Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0517%/8h= −56.7% APRpaid last 24h −0.042%

Price spread now: Aster against Hyperliquid+0.114%7-day average −0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.268%−$27 on $10k

Price spread, last 4 days (all we have)−0.239%−$24 · spread now +0.114%, 7d avg −0.117%

Together, before fees−0.507%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$51 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.231% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.114% now, against its 7-day average of −0.117%): +$23 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 5 days (−0.268% in total) that is about 4.6 days.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.268% in total (about -18.4% 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	Hyperliquid USELESS	0.2808	0.1583	pay 0.0198% / 1h	16m 28s	$14.0M	$21.1M	3x
Short	Aster USELESSUSDT	0.2811	0.1066	get 0.0533% / 4h	16m 28s	$646K	$2.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$108.65
Price spread: +0.114% → −0.117%: $23.1
Slippage, 4 orders: −$39.96
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$142.5
Costs to cover: 0.570%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Aster: live order book, 2 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 Hyperliquid live order book, 7 min ago	1.78 bp	16.5 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	7.28 bp	12.4 bp −$12	112.1 bp −$1,121	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	0.2807	−0.039%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2808	+0.007%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2805	−0.118%	$9.9M	$66.3M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2806	−0.082%	$38K	$161K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2810	+0.085%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2812	+0.142%	$19K	$498K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2805	−0.110%	$570K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0162%	1h	0.2816	+0.288%	$39K	$703K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2804	−0.148%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0212%	4h	0.2804	−0.153%	$5.1M	$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	+0.0304%	4h	0.2807	−0.025%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0372%	4h	0.2806	−0.068%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDC	+0.0487%	4h	0.2822	+0.503%	$21K	$193K	10x	as long as short
Binance USELESSUSDT	+0.0503%	4h	0.2807	−0.028%	$23.6M	$116.3M	50x	as long as short
Extended USELESS-USD	+0.0504%	1h	0.2808	−0.005%	$297K	$966K	5x	as long as short
MEXC USELESS_USDT	+0.0506%	4h	0.2808	0.000%	$10.4M	$6.0M	50x	as long as short
BingX USELESS-USDT	+0.0946%	4h	0.2807	−0.028%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.0961%	4h	0.2806	−0.064%	$27.6M	$45.8M	13x	as long as short
Aster USELESSUSDTshort	+0.1066%	4h	0.2811	+0.114%	$646K	$2.3M	10x
Variational Omni USELESS	+0.1107%	4h	0.2807	−0.040%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1291%	4h	0.2809	+0.057%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1332%	4h	0.2811	+0.118%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESSlong	+0.1583%	1h	0.2808	long leg	$14.0M	$21.1M	3x
Injective USELESS/USDC PERP	+0.5000%	1h	0.2977	+6.029%	$5K	$9K	5.5x	as long as short