Funding you earn now, next payment 00:00 UTC−0.1154%/8h= −126.4% APRnext payment −$5.77 per $10,000 · paid last 24h −0.062%
Price spread now: Phemex against Bybit−0.629%7-day average +0.027% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.067%−$7 on $10k
+Price spread, last 3 days (all we have)+0.555%+$55 · spread now −0.629%, 7d avg +0.027%
=Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Phemex is 0.656% cheaper against Bybit than usual: you would sell low and buy high (−$66 if the spread goes back to its 7-day average of +0.027%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.77 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 | Bybit USELESSUSDT | 0.2846 | 0.1254 | pay 0.0627% / 4h | 2h 07m | $28.9M | $43.1M | 13x |
| Short | Phemex USELESSUSDT | 0.2828 | 0.0100 | get 0.0050% / 4h | 2h 07m | $566K | $1.2M | 20x |
Bybit USELESSUSDT
Phemex USELESSUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Bybit. 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
- −$242.42
- Price spread: −0.629% → +0.027%
- −$65.57
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$330.99
- Costs to cover
- 0.230%
- Break-even
- never at this rate
Slippage unknown: Bybit: live order book, 1 min ago; Phemex: live order book, 5 min ago. 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 Bybit live order book, 1 min ago | 2.64 bp | 26.0 bp −$26 | 123.2 bp −$1,232 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 5 min ago | 28.85 bp | 92.7 bp −$93 | 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 | 0.2842 | −0.134% | $1.3M | $1.1M | 3x | as long as short |
| Pacifica USELESS | +0.0100% | 1h | 0.2846 | +0.002% | $32K | $70K | 3x | as long as short |
| OKX USELESS-USDT-SWAP | +0.0100% | 4h | 0.2847 | +0.039% | $10.1M | $64.2M | 10x | as long as short |
| Polymarket Perps USELESS-USD | +0.0100% | 1h | 0.2838 | −0.292% | $28K | $139K | 3x | as long as short |
| SunX USELESS-USDT | +0.0100% | 4h | 0.2844 | −0.060% | — | $1.4M | 10x | as long as short |
| HTX USELESS-USDT | +0.0100% | 4h | 0.2849 | +0.091% | $20K | $387K | 20x | as long as short |
| Phemex USELESSUSDTshort | +0.0100% | 4h | 0.2828 | −0.629% | $566K | $1.2M | 20x | |
| Aevo USELESS-PERP | +0.0232% | 1h | 0.2841 | −0.180% | $10K | — | 3x | as long as short |
| KuCoin USELESSUSDTM | +0.0242% | 4h | 0.2837 | −0.327% | $5.3M | $9.7M | 12x | as long as short |
| ApeX Omni USELESSUSDT | +0.0306% | 1h | 0.2856 | +0.348% | $41K | $699K | 25x | as long as short |
Lighter USELESS
Pacifica USELESS
OKX USELESS-USDT-SWAP
Polymarket Perps USELESS-USD
SunX USELESS-USDT
HTX USELESS-USDT
Aevo USELESS-PERP
KuCoin USELESSUSDTM
ApeX Omni USELESSUSDTShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Gate USELESS_USDT | +0.0394% | 4h | 0.2838 | −0.295% | $7.1M | $7.9M | 50x | as long as short |
| Bitget USELESSUSDT | +0.0526% | 4h | 0.2847 | +0.025% | $5.5M | $8.8M | 20x | as long as short |
| Extended USELESS-USD | +0.0592% | 1h | 0.2843 | −0.093% | $299K | $968K | 5x | as long as short |
| Binance USELESSUSDT | +0.0595% | 4h | 0.2848 | +0.056% | $24.3M | $110.8M | 50x | as long as short |
| MEXC USELESS_USDT | +0.0606% | 4h | 0.2846 | +0.004% | $10.0M | $5.9M | 50x | as long as short |
| edgeX USELESSUSDC | +0.0607% | 4h | 0.2863 | +0.608% | $21K | $190K | 10x | as long as short |
| BingX USELESS-USDT | +0.1166% | 4h | 0.2849 | +0.109% | — | $4.9M | — | as long as short |
| Orderly PERP_USELESS_USDC | +0.1190% | 4h | 0.2844 | −0.074% | $21K | $1.4M | 10x | as long as short |
| Bybit USELESSUSDTlong | +0.1254% | 4h | 0.2846 | long leg | $28.9M | $43.1M | 13x | |
| Aster USELESSUSDT | +0.1283% | 4h | 0.2841 | −0.196% | $658K | $2.2M | 10x | as long as short |
| Variational Omni USELESS | +0.1295% | 4h | 0.2859 | +0.454% | $1.2M | $1.7M | — | as long as short |
| Hyperliquid USELESS | +0.1523% | 1h | 0.2845 | −0.053% | $14.6M | $19.8M | 3x | as long as short |
| BloFin USELESS-USDT | +0.1525% | 4h | 0.2850 | +0.144% | $1.2M | $1.9M | 12x | as long as short |
| Injective USELESS/USDC PERP | +0.5000% | 1h | 0.3027 | +6.360% | $5K | $10K | 5.5x | as long as short |
Gate USELESS_USDT
Bitget USELESSUSDT
Extended USELESS-USD
Binance USELESSUSDT
MEXC USELESS_USDT
edgeX USELESSUSDC
BingX USELESS-USDT
Orderly PERP_USELESS_USDC
Aster USELESSUSDT
Variational Omni USELESS
Hyperliquid USELESS
BloFin USELESS-USDT
Injective USELESS/USDC PERP