Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h +0.120%

Price spread now: Hyperliquid against Bybit−0.034%7-day average +0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$810.814% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.630%+$63 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.034%, 7d avg +0.094%

Together, before fees+0.656%+ Points / potential airdropHyperliquid: Season 2 · farm board+$66 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 Hyperliquid is 0.129% cheaper against Bybit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.094%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.630%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit USELESSUSDT	0.2616	0.0984	pay 0.0492% / 4h	3h 34m	$24.7M	$48.6M	13x
Short	Hyperliquid USELESS	0.2615	0.0424	get 0.0053% / 1h	34m 04s	$11.4M	$22.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$117.73
Price spread: −0.034% → +0.094%: −$12.88
Slippage, 4 orders: −$61.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$212
Costs to cover: 0.814%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.19 bp	18.1 bp −$18	54.2 bp −$542	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.09 bp	19.1 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	0.2613	−0.115%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2612	−0.149%	$28K	$18K	3x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2618	+0.065%	$36K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2612	−0.161%	$25K	$232K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2616	−0.015%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2604	−0.455%	$18K	$520K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2615	−0.057%	$600K	$1.1M	20x	as long as short
Aevo USELESS-PERP	+0.0168%	1h	0.2616	−0.027%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0202%	4h	0.2618	+0.065%	$8.9M	$63.3M	10x	as long as short
KuCoin USELESSUSDTM	+0.0210%	4h	0.2611	−0.195%	$4.7M	$10.7M	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	+0.0212%	4h	0.2612	−0.180%	$5.0M	$10.3M	20x	as long as short
Aster USELESSUSDT	+0.0277%	4h	0.2611	−0.206%	$516K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0345%	4h	0.2624	+0.282%	$20K	$196K	10x	as long as short
MEXC USELESS_USDT	+0.0358%	4h	0.2615	−0.050%	$10.5M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0360%	1h	0.2617	+0.032%	$112K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0362%	4h	0.2619	+0.093%	$21.8M	$121.8M	50x	as long as short
Hyperliquid USELESSshort	+0.0424%	1h	0.2615	−0.034%	$11.4M	$22.6M	3x
Gate USELESS_USDT	+0.0564%	4h	0.2613	−0.138%	$6.5M	$8.6M	50x	as long as short
Variational Omni USELESS	+0.0590%	4h	0.2630	+0.508%	$1.1M	$1.8M	—	as long as short
BingX USELESS-USDT	+0.0822%	4h	0.2616	−0.023%	—	$5.3M	—	as long as short
BloFin USELESS-USDT	+0.0966%	4h	0.2619	+0.084%	$1.1M	$1.9M	12x	as long as short
Bybit USELESSUSDTlong	+0.0984%	4h	0.2616	long leg	$24.7M	$48.6M	13x
Orderly PERP_USELESS_USDC	+0.1302%	4h	0.2616	−0.027%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2784	+6.395%	$5K	$11K	5.5x	as long as short