Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.069%

Price spread now: SunX against Phemex+0.096%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$269as in the Funding arb table

Net, price: spread back to 7d avg − costs−$246as in the Price arb table

costs, in and out, $10k−$2532.530% of the position

Long on Phemex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.160%−$16 on $10k

Price spread, last 4 days (all we have)−0.445%−$45 · spread now +0.096%, 7d avg +0.029%

Together, before fees−0.605%−$61 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: SunX is 0.067% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2703	0.0100	pay 0.0050% / 4h	1h 08m	$597K	$1.1M	20x
Short	SunX USELESS-USDT	0.2706	0.0100	get 0.0050% / 4h	1h 08m	—	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.096%Rate

Funding earned: $0
Price spread: +0.096% → +0.029%: $6.67
Slippage, 4 orders: −$232.97
Fee Phemex: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$246.3
Costs to cover: 2.530%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; SunX: live order book, 6 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, 5 min ago	18.05 bp	56.1 bp −$56	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	44.79 bp	64.0 bp −$64	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	0.2706	+0.074%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2704	+0.020%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2703	−0.018%	$6.8M	$8.6M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2705	+0.070%	$39K	$217K	3x	as long as short
SunX USELESS-USDTshort	+0.0100%	4h	0.2706	+0.096%	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2714	+0.385%	$18K	$513K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2703	long leg	$597K	$1.1M	20x
ApeX Omni USELESSUSDT	+0.0219%	1h	0.2714	+0.388%	$37K	$696K	25x	as long as short
OKX USELESS-USDT-SWAP	+0.0231%	4h	0.2703	0.000%	$9.5M	$63.7M	10x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2707	+0.124%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0290%	4h	0.2705	+0.055%	$5.0M	$10.4M	12x	as long as short
Bitget USELESSUSDT	+0.0552%	4h	0.2703	−0.026%	$5.2M	$10.0M	20x	as long as short
edgeX USELESSUSDC	+0.0591%	4h	0.2715	+0.419%	$20K	$195K	10x	as long as short
Hyperliquid USELESS	+0.0628%	1h	0.2707	+0.133%	$13.1M	$21.0M	3x	as long as short
Binance USELESSUSDT	+0.0631%	4h	0.2705	+0.048%	$23.0M	$118.6M	50x	as long as short
Extended USELESS-USD	+0.0632%	1h	0.2710	+0.230%	$285K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0634%	4h	0.2705	+0.070%	$10.8M	$6.1M	50x	as long as short
BingX USELESS-USDT	+0.0888%	4h	0.2707	+0.126%	—	$5.2M	—	as long as short
Bybit USELESSUSDT	+0.0952%	4h	0.2703	0.000%	$26.1M	$46.7M	13x	as long as short
Variational Omni USELESS	+0.0982%	4h	0.2712	+0.306%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1021%	4h	0.2705	+0.049%	$536K	$2.4M	10x	as long as short
BloFin USELESS-USDT	+0.1298%	4h	0.2707	+0.148%	$1.2M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1398%	4h	0.2711	+0.285%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2877	+6.407%	$5K	$9K	5.5x	as long as short