Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0900%/8h= −98.5% APRpaid last 24h −0.256%

Price spread now: Gate against Hyperliquid−0.420%7-day average −0.168% · you buy dearer than you sell

Net, funding: paid 7d − costs−$294as in the Funding arb table

Net, price: spread back to 7d avg − costs−$236as in the Price arb table

costs, in and out, $10k−$2102.105% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.831%−$83 on $10k

Price spread, last 7 days+0.377%+$38 · spread now −0.420%, 7d avg −0.168%

Together, before fees−0.453%+ Points / potential airdropHyperliquid: Season 2 · farm board−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Gate is 0.252% cheaper against Hyperliquid than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.168%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2834	0.1000	pay 0.0125% / 1h	53m 03s	$14.2M	$21.0M	3x
Short	Gate USELESS_USDT	0.2822	0.0100	get 0.0050% / 4h	2h 53m	$7.1M	$8.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.420%Rate

Funding earned: −$188.97
Price spread: −0.420% → −0.168%: −$25.16
Slippage, 4 orders: −$186.48
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$424.62
Costs to cover: 2.105%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Gate: live order book, just now.

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, 10 min ago	6.24 bp	27.6 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, just now	6.01 bp	76.2 bp −$76	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	0.2831	−0.102%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2822	−0.409%	$31K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2836	+0.078%	$10.0M	$67.3M	10x	as long as short
Gate USELESS_USDTshort	+0.0100%	4h	0.2822	−0.420%	$7.1M	$8.3M	50x
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2834	+0.007%	$39K	$698K	25x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2822	−0.431%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2824	−0.356%	$18K	$514K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2818	−0.550%	$596K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0110%	4h	0.2826	−0.279%	$5.2M	$10.2M	12x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2827	−0.252%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended USELESS-USD	+0.0480%	1h	0.2827	−0.241%	$297K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0482%	4h	0.2832	−0.078%	$11.0M	$6.0M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0483%	1h	0.2825	−0.321%	$44K	$183K	3x	as long as short
Binance USELESSUSDT	+0.0483%	4h	0.2837	+0.112%	$24.0M	$117.5M	50x	as long as short
edgeX USELESSUSDC	+0.0488%	4h	0.2844	+0.376%	$21K	$193K	10x	as long as short
Bitget USELESSUSDT	+0.0574%	4h	0.2831	−0.095%	$5.4M	$9.9M	20x	as long as short
BingX USELESS-USDT	+0.0692%	4h	0.2832	−0.081%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0731%	4h	0.2838	+0.134%	$27.6M	$46.6M	13x	as long as short
Variational Omni USELESS	+0.0962%	4h	0.2815	−0.677%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESSlong	+0.1000%	1h	0.2834	long leg	$14.2M	$21.0M	3x
Aster USELESSUSDT	+0.1014%	4h	0.2823	−0.376%	$649K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1037%	4h	0.2828	−0.215%	$1.2M	$2.1M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1255%	4h	0.2827	−0.258%	$22K	$1.4M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2984	+5.311%	$5K	$9K	5.5x	as long as short