Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0795%/8h= −87.1% APRpaid last 24h −0.268%

Price spread now: SunX against Hyperliquid−0.704%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$238as in the Funding arb table

Net, price: spread back to 7d avg − costs−$218as in the Price arb table

costs, in and out, $10k−$1531.529% of the position

Long on Hyperliquid Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.856%−$86 on $10k

Price spread, last 3 days (all we have)+0.174%+$17 · spread now −0.704%, 7d avg −0.056%

Together, before fees−0.682%+ Points / potential airdropHyperliquid: Season 2 · farm board−$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and SunX is 0.648% cheaper against Hyperliquid than usual: you would sell low and buy high (−$65 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2769	0.0895	pay 0.0112% / 1h	0m 42s	$13.6M	$20.8M	3x
Short	SunX USELESS-USDT	0.2750	0.0100	get 0.0050% / 4h	1h 00m	—	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.704%Rate

Funding earned: −$167.01
Price spread: −0.704% → −0.056%: −$64.85
Slippage, 4 orders: −$135.89
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: −$384.75
Costs to cover: 1.529%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; SunX: live order book, 4 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, 2 min ago	0.73 bp	17.0 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	44.79 bp	63.8 bp −$64	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	0.2765	−0.141%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2765	−0.159%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2770	+0.025%	$9.7M	$64.5M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2750	−0.701%	$29K	$151K	3x	as long as short
SunX USELESS-USDTshort	+0.0100%	4h	0.2750	−0.704%	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2749	−0.711%	$18K	$491K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2756	−0.480%	$555K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2755	−0.508%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0216%	1h	0.2731	−1.376%	$38K	$701K	25x	as long as short
KuCoin USELESSUSDTM	+0.0342%	4h	0.2764	−0.177%	$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	+0.0362%	4h	0.2765	−0.152%	$6.9M	$8.2M	50x	as long as short
Bitget USELESSUSDT	+0.0440%	4h	0.2769	+0.007%	$5.3M	$9.2M	20x	as long as short
edgeX USELESSUSDC	+0.0475%	4h	0.2740	−1.049%	$20K	$192K	10x	as long as short
MEXC USELESS_USDT	+0.0500%	4h	0.2764	−0.170%	$10.1M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0504%	1h	0.2768	−0.056%	$290K	$966K	5x	as long as short
Binance USELESSUSDT	+0.0509%	4h	0.2768	−0.047%	$23.4M	$114.8M	50x	as long as short
Hyperliquid USELESSlong	+0.0895%	1h	0.2769	long leg	$13.6M	$20.8M	3x
Aster USELESSUSDT	+0.1121%	4h	0.2768	−0.053%	$636K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1254%	4h	0.2771	+0.083%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1283%	4h	0.2766	−0.108%	$27.5M	$45.2M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1305%	4h	0.2759	−0.354%	$21K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1473%	4h	0.2730	−1.418%	$1.1M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1687%	4h	0.2763	−0.224%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+4.525%	$5K	$9K	5.5x	as long as short