Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.062%

Price spread now: Phemex against Polymarket Perps+0.078%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$202as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$2222.221% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)−0.269%−$27 · spread now +0.078%, 7d avg +0.017%

Together, before fees−0.073%−$7 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: Phemex is 0.062% dearer against Polymarket Perps than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps USELESS-USD	0.2804	0.0100	pay 0.0013% / 1h	25m 16s	$36K	$158K	3x
Short	Phemex USELESSUSDT	0.2807	0.0100	get 0.0050% / 4h	25m 16s	$569K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.078%Rate

Funding earned: $0
Price spread: +0.078% → +0.017%: $6.15
Slippage, 4 orders: −$202.09
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$215.94
Costs to cover: 2.221%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 51 min ago; Phemex: live order book, 2 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 Polymarket Perps live order book, 51 min ago	2.38 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	44.22 bp	113.2 bp −$113	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	0.2810	+0.200%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2805	+0.025%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2809	+0.171%	$9.9M	$66.4M	10x	as long as short
Polymarket Perps USELESS-USDlong	+0.0100%	1h	0.2804	long leg	$36K	$158K	3x
SunX USELESS-USDT	+0.0100%	4h	0.2809	+0.178%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2806	+0.064%	$18K	$496K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2807	+0.078%	$569K	$1.2M	20x
ApeX Omni USELESSUSDT	+0.0147%	1h	0.2815	+0.378%	$39K	$702K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2806	+0.056%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0228%	4h	0.2810	+0.196%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0316%	4h	0.2807	+0.111%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0350%	4h	0.2806	+0.043%	$7.0M	$8.3M	50x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2810	+0.203%	$295K	$966K	5x	as long as short
edgeX USELESSUSDC	+0.0497%	4h	0.2823	+0.649%	$21K	$191K	10x	as long as short
Binance USELESSUSDT	+0.0500%	4h	0.2812	+0.269%	$23.7M	$116.2M	50x	as long as short
MEXC USELESS_USDT	+0.0504%	4h	0.2811	+0.221%	$10.4M	$6.0M	50x	as long as short
Bybit USELESSUSDT	+0.0956%	4h	0.2811	+0.242%	$27.7M	$45.7M	13x	as long as short
BingX USELESS-USDT	+0.0960%	4h	0.2807	+0.078%	—	$5.0M	—	as long as short
Aster USELESSUSDT	+0.1083%	4h	0.2806	+0.073%	$645K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1121%	4h	0.2811	+0.251%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1267%	4h	0.2810	+0.203%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1324%	4h	0.2811	+0.246%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1545%	1h	0.2812	+0.267%	$14.0M	$21.1M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2972	+5.958%	$5K	$9K	5.5x	as long as short