Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0578%/8h= −63.3% APRpaid last 24h −0.008%

Price spread now: SunX against Polymarket Perps−0.242%7-day average +0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$188as in the Price arb table

costs, in and out, $10k−$1601.601% of the position

Long on Polymarket Perps Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)+0.065%+$7 · spread now −0.242%, 7d avg +0.036%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and SunX is 0.278% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.036% in total (about 1.9% 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	Polymarket Perps USELESS-USD	0.2848	0.0678	pay 0.0085% / 1h	47m 47s	$43K	$185K	3x
Short	SunX USELESS-USDT	0.2841	0.0100	get 0.0050% / 4h	2h 47m	—	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.242%Rate

Funding earned: −$121.41
Price spread: −0.242% → +0.036%: −$27.78
Slippage, 4 orders: −$144.09
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee SunX: 4 bp × 2 orders: −$8
Net: −$309.28
Costs to cover: 1.601%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 19 min ago; SunX: live order book, 7 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, 19 min ago	6.55 bp	20.9 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	44.93 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	0.2846	−0.084%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2843	−0.162%	$32K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2849	+0.042%	$10.0M	$67.6M	10x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2849	+0.042%	$5.2M	$10.2M	12x	as long as short
SunX USELESS-USDTshort	+0.0100%	4h	0.2841	−0.242%	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2852	+0.126%	$19K	$515K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2840	−0.284%	$600K	$1.2M	20x	as long as short
Gate USELESS_USDT	+0.0178%	4h	0.2845	−0.105%	$7.1M	$8.3M	50x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2847	−0.030%	$10K	—	3x	as long as short
edgeX USELESSUSDC	+0.0470%	4h	0.2832	−0.560%	$21K	$194K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USELESS-USD	+0.0512%	1h	0.2852	+0.141%	$300K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0512%	4h	0.2852	+0.144%	$11.1M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0516%	4h	0.2851	+0.102%	$24.1M	$117.7M	50x	as long as short
Bitget USELESSUSDT	+0.0578%	4h	0.2850	+0.070%	$5.4M	$9.9M	20x	as long as short
Bybit USELESSUSDT	+0.0621%	4h	0.2849	+0.039%	$27.7M	$46.7M	13x	as long as short
Polymarket Perps USELESS-USDlong	+0.0678%	1h	0.2848	long leg	$43K	$185K	3x
BingX USELESS-USDT	+0.0684%	4h	0.2851	+0.095%	—	$5.1M	—	as long as short
BloFin USELESS-USDT	+0.0886%	4h	0.2835	−0.456%	$1.2M	$2.1M	12x	as long as short
Variational Omni USELESS	+0.0917%	4h	0.2853	+0.155%	$1.2M	$1.7M	—	as long as short
ApeX Omni USELESSUSDT	+0.0961%	1h	0.2850	+0.067%	$39K	$700K	25x	as long as short
Aster USELESSUSDT	+0.1061%	4h	0.2845	−0.124%	$653K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1259%	4h	0.2847	−0.032%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1270%	1h	0.2854	+0.225%	$14.3M	$21.1M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3027	+6.271%	$5K	$9K	5.5x	as long as short