Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1136%/8h= −124.4% APRpaid last 24h +0.049%

Price spread now: Hyperliquid against BloFin+0.319%67s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.564% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$9 on $10k

Price spread, last 3 days (all we have)−0.240%−$24 · spread now +0.319%, 7d avg +0.042%

Together, before fees−0.155%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.277% dearer against BloFin than usual: you sell high and buy low (spread +0.319% now, against its 7-day average of +0.042%): +$28 on $10k if it goes back. Holding the pair costs −$34 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 7 days funding on this pair paid +0.085%, so the current rate has only just turned against you. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.085% in total (about 4.4% 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	BloFin USELESS-USDT	0.2814	0.2314	pay 0.1157% / 4h	3h 44m	$1.2M	$2.0M	12x
Short	Hyperliquid USELESS	0.2823	0.1178	get 0.0147% / 1h	44m 01s	$14.1M	$21.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.319%Rate

Funding earned: −$238.52
Price spread: +0.319% → +0.042%: $27.71
Slippage, 4 orders: −$35.43
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$267.23
Costs to cover: 0.564%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Hyperliquid: live order book, 9 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 BloFin live order book, 4 min ago	4.44 bp	19.5 bp −$20	38.5 bp −$385	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.71 bp	6.6 bp −$7	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	0.2817	+0.099%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2813	−0.028%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2826	+0.409%	$9.9M	$66.4M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2821	+0.245%	$46K	$169K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2814	−0.018%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2815	+0.021%	$18K	$504K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2814	−0.011%	$591K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2823	+0.320%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0204%	4h	0.2815	+0.025%	$5.2M	$10.1M	12x	as long as short
Bitget USELESSUSDT	+0.0388%	4h	0.2821	+0.238%	$5.4M	$9.6M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0442%	4h	0.2799	−0.554%	$21K	$193K	10x	as long as short
Gate USELESS_USDT	+0.0476%	4h	0.2817	+0.103%	$7.1M	$8.3M	50x	as long as short
Binance USELESSUSDT	+0.0479%	4h	0.2824	+0.336%	$23.8M	$116.1M	50x	as long as short
Extended USELESS-USD	+0.0480%	1h	0.2817	+0.104%	$299K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0484%	4h	0.2820	+0.210%	$10.6M	$5.9M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0926%	1h	0.2819	+0.167%	$39K	$702K	25x	as long as short
Aster USELESSUSDT	+0.1037%	4h	0.2820	+0.209%	$648K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1125%	4h	0.2823	+0.302%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESSshort	+0.1178%	1h	0.2823	+0.319%	$14.1M	$21.1M	3x
Orderly PERP_USELESS_USDC	+0.1291%	4h	0.2818	+0.139%	$22K	$1.4M	10x	as long as short
Bybit USELESSUSDT	+0.1349%	4h	0.2823	+0.320%	$27.7M	$45.9M	13x	as long as short
BloFin USELESS-USDTlong	+0.2314%	4h	0.2814	long leg	$1.2M	$2.0M	12x
BingX USELESS-USDT	+0.2322%	4h	0.2821	+0.227%	—	$5.0M	—	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2983	+6.001%	$5K	$9K	5.5x	as long as short