Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.041%

Price spread now: Extended against Phemex+0.173%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$374as in the Funding arb table

Net, price: spread back to 7d avg − costs−$361as in the Price arb table

costs, in and out, $10k−$3823.815% of the position

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 on $10k

Price spread, last 3 days (all we have)−0.097%−$10 · spread now +0.173%, 7d avg −0.032%

Together, before fees−0.022%+ Points / potential airdropExtended: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Extended is 0.205% dearer against Phemex than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.032%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.074% in total (about 3.9% 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	0.2850	0.0100	pay 0.0050% / 4h	3h 34m	$600K	$1.2M	20x
Short	Extended USELESS-USD	0.2855	0.0472	get 0.0059% / 1h	34m 44s	$302K	$1.2M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.173%Rate

Funding earned: $78.12
Price spread: +0.173% → −0.032%: $20.51
Slippage, 4 orders: −$364.52
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$282.88
Costs to cover: 3.815%
Break-even: 32.3 days

Slippage from Phemex: live order book, 3 min ago; Extended: live order book, 3 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	39.56 bp	76.2 bp −$76	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	84.06 bp	114.2 bp −$114	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	0.2854	+0.151%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2850	−0.014%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2857	+0.235%	$10.0M	$67.0M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2843	−0.232%	$47K	$171K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2855	+0.182%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2855	+0.168%	$19K	$506K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2850	long leg	$600K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0194%	4h	0.2851	+0.042%	$5.2M	$10.1M	12x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2842	−0.272%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0440%	4h	0.2857	+0.256%	$5.5M	$9.6M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0461%	4h	0.2833	−0.596%	$21K	$193K	10x	as long as short
MEXC USELESS_USDT	+0.0470%	4h	0.2855	+0.182%	$10.7M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0471%	4h	0.2855	+0.178%	$24.1M	$116.3M	50x	as long as short
Extended USELESS-USDshort	+0.0472%	1h	0.2855	+0.173%	$302K	$1.2M	5x
ApeX Omni USELESSUSDT	+0.0662%	1h	0.2845	−0.175%	$39K	$703K	25x	as long as short
Variational Omni USELESS	+0.1041%	4h	0.2843	−0.254%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1051%	4h	0.2847	−0.104%	$654K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1183%	1h	0.2853	+0.123%	$14.3M	$21.0M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1275%	4h	0.2851	+0.025%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1280%	4h	0.2858	+0.284%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1294%	4h	0.2853	+0.123%	$28.0M	$45.9M	13x	as long as short
Gate USELESS_USDT	+0.1838%	4h	0.2847	−0.098%	$7.1M	$8.3M	50x	as long as short
BloFin USELESS-USDT	+0.1891%	4h	0.2852	+0.077%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3012	+5.681%	$5K	$9K	5.5x	as long as short