Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1150%/8h= −125.9% APRpaid last 24h −0.283%

Price spread now: Polymarket Perps against Orderly−0.071%7-day average +0.005% · you buy dearer than you sell

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−1.041%−$104 on $10k

Price spread, last 4 days (all we have)+0.254%+$25 · spread now −0.071%, 7d avg +0.005%

Together, before fees−0.787%−$79 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Polymarket Perps is 0.075% cheaper against Orderly than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USELESS_USDC	0.2685	0.1250	pay 0.0625% / 4h	2h 52m	$21K	$1.2M	10x
Short	Polymarket Perps USELESS-USD	0.2683	0.0100	get 0.0013% / 1h	52m 35s	$26K	$242K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$241.51
Price spread: −0.071% → +0.005%: −$7.53
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$263.04
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 59 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 59 min ago	4.37 bp	73.6 bp −$74	doesn't fit	doesn't fit	doesn't fit

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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter USELESS	+0.0096%	1h	0.2683	−0.089%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2684	−0.060%	$11.7M	$22.4M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2685	−0.003%	$529K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2684	−0.048%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USDshort	+0.0100%	1h	0.2683	−0.071%	$26K	$242K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2683	−0.093%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2682	−0.134%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2686	+0.011%	$632K	$1.1M	20x	as long as short
Bitget USELESSUSDT	+0.0122%	4h	0.2686	+0.011%	$5.1M	$10.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0143%	4h	0.2689	+0.145%	$9.1M	$65.2M	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	+0.0144%	1h	0.2684	−0.047%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0166%	4h	0.2684	−0.056%	$4.9M	$10.6M	12x	as long as short
Gate USELESS_USDT	+0.0196%	4h	0.2681	−0.164%	$6.7M	$8.5M	50x	as long as short
edgeX USELESSUSDC	+0.0254%	4h	0.2666	−0.734%	$20K	$196K	10x	as long as short
Extended USELESS-USD	+0.0256%	1h	0.2685	+0.003%	$114K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0256%	4h	0.2684	−0.045%	$10.8M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0259%	4h	0.2689	+0.127%	$22.5M	$121.3M	50x	as long as short
BingX USELESS-USDT	+0.0501%	4h	0.2687	+0.045%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0511%	4h	0.2689	+0.134%	$25.3M	$48.3M	13x	as long as short
Variational Omni USELESS	+0.0545%	4h	0.2656	−1.084%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0737%	4h	0.2684	−0.063%	$1.1M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDClong	+0.1250%	4h	0.2685	long leg	$21K	$1.2M	10x
ApeX Omni USELESSUSDT	+0.2306%	1h	0.2657	−1.058%	$37K	$694K	25x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+5.243%	$5K	$11K	5.5x	as long as short