Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0061%/8h= +6.7% APRpaid last 24h −0.007%

Price spread now: Orderly against Hyperliquid−0.046%7-day average −0.098% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)−0.207%−$21 · spread now −0.046%, 7d avg −0.098%

Together, before fees−0.179%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.052% dearer against Hyperliquid than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2828	0.1188	pay 0.0148% / 1h	41m 28s	$14.3M	$20.0M	3x
Short	Orderly PERP_USELESS_USDC	0.2827	0.1249	get 0.0625% / 4h	1h 41m	$22K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.046%Rate

Funding earned: $12.9
Price spread: −0.046% → −0.098%: $5.17
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $3.08
Costs to cover: 0.150%
Break-even: 5.3 days

Slippage unknown: Hyperliquid: live order book, 11 min ago; Orderly: no order-book sample. Net counts fees only.

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	2.48 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2829	+0.039%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2828	+0.004%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2826	−0.085%	$10.0M	$64.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2824	−0.134%	$27K	$142K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2834	+0.209%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2830	+0.071%	$27K	$417K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2813	−0.541%	$577K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0224%	1h	0.2827	−0.041%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0336%	4h	0.2823	−0.173%	$5.2M	$9.8M	12x	as long as short
Gate USELESS_USDT	+0.0392%	4h	0.2825	−0.120%	$7.1M	$7.9M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0538%	4h	0.2825	−0.103%	$5.5M	$8.9M	20x	as long as short
Binance USELESSUSDT	+0.0566%	4h	0.2826	−0.088%	$23.9M	$111.8M	50x	as long as short
Extended USELESS-USD	+0.0568%	1h	0.2822	−0.227%	$298K	$965K	5x	as long as short
MEXC USELESS_USDT	+0.0568%	4h	0.2826	−0.071%	$10.0M	$5.7M	50x	as long as short
edgeX USELESSUSDC	+0.0570%	4h	0.2837	+0.325%	$21K	$190K	10x	as long as short
ApeX Omni USELESSUSDT	+0.0635%	1h	0.2839	+0.389%	$40K	$700K	25x	as long as short
Hyperliquid USELESSlong	+0.1188%	1h	0.2828	long leg	$14.3M	$20.0M	3x
Aster USELESSUSDT	+0.1241%	4h	0.2815	−0.470%	$650K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1249%	4h	0.2827	−0.046%	$22K	$1.4M	10x
BingX USELESS-USDT	+0.1418%	4h	0.2829	+0.053%	—	$4.9M	—	as long as short
Variational Omni USELESS	+0.1517%	4h	0.2835	+0.236%	$1.2M	$1.8M	—	as long as short
Bybit USELESSUSDT	+0.1539%	4h	0.2829	+0.028%	$28.6M	$43.4M	13x	as long as short
BloFin USELESS-USDT	+0.1941%	4h	0.2836	+0.269%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3013	+6.545%	$5K	$9K	5.5x	as long as short