Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0937%/8h= +102.6% APRpaid last 24h +0.017%

Price spread now: ApeX Omni against Phemex−0.248%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$197as in the Funding arb table

Net, price: spread back to 7d avg − costs−$217as in the Price arb table

costs, in and out, $10k−$1931.928% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+1.642%+$164 · spread now −0.248%, 7d avg −0.003%

Together, before fees+1.595%+$160 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.245% cheaper against Phemex than usual: you would sell low and buy high (spread −0.248% now, against its 7-day average of −0.003%). If the spread goes back, that is −$25 on $10k: about 21 hours of funding at the current rate (+$28 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.047% in total (about -2.4% 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	Phemex USELESSUSDT	0.2986	0.0100	pay 0.0050% / 4h	3h 25m	$679K	$1.3M	20x
Short	ApeX Omni USELESSUSDT	0.2979	0.1037	get 0.0130% / 1h	25m 13s	$55K	$699K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now −0.248%Rate

Funding earned: $196.76
Price spread: −0.248% → −0.003%: −$24.51
Slippage, 4 orders: −$170.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$20.59
Costs to cover: 1.928%
Break-even: 7.7 days

Slippage from Phemex: live order book, 3 min ago; ApeX Omni: live order book, 8 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 Phemex live order book, 3 min ago	27.98 bp	84.7 bp −$85	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 8 min ago	8.40 bp	16.4 bp −$16	112.5 bp −$1,125	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	0.2984	−0.067%	$1.4M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2977	−0.309%	$32K	$19K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2984	−0.077%	$10.9M	$78.5M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2983	−0.124%	$7.5M	$9.1M	50x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2987	+0.007%	$5.7M	$11.4M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2975	−0.365%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2985	−0.054%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2986	−0.003%	$20K	$515K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2986	long leg	$679K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0140%	4h	0.2984	−0.084%	$5.5M	$11.0M	12x	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	+0.0216%	1h	0.2980	−0.223%	$11K	—	3x	as long as short
Aster USELESSUSDT	+0.0336%	4h	0.2984	−0.064%	$623K	$2.3M	10x	as long as short
edgeX USELESSUSDC	+0.0516%	4h	0.2981	−0.164%	$22K	$199K	10x	as long as short
MEXC USELESS_USDT	+0.0526%	4h	0.2986	−0.007%	$14.3M	$6.7M	50x	as long as short
Extended USELESS-USD	+0.0528%	1h	0.2986	−0.018%	$283K	$1.7M	5x	as long as short
Binance USELESSUSDT	+0.0531%	4h	0.2988	+0.060%	$25.6M	$134.0M	50x	as long as short
Variational Omni USELESS	+0.0937%	4h	0.2978	−0.296%	$1.2M	$1.9M	—	as long as short
Orderly PERP_USELESS_USDC	+0.0963%	4h	0.2987	+0.030%	$22K	$1.9M	10x	as long as short
ApeX Omni USELESSUSDTshort	+0.1037%	1h	0.2979	−0.248%	$55K	$699K	25x
Hyperliquid USELESS	+0.1134%	1h	0.2984	−0.070%	$13.4M	$24.5M	3x	as long as short
BingX USELESS-USDT	+0.1358%	4h	0.2989	+0.074%	—	$5.6M	—	as long as short
Bybit USELESSUSDT	+0.1415%	4h	0.2987	+0.027%	$29.6M	$53.6M	13x	as long as short
BloFin USELESS-USDT	+0.1827%	4h	0.2986	−0.010%	$1.3M	$2.4M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3176	+6.339%	$5K	$11K	5.5x	as long as short