0.2814 | +0.139% | $21K | $195K | 10x | as long as short |
| MEXC USELESS_USDT | +0.0558% | 4h | 0.2810 | −0.007% | $11.0M | $6.0M | 50x | as long as short |
| Extended USELESS-USD | +0.0560% | 1h | 0.2808 | −0.077% | $298K | $1.1M | 5x | as long as short |
| Binance USELESSUSDTlong | +0.0572% | 4h | 0.2810 | long leg | $23.8M | $117.0M | 50x | |
| Bitget USELESSUSDT | +0.0572% | 4h | 0.2809 | −0.039% | $5.4M | $9.9M | 20x | as long as short |
| ApeX Omni USELESSUSDT | +0.0718% | 1h | 0.2812 | +0.060% | $39K | $699K | 25x | as long as short |
| BingX USELESS-USDT | +0.0802% | 4h | 0.2811 | +0.014% | — | $5.1M | — | as long as short |
| Variational Omni USELESS | +0.0873% | 4h | 0.2812 | +0.050% | $1.2M | $1.7M | — | as long as short |
| Bybit USELESSUSDT | +0.0901% | 4h | 0.2811 | +0.007% | $27.3M | $46.1M | 13x | as long as short |
| Aster USELESSUSDT | +0.1090% | 4h | 0.2807 | −0.111% | $625K | $2.3M | 10x | as long as short |
| Hyperliquid USELESS | +0.1230% | 1h | 0.2811 | +0.025% | $14.0M | $20.7M | 3x | as long as short |
| Orderly PERP_USELESS_USDC | +0.1324% | 4h | 0.2814 | +0.149% | $22K | $1.3M | 10x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.2977 | +5.928% | $5K | $9K | 5.5x | as long as short |
edgeX USELESSUSDC
MEXC USELESS_USDT
Extended USELESS-USD
Bitget USELESSUSDT
ApeX Omni USELESSUSDT
BingX USELESS-USDT
Variational Omni USELESS
Bybit USELESSUSDT
Aster USELESSUSDT
Hyperliquid USELESS
Orderly PERP_USELESS_USDC
Injective USELESS/USDC PERP