USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0158%/8h= −17.3% APRnext payment −$0.79 per $10,000 · paid last 24h −0.075%

Price spread now: Phemex against MEXC+0.067%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$149as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1411.409% of the position

Long on MEXC Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.212%−$21 · spread now +0.067%, 7d avg −0.028%

Together, before fees−0.289%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.094% dearer against MEXC than usual: you sell high and buy low (spread +0.067% now, against its 7-day average of −0.028%): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 48 hours. At the pace of the last 7 days (−0.076% in total) that is about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC USELESS_USDT	0.2841	0.0258	pay 0.0129% / 4h	1h 01m	$11.9M	$6.2M	50x
Short	Phemex USELESSUSDT	0.2842	0.0100	get 0.0050% / 4h	1h 01m	$651K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against MEXC. 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 MEXCbpFee PhemexbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$33.18
Price spread: +0.067% → −0.028%: $9.45
Slippage, 4 orders: −$120.91
Fee MEXC: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$164.64
Costs to cover: 1.409%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Phemex: live order book, 1 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 MEXC live order book, 2 min ago	0.70 bp	17.6 bp −$18	53.3 bp −$533	165.5 bp −$16.5K	doesn't fit
Sell Phemex live order book, 1 min ago	20.62 bp	55.4 bp −$55	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	0.2828	−0.433%	$1.3M	$1.3M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2831	−0.325%	$30K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2837	−0.130%	$5.2M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2838	−0.070%	$5.5M	$10.5M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2834	−0.229%	$28K	$267K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2840	−0.021%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2837	−0.120%	$19K	$515K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2842	+0.067%	$651K	$1.2M	20x
OKX USELESS-USDT-SWAP	+0.0102%	4h	0.2827	−0.482%	$9.8M	$70.7M	10x	as long as short
Aster USELESSUSDT	+0.0125%	4h	0.2833	−0.253%	$555K	$2.2M	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	+0.0152%	1h	0.2834	−0.238%	$10K	—	3x	as long as short
Hyperliquid USELESS	+0.0205%	1h	0.2840	−0.011%	$12.4M	$23.4M	3x	as long as short
Binance USELESSUSDT	+0.0254%	4h	0.2828	−0.447%	$23.5M	$124.7M	50x	as long as short
edgeX USELESSUSDC	+0.0255%	4h	0.2843	+0.076%	$21K	$197K	10x	as long as short
Extended USELESS-USD	+0.0256%	1h	0.2840	−0.027%	$241K	$896K	5x	as long as short
MEXC USELESS_USDTlong	+0.0258%	4h	0.2841	long leg	$11.9M	$6.2M	50x
Bybit USELESSUSDT	+0.0458%	4h	0.2828	−0.430%	$26.7M	$49.4M	13x	as long as short
BingX USELESS-USDT	+0.0458%	4h	0.2841	+0.018%	—	$5.3M	—	as long as short
ApeX Omni USELESSUSDT	+0.0510%	1h	0.2835	−0.194%	$52K	$702K	25x	as long as short
Variational Omni USELESS	+0.0561%	4h	0.2851	+0.352%	$1.2M	$1.9M	—	as long as short
Gate USELESS_USDT	+0.0620%	4h	0.2836	−0.169%	$7.1M	$8.7M	50x	as long as short
BloFin USELESS-USDT	+0.0706%	4h	0.2840	−0.011%	$1.2M	$2.1M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0948%	4h	0.2836	−0.148%	$22K	$1.5M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3008	+5.886%	$5K	$11K	5.5x	as long as short