Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.4560%/8h= −499.3% APRpaid last 24h +1.250%

Price spread now: Bitget against Injective−4.384%7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$137 a day on $10k at the current rate, and Bitget is 4.384% cheaper against Injective than usual: you would sell low and buy high (−$438 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective USELESS/USDC PERP	0.2894	0.5000	pay 0.0625% / 1h	0m 55s	$5K	$9K	5.5x
Short	Bitget USELESSUSDT	0.2767	0.0440	get 0.0220% / 4h	1h 00m	$5.3M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now −4.384%Rate

Funding earned: −$957.6
Price spread: −4.384% → 0.000%: −$438.43
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1,408.05
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 2 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	2.37 bp	28.7 bp −$29	doesn't fit	doesn't fit	doesn't fit

Injective: 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	0.2760	−4.643%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2749	−5.013%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2767	−4.391%	$9.7M	$64.4M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2750	−4.999%	$29K	$151K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2750	−5.003%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2749	−5.010%	$18K	$491K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2756	−4.789%	$555K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2755	−4.815%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0216%	1h	0.2731	−5.645%	$38K	$701K	25x	as long as short
KuCoin USELESSUSDTM	+0.0334%	4h	0.2765	−4.457%	$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	0.2765	−4.485%	$6.9M	$8.2M	50x	as long as short
Bitget USELESSUSDTshort	+0.0440%	4h	0.2767	−4.384%	$5.3M	$9.2M	20x
edgeX USELESSUSDC	+0.0475%	4h	0.2740	−5.332%	$20K	$192K	10x	as long as short
MEXC USELESS_USDT	+0.0492%	4h	0.2764	−4.488%	$10.1M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0501%	4h	0.2769	−4.343%	$23.4M	$114.8M	50x	as long as short
Extended USELESS-USD	+0.0504%	1h	0.2767	−4.393%	$290K	$966K	5x	as long as short
Hyperliquid USELESS	+0.0895%	1h	0.2769	−4.329%	$13.6M	$20.8M	3x	as long as short
Aster USELESSUSDT	+0.1105%	4h	0.2767	−4.415%	$636K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1254%	4h	0.2769	−4.339%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1283%	4h	0.2766	−4.429%	$27.5M	$45.2M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1305%	4h	0.2759	−4.668%	$21K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1473%	4h	0.2730	−5.686%	$1.1M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1687%	4h	0.2763	−4.543%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.2894	long leg	$5K	$9K	5.5x