Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0532%/8h= −58.3% APRpaid last 24h −0.118%

Price spread now: ApeX Omni against BingX+0.413%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$770.774% of the position

Long on BingX Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.208%−$21 on $10k

Price spread, last 4 days (all we have)−0.650%−$65 · spread now +0.413%, 7d avg −0.006%

Together, before fees−0.858%−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.419% dearer against BingX than usual: you sell high and buy low (spread +0.413% now, against its 7-day average of −0.006%): +$42 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.208% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.208% in total (about -10.8% a year). A funding rate is set anew for every payment. 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	BingX USELESS-USDT	0.2544	0.0632	pay 0.0316% / 4h	40m 49s	—	$5.3M	—
Short	ApeX Omni USELESSUSDT	0.2554	0.0100	get 0.0013% / 1h	40m 49s	$33K	$699K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against BingX. 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 BingXbpFee ApeX OmnibpOrdersPrice spread, now +0.413%Rate

Funding earned: −$111.72
Price spread: +0.413% → −0.006%: $41.92
Slippage, 4 orders: −$57.38
Fee BingX: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$147.17
Costs to cover: 0.774%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; ApeX Omni: live order book, 18 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 BingX live order book, 9 min ago	5.12 bp	21.4 bp −$21	73.6 bp −$736	524.4 bp −$52.4K	doesn't fit
Sell ApeX Omni live order book, 18 min ago	7.86 bp	15.4 bp −$15	106.8 bp −$1,068	doesn't fit	doesn't fit

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	0.2537	−0.240%	$1.1M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2543	−0.031%	$11.4M	$22.8M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2541	−0.111%	$28K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2536	−0.287%	$6.3M	$8.7M	50x	as long as short
ApeX Omni USELESSUSDTshort	+0.0100%	1h	0.2554	+0.413%	$33K	$699K	25x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2540	−0.149%	$35K	$219K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2540	−0.138%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2539	−0.169%	$17K	$520K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2537	−0.267%	$561K	$1.1M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2538	−0.216%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX USELESS-USDT-SWAP	+0.0211%	4h	0.2543	−0.012%	$8.8M	$62.7M	10x	as long as short
KuCoin USELESSUSDTM	+0.0228%	4h	0.2542	−0.075%	$4.6M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0400%	4h	0.2541	−0.094%	$4.9M	$10.5M	20x	as long as short
Binance USELESSUSDT	+0.0486%	4h	0.2543	−0.009%	$21.2M	$123.5M	50x	as long as short
Extended USELESS-USD	+0.0488%	1h	0.2543	−0.007%	$112K	$1.2M	5x	as long as short
edgeX USELESSUSDC	+0.0492%	4h	0.2545	+0.075%	$19K	$195K	10x	as long as short
MEXC USELESS_USDT	+0.0496%	4h	0.2544	0.000%	$10.2M	$6.2M	50x	as long as short
Aster USELESSUSDT	+0.0580%	4h	0.2539	−0.177%	$503K	$2.4M	10x	as long as short
Bybit USELESSUSDT	+0.0629%	4h	0.2541	−0.094%	$24.3M	$48.8M	13x	as long as short
BingX USELESS-USDTlong	+0.0632%	4h	0.2544	long leg	—	$5.3M	—
Variational Omni USELESS	+0.0794%	4h	0.2540	−0.150%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0869%	4h	0.2538	−0.216%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1313%	4h	0.2538	−0.208%	$19K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2689	+5.724%	$5K	$11K	5.5x	as long as short