Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0942%/8h= −103.2% APRpaid last 24h −0.142%

Price spread now: Binance against Hyperliquid−0.001%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$670.667% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.635%−$64 on $10k

Price spread, last 7 days−0.074%−$7 · spread now −0.001%, 7d avg −0.060%

Together, before fees−0.709%+ Points / potential airdropHyperliquid: Season 2 · farm board−$71 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.058% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.001% now, against its 7-day average of −0.060%): +$6 on $10k if it goes back. Holding the pair costs −$28 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 7 days (−0.635% in total) that is about 15 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.635% in total (about -33.1% 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	0.2944	0.1607	pay 0.0201% / 1h	18m 31s	$15.1M	$19.6M	3x
Short	Binance USELESSUSDT	0.2944	0.0665	get 0.0333% / 4h	2h 18m	$25.4M	$109.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.001%Rate

Funding earned: −$197.84
Price spread: −0.001% → −0.060%: $5.82
Slippage, 4 orders: −$47.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$258.71
Costs to cover: 0.667%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Binance: 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 Hyperliquid live order book, 4 min ago	1.87 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	1.52 bp	17.7 bp −$18	71.5 bp −$715	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	0.2948	+0.138%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2947	+0.109%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2939	−0.164%	$10.5M	$65.7M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2940	−0.127%	$29K	$137K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2949	+0.179%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2949	+0.162%	$20K	$379K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2944	−0.018%	$587K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0240%	4h	0.2945	+0.033%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2951	+0.238%	$11K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0437%	1h	0.2937	−0.239%	$42K	$699K	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0438%	4h	0.2944	−0.018%	$7.3M	$7.8M	50x	as long as short
Bitget USELESSUSDT	+0.0542%	4h	0.2939	−0.171%	$5.6M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0660%	4h	0.2949	+0.179%	$10.5M	$5.9M	50x	as long as short
Extended USELESS-USD	+0.0664%	1h	0.2946	+0.063%	$310K	$967K	5x	as long as short
Binance USELESSUSDTshort	+0.0665%	4h	0.2944	−0.001%	$25.4M	$109.3M	50x
edgeX USELESSUSDC	+0.0668%	4h	0.2939	−0.177%	$22K	$190K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1185%	4h	0.2950	+0.219%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1272%	4h	0.2945	+0.029%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1307%	4h	0.2942	−0.079%	$29.7M	$42.6M	13x	as long as short
Variational Omni USELESS	+0.1314%	4h	0.2942	−0.070%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1401%	4h	0.2950	+0.219%	$682K	$2.1M	10x	as long as short
Hyperliquid USELESSlong	+0.1607%	1h	0.2944	long leg	$15.1M	$19.6M	3x
BloFin USELESS-USDT	+0.1622%	4h	0.2953	+0.311%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3113	+5.722%	$5K	$10K	5.5x	as long as short