Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0168%/8h= +18.4% APRpaid last 24h +0.255%

Price spread now: Hyperliquid against Gate+0.229%7-day average +0.172% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$163as in the Price arb table

costs, in and out, $10k−$1691.692% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.850%+$85 on $10k

Price spread, last 7 days−0.182%−$18 · spread now +0.229%, 7d avg +0.172%

Together, before fees+0.668%+ Points / potential airdropHyperliquid: Season 2 · farm board+$67 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hyperliquid is 0.057% dearer against Gate than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.172%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate USELESS_USDT	0.2620	0.0212	pay 0.0106% / 4h	6m 44s	$6.5M	$8.8M	50x
Short	Hyperliquid USELESS	0.2626	0.0380	get 0.0047% / 1h	6m 44s	$11.5M	$22.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.229%Rate

Funding earned: $35.19
Price spread: +0.229% → +0.172%: $5.73
Slippage, 4 orders: −$145.2
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$128.27
Costs to cover: 1.692%
Break-even: 32.5 days

Slippage from Gate: live order book, 2 min ago; Hyperliquid: live order book, 6 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 Gate live order book, 2 min ago	8.79 bp	68.1 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	0.77 bp	18.1 bp −$18	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	0.2620	+0.004%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2620	+0.021%	$28K	$53K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2625	+0.195%	$28K	$228K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2628	+0.328%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2618	−0.076%	$18K	$523K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2626	+0.218%	$590K	$1.0M	20x	as long as short
Aevo USELESS-PERP	+0.0184%	1h	0.2622	+0.076%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0199%	4h	0.2621	+0.023%	$8.9M	$63.7M	10x	as long as short
Gate USELESS_USDTlong	+0.0212%	4h	0.2620	long leg	$6.5M	$8.8M	50x
KuCoin USELESSUSDTM	+0.0246%	4h	0.2620	0.000%	$4.8M	$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	+0.0278%	4h	0.2622	+0.065%	$5.0M	$10.4M	20x	as long as short
Hyperliquid USELESSshort	+0.0380%	1h	0.2626	+0.229%	$11.5M	$22.7M	3x
Extended USELESS-USD	+0.0408%	1h	0.2622	+0.075%	$113K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0408%	4h	0.2624	+0.153%	$10.6M	$6.2M	50x	as long as short
edgeX USELESSUSDC	+0.0409%	4h	0.2615	−0.194%	$19K	$196K	10x	as long as short
Binance USELESSUSDT	+0.0410%	4h	0.2623	+0.126%	$21.8M	$121.7M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0486%	1h	0.2613	−0.263%	$33K	$693K	25x	as long as short
Aster USELESSUSDT	+0.0491%	4h	0.2621	+0.031%	$529K	$2.4M	10x	as long as short
BingX USELESS-USDT	+0.0492%	4h	0.2622	+0.076%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0524%	4h	0.2621	+0.031%	$24.8M	$48.5M	13x	as long as short
Variational Omni USELESS	+0.0639%	4h	0.2612	−0.291%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0764%	4h	0.2625	+0.210%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1320%	4h	0.2628	+0.302%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2772	+5.809%	$5K	$11K	5.5x	as long as short