Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0407%/8h= −44.5% APRpaid last 24h −0.152%

Price spread now: edgeX against Hyperliquid−0.412%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$301as in the Funding arb table

Net, price: spread back to 7d avg − costs−$273as in the Price arb table

costs, in and out, $10k−$2352.351% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.662%−$66 on $10k

Price spread, last 3 days (all we have)+0.212%+$21 · spread now −0.412%, 7d avg −0.030%

Together, before fees−0.450%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and edgeX is 0.382% cheaper against Hyperliquid than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2751	0.0881	pay 0.0110% / 1h	1m 34s	$13.5M	$20.8M	3x
Short	edgeX USELESSUSDC	0.2740	0.0475	get 0.0237% / 4h	1h 01m	$20K	$192K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.412%Rate

Funding earned: −$85.38
Price spread: −0.412% → −0.030%: −$38.21
Slippage, 4 orders: −$217.07
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$358.66
Costs to cover: 2.351%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; edgeX: live order book, 15 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, 11 min ago	2.56 bp	18.3 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 15 min ago	1.28 bp	113.6 bp −$114	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	0.2749	−0.084%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2749	−0.076%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2752	+0.036%	$9.6M	$64.0M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2741	−0.367%	$28K	$151K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2747	−0.145%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2736	−0.563%	$18K	$491K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2741	−0.363%	$557K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2740	−0.398%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0216%	1h	0.2731	−0.741%	$38K	$701K	25x	as long as short
KuCoin USELESSUSDTM	+0.0334%	4h	0.2749	−0.091%	$5.1M	$9.9M	12x	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	+0.0354%	4h	0.2744	−0.273%	$6.8M	$8.2M	50x	as long as short
Bitget USELESSUSDT	+0.0440%	4h	0.2749	−0.091%	$5.3M	$9.2M	20x	as long as short
edgeX USELESSUSDCshort	+0.0475%	4h	0.2740	−0.412%	$20K	$192K	10x
MEXC USELESS_USDT	+0.0492%	4h	0.2751	−0.018%	$10.0M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2747	−0.158%	$289K	$966K	5x	as long as short
Binance USELESSUSDT	+0.0501%	4h	0.2749	−0.102%	$23.2M	$114.7M	50x	as long as short
Hyperliquid USELESSlong	+0.0881%	1h	0.2751	long leg	$13.5M	$20.8M	3x
Aster USELESSUSDT	+0.1105%	4h	0.2751	−0.020%	$632K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1254%	4h	0.2750	−0.065%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1283%	4h	0.2747	−0.160%	$27.3M	$45.1M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1303%	4h	0.2744	−0.280%	$21K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1473%	4h	0.2730	−0.784%	$1.1M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1715%	4h	0.2739	−0.462%	$1.1M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+5.197%	$5K	$9K	5.5x	as long as short