Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0238%/8h= −26.1% APRpaid last 24h −0.013%

Price spread now: Pacifica against Gate+0.175%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.134%−$13 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

The price spread pays, funding is against you. Pacifica is 0.175% dearer against Gate than usual: you sell high and buy low (spread +0.175% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 7 days (−0.134% in total) that is about 9.2 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.134% in total (about -7.0% 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	Gate USELESS_USDT	0.2793	0.0338	pay 0.0169% / 4h	3m 10s	$7.0M	$8.3M	50x
Short	Pacifica USELESS	0.2798	0.0100	get 0.0013% / 1h	3m 10s	$31K	$70K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Gate. 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 GatebpFee PacificabpOrdersPrice spread, now +0.175%Rate

Funding earned: −$49.98
Price spread: +0.175% → 0.000%: $17.54
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$55.44
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; Pacifica: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Gate live order book, 5 min ago	6.61 bp	66.7 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter USELESS	+0.0096%	1h	0.2799	+0.218%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESSshort	+0.0100%	1h	0.2798	+0.175%	$31K	$70K	3x
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2799	+0.208%	$9.8M	$66.1M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2797	+0.136%	$39K	$701K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2800	+0.229%	$41K	$164K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2799	+0.200%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2797	+0.150%	$18K	$501K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2796	+0.086%	$578K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0166%	4h	0.2797	+0.129%	$5.2M	$10.0M	12x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2804	+0.389%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0274%	4h	0.2800	+0.254%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDTlong	+0.0338%	4h	0.2793	long leg	$7.0M	$8.3M	50x
Binance USELESSUSDT	+0.0470%	4h	0.2802	+0.304%	$23.6M	$116.2M	50x	as long as short
Extended USELESS-USD	+0.0472%	1h	0.2799	+0.206%	$295K	$836K	5x	as long as short
MEXC USELESS_USDT	+0.0472%	4h	0.2800	+0.258%	$10.3M	$6.0M	50x	as long as short
edgeX USELESSUSDC	+0.0477%	4h	0.2800	+0.238%	$21K	$193K	10x	as long as short
BingX USELESS-USDT	+0.0906%	4h	0.2801	+0.276%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.0913%	4h	0.2801	+0.261%	$27.5M	$45.7M	13x	as long as short
Variational Omni USELESS	+0.0994%	4h	0.2798	+0.176%	$1.2M	$1.8M	—	as long as short
Aster USELESSUSDT	+0.1023%	4h	0.2800	+0.258%	$643K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1188%	4h	0.2800	+0.258%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1301%	4h	0.2801	+0.261%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1447%	1h	0.2803	+0.369%	$14.0M	$21.1M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2962	+6.025%	$5K	$9K	5.5x	as long as short