Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.069%

Price spread now: Phemex against HTX−0.374%7-day average +0.132% · you buy dearer than you sell

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

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 3 days (all we have)+0.715%+$71 · spread now −0.374%, 7d avg +0.132%

Together, before fees+0.874%+$87 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.506% cheaper against HTX than usual: you would sell low and buy high, −$51 on $10k if it goes back to its 7-day average of +0.132%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX USELESS-USDT	0.2727	0.0100	pay 0.0050% / 4h	1h 25m	$34K	$448K	20x
Short	Phemex USELESSUSDT	0.2717	0.0100	get 0.0050% / 4h	1h 25m	$557K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now −0.374%Rate

Funding earned: $0
Price spread: −0.374% → +0.132%: −$50.57
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$74.57
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 57 min ago; Phemex: live order book, 2 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 HTX live order book, 57 min ago	46.22 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	20.95 bp	126.5 bp −$126	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	0.2726	−0.070%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2740	+0.452%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2732	+0.154%	$9.6M	$62.9M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2729	+0.070%	$26K	$145K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2732	+0.154%	—	$1.4M	10x	as long as short
HTX USELESS-USDTlong	+0.0100%	4h	0.2727	long leg	$34K	$448K	20x
Phemex USELESSUSDTshort	+0.0100%	4h	0.2717	−0.374%	$557K	$1.2M	20x
Aevo USELESS-PERP	+0.0208%	1h	0.2731	+0.144%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0229%	1h	0.2757	+1.082%	$39K	$699K	25x	as long as short
KuCoin USELESSUSDTM	+0.0330%	4h	0.2728	+0.022%	$5.1M	$9.8M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0374%	4h	0.2727	−0.018%	$6.8M	$8.0M	50x	as long as short
edgeX USELESSUSDC	+0.0505%	4h	0.2762	+1.270%	$21K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0508%	4h	0.2730	+0.077%	$9.8M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0509%	4h	0.2732	+0.166%	$23.1M	$113.3M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2728	+0.029%	$287K	$965K	5x	as long as short
Bitget USELESSUSDT	+0.0534%	4h	0.2730	+0.099%	$5.2M	$9.1M	20x	as long as short
Hyperliquid USELESS	+0.0952%	1h	0.2735	+0.282%	$13.3M	$20.5M	3x	as long as short
Aster USELESSUSDT	+0.1148%	4h	0.2729	+0.054%	$631K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1253%	4h	0.2731	+0.125%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1354%	4h	0.2734	+0.235%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1385%	4h	0.2734	+0.231%	$27.3M	$44.5M	13x	as long as short
Variational Omni USELESS	+0.1515%	4h	0.2775	+1.745%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1818%	4h	0.2742	+0.521%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2934	+7.571%	$5K	$9K	5.5x	as long as short