Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0912%/8h= −99.9% APRpaid last 24h −0.109%

Price spread now: Extended against BloFin−0.047%54s7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as 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−$1691.690% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.585%−$58 on $10k

Price spread, last 4 days (all we have)+0.615%+$61 · spread now −0.047%, 7d avg −0.025%

Together, before fees+0.030%+ Points / potential airdropExtended: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Extended is 0.022% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.025%). Swap the legs. The two prices were read 54 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 -0.585% in total (about -30.5% 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	BloFin USELESS-USDT	0.3001	0.1392	pay 0.0696% / 4h	3h 38m	$1.3M	$2.3M	12x
Short	Extended USELESS-USD	0.3000	0.0480	get 0.0060% / 1h	38m 12s	$285K	$1.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. 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 BloFinbpFee ExtendedbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$191.62
Price spread: −0.047% → −0.025%: −$2.22
Slippage, 4 orders: −$151.99
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$362.84
Costs to cover: 1.690%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Extended: live order book, 5 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 BloFin live order book, 5 min ago	6.28 bp	17.5 bp −$17	41.7 bp −$417	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	49.32 bp	67.3 bp −$67	doesn't fit	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	0.2981	−0.666%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2994	−0.257%	$32K	$19K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2969	−1.093%	$7.5M	$8.9M	50x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2994	−0.230%	$5.5M	$10.9M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2981	−0.680%	$5.7M	$11.3M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.3003	+0.060%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.3000	−0.040%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2978	−0.790%	$20K	$515K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2997	−0.143%	$688K	$1.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0111%	4h	0.2979	−0.746%	$10.9M	$77.8M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0200%	1h	0.3001	−0.007%	$11K	—	3x	as long as short
Aster USELESSUSDT	+0.0339%	4h	0.2986	−0.510%	$626K	$2.3M	10x	as long as short
edgeX USELESSUSDC	+0.0459%	4h	0.3007	+0.184%	$22K	$199K	10x	as long as short
MEXC USELESS_USDT	+0.0472%	4h	0.2978	−0.786%	$14.0M	$6.6M	50x	as long as short
Binance USELESSUSDT	+0.0479%	4h	0.2981	−0.686%	$25.6M	$132.0M	50x	as long as short
Extended USELESS-USDshort	+0.0480%	1h	0.3000	−0.047%	$285K	$1.7M	5x
BingX USELESS-USDT	+0.0616%	4h	0.2981	−0.666%	—	$5.5M	—	as long as short
Variational Omni USELESS	+0.0820%	4h	0.3004	+0.092%	$1.3M	$1.9M	—	as long as short
Bybit USELESSUSDT	+0.0898%	4h	0.2976	−0.833%	$29.5M	$53.0M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.0962%	4h	0.3003	+0.047%	$22K	$1.9M	10x	as long as short
Hyperliquid USELESS	+0.1069%	1h	0.2983	−0.600%	$13.4M	$24.2M	3x	as long as short
ApeX Omni USELESSUSDT	+0.1365%	1h	0.3001	−0.013%	$56K	$699K	25x	as long as short
BloFin USELESS-USDTlong	+0.1392%	4h	0.3001	long leg	$1.3M	$2.3M	12x
Injective USELESS/USDC PERP	+0.5000%	1h	0.3178	+5.884%	$5K	$11K	5.5x	as long as short