Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0783%/8h= +85.8% APRpaid last 24h +0.157%

Price spread now: Hyperliquid against edgeX+0.014%86s7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$159as 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−$2282.276% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.684%+$68 on $10k

Price spread, last 4 days (all we have)+0.412%+$41 · spread now +0.014%, 7d avg +0.038%

Together, before fees+1.096%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board+$110 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.024% cheaper against edgeX than usual: you would sell low and buy high (spread +0.014% now, against its 7-day average of +0.038%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$24 a day). At the pace of the last 7 days (+0.684% in total) that is about 6 hours. The two prices were read 86 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	edgeX USELESSUSDC	0.2823	0.0542	pay 0.0271% / 4h	2h 12m	$21K	$195K	10x
Short	Hyperliquid USELESS	0.2824	0.1326	get 0.0166% / 1h	12m 03s	$14.1M	$20.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.014%Rate

Funding earned: $164.52
Price spread: +0.014% → +0.038%: −$2.42
Slippage, 4 orders: −$209.55
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$65.45
Costs to cover: 2.276%
Break-even: 9.8 days

Slippage from edgeX: live order book, 55 min ago; Hyperliquid: live order book, 11 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 edgeX live order book, 55 min ago	0.86 bp	33.8 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	1.06 bp	21.5 bp −$22	doesn't fit	doesn't fit	doesn't fit

USELESS on 23 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	0.2820	−0.131%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2817	−0.216%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2822	−0.039%	$10.0M	$66.3M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2819	−0.167%	$7.1M	$8.4M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2821	−0.082%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2824	+0.024%	$18K	$504K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2817	−0.234%	$609K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0164%	4h	0.2819	−0.142%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0224%	1h	0.2822	−0.046%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USD	+0.0454%	1h	0.2822	−0.046%	$28K	$202K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDClong	+0.0542%	4h	0.2823	long leg	$21K	$195K	10x
MEXC USELESS_USDT	+0.0556%	4h	0.2822	−0.064%	$11.0M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0557%	4h	0.2824	+0.014%	$23.9M	$117.0M	50x	as long as short
Extended USELESS-USD	+0.0560%	1h	0.2822	−0.059%	$302K	$1.1M	5x	as long as short
Bitget USELESSUSDT	+0.0578%	4h	0.2822	−0.043%	$5.4M	$9.8M	20x	as long as short
BingX USELESS-USDT	+0.0738%	4h	0.2824	+0.014%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0802%	4h	0.2824	+0.017%	$27.4M	$46.3M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0817%	1h	0.2822	−0.046%	$39K	$699K	25x	as long as short
Variational Omni USELESS	+0.0884%	4h	0.2819	−0.168%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1090%	4h	0.2819	−0.135%	$628K	$2.3M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1306%	4h	0.2823	−0.011%	$22K	$1.3M	10x	as long as short
Hyperliquid USELESSshort	+0.1326%	1h	0.2824	+0.014%	$14.1M	$20.7M	3x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2984	+5.688%	$5K	$9K	5.5x	as long as short