Settings8H · net · $10k
Funding arb · Price arb /

USELESS

all USELESS markets
SwapBacktest
Alert: funding
Alert: spread
Funding you earn now, next payment 08:00 UTC+0.0413%/8h= +45.2% APRnext payment +$2.06 per $10,000 · paid last 24h +0.080%
Price spread now: Orderly against BloFin−0.192%112s7-day average −0.011% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
What this pair did over the last
the charts below follow
Funding, last 7 days+0.183%+$18 on $10k
Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.192%, 7d avg −0.011%
Together, before fees+0.495%+$49 on $10k · with fees, hour by hour
Funding pays, the price is against you. Orderly is 0.181% cheaper against BloFin than usual: you would sell low and buy high (spread −0.192% now, against its 7-day average of −0.011%). If the spread goes back, that is −$18 on $10k: about 35 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.183% in total) that is about 6.9 days. The two prices were read 112 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 0.183% in total (about 9.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.06 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBloFin USELESS-USDT0.27570.0654pay 0.0327% / 4h1h 55m$1.2M$2.1M12x
ShortOrderly PERP_USELESS_USDC0.27520.1066get 0.0533% / 4h1h 55m$21K$1.3M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Orderly against BloFin. 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

Funding earned
$86.65
Price spread: −0.192% → −0.011%
−$18.1
Slippage, 4 orders
no order book: not counted
Fee BloFin: 6 bp × 2 orders
−$12
Fee Orderly: 3 bp × 2 orders
−$6
Net
$50.54
Costs to cover
0.180%
Break-even
2.9 days
Slippage unknown: BloFin: live order book, 2 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
LegHalf-spread$10k$100k$1M$5M
Buy BloFin live order book, 2 min ago1.63 bp18.4 bp −$18doesn't fitdoesn't fitdoesn'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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Lighter USELESS+0.0096%1h0.2748−0.319%$1.3M$1.2M3xas long as short
Aster USELESSUSDT+0.0100%4h0.2747−0.384%$538K$2.1M10xas long as short
Pacifica USELESS+0.0100%1h0.2751−0.223%$29K$19K3xas long as short
KuCoin USELESSUSDTM+0.0100%4h0.2748−0.341%$5.0M$10.6M12xas long as short
Bitget USELESSUSDT+0.0100%4h0.2748−0.348%$5.3M$10.4M20xas long as short
Polymarket Perps USELESS-USD+0.0100%1h0.2748−0.348%$26K$257K3xas long as short
SunX USELESS-USDT+0.0100%4h0.2753−0.156%$1.4M10xas long as short
HTX USELESS-USDT+0.0100%4h0.2746−0.413%$19K$517K20xas long as short
Phemex USELESSUSDT+0.0100%4h0.2745−0.457%$639K$1.2M20xas long as short
Aevo USELESS-PERP+0.0136%1h0.2749−0.298%$10K3xas long as short
Show all 24 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX USELESS-USDT-SWAP+0.0148%4h0.2751−0.221%$9.5M$67.9M10xas long as short
edgeX USELESSUSDC+0.0221%4h0.2762+0.157%$21K$195K10xas long as short
Binance USELESSUSDT+0.0223%4h0.2750−0.261%$22.8M$123.2M50xas long as short
MEXC USELESS_USDT+0.0228%4h0.2749−0.316%$11.2M$6.0M50xas long as short
Extended USELESS-USD+0.0232%1h0.2752−0.195%$136K$1.2M5xas long as short
Gate USELESS_USDT+0.0274%4h0.2745−0.435%$6.9M$8.6M50xas long as short
Hyperliquid USELESS+0.0291%1h0.2750−0.276%$11.9M$23.3M3xas long as short
BingX USELESS-USDT+0.0384%4h0.2750−0.283%$5.3Mas long as short
Bybit USELESSUSDT+0.0393%4h0.2748−0.319%$25.8M$48.7M13xas long as short
Variational Omni USELESS+0.0452%4h0.2748−0.346%$1.0M$1.8Mas long as short
ApeX Omni USELESSUSDT+0.0571%1h0.2759+0.062%$49K$700K25xas long as short
BloFin USELESS-USDTlong+0.0654%4h0.2757long leg$1.2M$2.1M12x
Orderly PERP_USELESS_USDCshort+0.1066%4h0.2752−0.192%$21K$1.3M10x
Injective USELESS/USDC PERP+0.5000%1h0.2924+6.064%$5K$11K5.5xas long as short