Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0378%/8h= +41.4% APRpaid last 24h +0.150%

Price spread now: Hyperliquid against Binance−0.099%7-day average +0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$700.700% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.653%+$65 on $10k

Price spread, last 7 days+0.163%+$16 · spread now −0.099%, 7d avg +0.060%

Together, before fees+0.815%+ Points / potential airdropHyperliquid: Season 2 · farm board+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.160% cheaper against Binance than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of +0.060%). If the spread goes back, that is −$16 on $10k: about 34 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance USELESSUSDT	0.2745	0.0493	pay 0.0247% / 4h	1h 02m	$23.2M	$114.7M	50x
Short	Hyperliquid USELESS	0.2742	0.0871	get 0.0109% / 1h	2m 54s	$13.4M	$20.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now −0.099%Rate

Funding earned: $79.4
Price spread: −0.099% → +0.060%: −$15.96
Slippage, 4 orders: −$51.03
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.59
Costs to cover: 0.700%
Break-even: 7.6 days

Slippage from Binance: live order book, 10 min ago; Hyperliquid: live order book, 10 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 Binance live order book, 10 min ago	0.18 bp	16.6 bp −$17	64.7 bp −$647	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.56 bp	18.9 bp −$19	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	0.2736	−0.315%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2733	−0.402%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2746	+0.035%	$9.6M	$63.8M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2732	−0.457%	$28K	$150K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2736	−0.308%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2730	−0.537%	$18K	$491K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2728	−0.592%	$555K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2730	−0.532%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0238%	1h	0.2725	−0.712%	$38K	$700K	25x	as long as short
Gate USELESS_USDT	+0.0332%	4h	0.2736	−0.297%	$6.8M	$8.2M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0334%	4h	0.2743	−0.045%	$5.1M	$9.9M	12x	as long as short
Bitget USELESSUSDT	+0.0444%	4h	0.2746	+0.042%	$5.3M	$9.2M	20x	as long as short
edgeX USELESSUSDC	+0.0469%	4h	0.2733	−0.418%	$20K	$192K	10x	as long as short
MEXC USELESS_USDT	+0.0490%	4h	0.2747	+0.075%	$10.0M	$6.0M	50x	as long as short
Binance USELESSUSDTlong	+0.0493%	4h	0.2745	long leg	$23.2M	$114.7M	50x
Extended USELESS-USD	+0.0496%	1h	0.2744	−0.013%	$289K	$966K	5x	as long as short
Hyperliquid USELESSshort	+0.0871%	1h	0.2742	−0.099%	$13.4M	$20.7M	3x
Aster USELESSUSDT	+0.1098%	4h	0.2739	−0.191%	$641K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1258%	4h	0.2742	−0.096%	—	$5.0M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1299%	4h	0.2734	−0.373%	$21K	$1.4M	10x	as long as short
Bybit USELESSUSDT	+0.1315%	4h	0.2744	−0.005%	$27.3M	$45.1M	13x	as long as short
Variational Omni USELESS	+0.1473%	4h	0.2730	−0.536%	$1.1M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1715%	4h	0.2739	−0.213%	$1.1M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+5.460%	$5K	$9K	5.5x	as long as short