Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.3954%/8h= +433.0% APRpaid last 24h −1.166%

Price spread now: Injective against Bybit+6.342%88s7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Injective

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—needs both histories

Both sides work for this trade now. Funding pays +$119 a day on $10k at the current rate, and Injective is 6.342% dearer against Bybit than usual: you sell high and buy low: +$634 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 88 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	Bybit USELESSUSDT	0.2816	0.1046	pay 0.0523% / 4h	31m 52s	$27.8M	$45.7M	13x
Short	Injective USELESS/USDC PERP	0.2995	0.5000	get 0.0625% / 1h	31m 52s	$5K	$9K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +6.342%Rate

Funding earned: $830.33
Price spread: +6.342% → 0.000%: $634.17
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,453.47
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 min ago; Injective: 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 Bybit live order book, 2 min ago	0.35 bp	18.7 bp −$19	44.6 bp −$446	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	0.2818	+0.060%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2815	−0.032%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2815	−0.060%	$9.9M	$66.3M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2822	+0.192%	$34K	$157K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2826	+0.348%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2823	+0.231%	$19K	$495K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2817	+0.014%	$570K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2816	+0.002%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0235%	1h	0.2810	−0.224%	$39K	$701K	25x	as long as short
KuCoin USELESSUSDTM	+0.0274%	4h	0.2816	+0.004%	$5.2M	$10.0M	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	+0.0336%	4h	0.2815	−0.043%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0382%	4h	0.2814	−0.092%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDC	+0.0506%	4h	0.2813	−0.123%	$21K	$192K	10x	as long as short
Binance USELESSUSDT	+0.0508%	4h	0.2816	0.000%	$23.7M	$116.0M	50x	as long as short
MEXC USELESS_USDT	+0.0510%	4h	0.2818	+0.050%	$10.4M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2818	+0.066%	$297K	$966K	5x	as long as short
BingX USELESS-USDT	+0.1040%	4h	0.2817	+0.011%	—	$5.0M	—	as long as short
Bybit USELESSUSDTlong	+0.1046%	4h	0.2816	long leg	$27.8M	$45.7M	13x
Aster USELESSUSDT	+0.1111%	4h	0.2814	−0.065%	$647K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1218%	4h	0.2814	−0.067%	$1.2M	$1.8M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1342%	4h	0.2822	+0.213%	$22K	$1.4M	10x	as long as short
BloFin USELESS-USDT	+0.1381%	4h	0.2821	+0.156%	$1.2M	$2.0M	12x	as long as short
Hyperliquid USELESS	+0.1545%	1h	0.2821	+0.156%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.2995	+6.342%	$5K	$9K	5.5x