Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0456%/8h= −50.0% APRpaid last 24h −0.158%

Price spread now: Pacifica against Variational Omni−0.380%52s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Pacifica: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Pacifica is 0.380% cheaper against Variational Omni than usual: you would sell low and buy high (−$38 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni USELESS	0.2875	0.0556	pay 0.0278% / 4h	42m 57s	$1.2M	$1.9M	—
Short	Pacifica USELESS	0.2864	0.0100	get 0.0013% / 1h	42m 57s	$30K	$19K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Variational Omni. 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 Variational OmnibpFee PacificabpOrdersPrice spread, now −0.380%Rate

Funding earned: −$95.83
Price spread: −0.380% → 0.000%: −$38.01
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$141.84
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Pacifica: no order-book sample. Net counts fees only.

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 Variational Omni RFQ quote, 1 min ago	3.48 bp	doesn't fit	55.6 bp −$556	doesn't fit	doesn't fit
Sell Pacifica no order-book sample	—	—	—	—	—

Pacifica: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2867	−0.288%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESSshort	+0.0100%	1h	0.2864	−0.380%	$30K	$19K	3x
KuCoin USELESSUSDTM	+0.0100%	4h	0.2875	−0.010%	$5.2M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2883	+0.254%	$5.5M	$10.6M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2870	−0.177%	$29K	$271K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2871	−0.167%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2867	−0.285%	$19K	$516K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2871	−0.153%	$646K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0121%	4h	0.2881	+0.195%	$9.9M	$72.3M	10x	as long as short
Aevo USELESS-PERP	+0.0160%	1h	0.2869	−0.207%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0230%	1h	0.2874	−0.048%	$53K	$701K	25x	as long as short
Aster USELESSUSDT	+0.0261%	4h	0.2870	−0.184%	$562K	$2.2M	10x	as long as short
edgeX USELESSUSDC	+0.0294%	4h	0.2872	−0.115%	$21K	$198K	10x	as long as short
Extended USELESS-USD	+0.0304%	1h	0.2866	−0.333%	$245K	$1.3M	5x	as long as short
MEXC USELESS_USDT	+0.0304%	4h	0.2870	−0.187%	$12.2M	$6.2M	50x	as long as short
Binance USELESSUSDT	+0.0306%	4h	0.2880	+0.161%	$23.9M	$125.2M	50x	as long as short
Gate USELESS_USDT	+0.0428%	4h	0.2874	−0.031%	$7.2M	$8.7M	50x	as long as short
BingX USELESS-USDT	+0.0492%	4h	0.2880	+0.178%	—	$5.4M	—	as long as short
Bybit USELESSUSDT	+0.0525%	4h	0.2880	+0.167%	$27.2M	$49.7M	13x	as long as short
Variational Omni USELESSlong	+0.0556%	4h	0.2875	long leg	$1.2M	$1.9M	—
BloFin USELESS-USDT	+0.0758%	4h	0.2872	−0.121%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0979%	4h	0.2871	−0.170%	$22K	$1.6M	10x	as long as short
Hyperliquid USELESS	+0.1006%	1h	0.2871	−0.156%	$12.5M	$23.6M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3006	+4.549%	$5K	$11K	5.5x	as long as short