Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0335%/8h= −36.7% APRpaid last 24h −0.120%

Price spread now: BingX against Hyperliquid−0.260%7-day average −0.079% · 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−$90as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.578%−$58 on $10k

Price spread, last 7 days+0.171%+$17 · spread now −0.260%, 7d avg −0.079%

Together, before fees−0.407%+ Points / potential airdropHyperliquid: Season 2 · farm board−$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and BingX is 0.181% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

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 15s	$15.1M	$19.6M	3x
Short	BingX USELESS-USDT	0.2936	0.1272	get 0.0636% / 4h	2h 18m	—	$4.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.260%Rate

Funding earned: −$70.42
Price spread: −0.260% → −0.079%: −$18.1
Slippage, 4 orders: −$52.99
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$160.5
Costs to cover: 0.720%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; BingX: live order book, 1 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, 5 min ago	1.87 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	2.20 bp	18.9 bp −$19	73.1 bp −$731	378.6 bp −$37.9K	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	0.2934	−0.327%	$10.5M	$65.6M	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	0.2943	−0.029%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2941	−0.110%	$20K	$379K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2935	−0.290%	$585K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2942	−0.071%	$11K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0250%	4h	0.2938	−0.219%	$5.5M	$9.6M	12x	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	0.2937	−0.236%	$7.3M	$7.8M	50x	as long as short
Bitget USELESSUSDT	+0.0542%	4h	0.2939	−0.185%	$5.6M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0660%	4h	0.2942	−0.062%	$10.4M	$5.9M	50x	as long as short
Extended USELESS-USD	+0.0664%	1h	0.2937	−0.232%	$310K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0665%	4h	0.2938	−0.209%	$25.3M	$109.3M	50x	as long as short
edgeX USELESSUSDC	+0.0668%	4h	0.2939	−0.177%	$22K	$190K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1188%	4h	0.2938	−0.212%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDTshort	+0.1272%	4h	0.2936	−0.260%	—	$4.9M	—
Bybit USELESSUSDT	+0.1307%	4h	0.2937	−0.236%	$29.6M	$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	0.2947	+0.107%	$681K	$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