Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0300%/8h= −32.8% APRpaid last 24h −0.113%

Price spread now: Variational Omni against Hyperliquid−0.558%7-day average +0.045% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.358%−$36 on $10k

Price spread, last 7 days+0.436%+$44 · spread now −0.558%, 7d avg +0.045%

Together, before fees+0.078%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Variational Omni is 0.603% cheaper against Hyperliquid than usual: you would sell low and buy high (−$60 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2959	0.1614	pay 0.0202% / 1h	19m 05s	$15.1M	$19.6M	3x
Short	Variational Omni USELESS	0.2942	0.1314	get 0.0657% / 4h	2h 19m	$1.2M	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.558%Rate

Funding earned: −$62.95
Price spread: −0.558% → +0.045%: −$60.3
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$132.25
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 4 min ago; Variational Omni: RFQ quote, 5 min ago. 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, 4 min ago	1.87 bp	14.2 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	6.76 bp	doesn't fit	74.3 bp −$743	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	0.2952	−0.233%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2946	−0.429%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2953	−0.196%	$10.5M	$66.0M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2950	−0.270%	$29K	$137K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2949	−0.311%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2949	−0.328%	$20K	$379K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2944	−0.507%	$587K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0240%	4h	0.2946	−0.423%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2951	−0.252%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0428%	4h	0.2944	−0.507%	$7.3M	$7.8M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0437%	1h	0.2937	−0.727%	$42K	$699K	25x	as long as short
Bitget USELESSUSDT	+0.0538%	4h	0.2953	−0.186%	$5.6M	$8.7M	20x	as long as short
Binance USELESSUSDT	+0.0661%	4h	0.2955	−0.124%	$25.5M	$109.3M	50x	as long as short
Extended USELESS-USD	+0.0664%	1h	0.2952	−0.234%	$310K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0664%	4h	0.2954	−0.169%	$10.5M	$5.9M	50x	as long as short
edgeX USELESSUSDC	+0.0668%	4h	0.2939	−0.665%	$22K	$190K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1185%	4h	0.2950	−0.270%	$22K	$1.4M	10x	as long as short
Bybit USELESSUSDT	+0.1263%	4h	0.2953	−0.193%	$29.8M	$42.6M	13x	as long as short
BingX USELESS-USDT	+0.1272%	4h	0.2953	−0.172%	—	$4.9M	—	as long as short
Variational Omni USELESSshort	+0.1314%	4h	0.2942	−0.558%	$1.2M	$1.7M	—
Aster USELESSUSDT	+0.1389%	4h	0.2951	−0.251%	$682K	$2.1M	10x	as long as short
Hyperliquid USELESSlong	+0.1614%	1h	0.2959	long leg	$15.1M	$19.6M	3x
BloFin USELESS-USDT	+0.1622%	4h	0.2953	−0.179%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3113	+5.205%	$5K	$10K	5.5x	as long as short