Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.019%

Price spread now: Bitget against Phemex+0.057%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1511.514% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.057%, 7d avg −0.026%

Together, before fees−0.126%−$13 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: Bitget is 0.084% dearer against Phemex than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2958	0.0100	pay 0.0050% / 4h	3h 53m	$678K	$1.3M	20x
Short	Bitget USELESSUSDT	0.2959	0.0100	get 0.0050% / 4h	3h 53m	$5.7M	$11.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.057%Rate

Funding earned: $0
Price spread: +0.057% → −0.026%: $8.37
Slippage, 4 orders: −$127.42
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$143.05
Costs to cover: 1.514%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Bitget: live order book, just now.

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, 5 min ago	12.85 bp	48.3 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, just now	6.94 bp	28.3 bp −$28	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	0.2954	−0.135%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2924	−1.147%	$31K	$19K	3x	as long as short
Bitget USELESSUSDTshort	+0.0100%	4h	0.2959	+0.057%	$5.7M	$11.1M	20x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2936	−0.747%	$28K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2946	−0.385%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2957	−0.041%	$20K	$515K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2958	long leg	$678K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0102%	4h	0.2953	−0.179%	$5.4M	$10.8M	12x	as long as short
OKX USELESS-USDT-SWAP	+0.0124%	4h	0.2950	−0.274%	$10.4M	$75.4M	10x	as long as short
Aevo USELESS-PERP	+0.0184%	1h	0.2954	−0.135%	$11K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster USELESSUSDT	+0.0329%	4h	0.2949	−0.305%	$580K	$2.2M	10x	as long as short
edgeX USELESSUSDC	+0.0385%	4h	0.2919	−1.306%	$22K	$198K	10x	as long as short
MEXC USELESS_USDT	+0.0400%	4h	0.2957	−0.024%	$13.4M	$6.3M	50x	as long as short
Binance USELESSUSDT	+0.0407%	4h	0.2952	−0.210%	$24.7M	$128.7M	50x	as long as short
Extended USELESS-USD	+0.0408%	1h	0.2951	−0.220%	$283K	$1.7M	5x	as long as short
Gate USELESS_USDT	+0.0580%	4h	0.2953	−0.149%	$7.4M	$8.7M	50x	as long as short
Variational Omni USELESS	+0.0779%	4h	0.2921	−1.230%	$1.2M	$1.9M	—	as long as short
Orderly PERP_USELESS_USDC	+0.0967%	4h	0.2952	−0.213%	$21K	$1.8M	10x	as long as short
BingX USELESS-USDT	+0.1184%	4h	0.2957	−0.017%	—	$5.4M	—	as long as short
Hyperliquid USELESS	+0.1184%	1h	0.2959	+0.054%	$13.0M	$23.7M	3x	as long as short
BloFin USELESS-USDT	+0.1598%	4h	0.2959	+0.037%	$1.2M	$2.3M	12x	as long as short
ApeX Omni USELESSUSDT	+0.1634%	1h	0.2915	−1.447%	$54K	$700K	25x	as long as short
Bybit USELESSUSDT	+0.2008%	4h	0.2950	−0.247%	$28.6M	$51.5M	13x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+4.970%	$5K	$10K	5.5x	as long as short