Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3196%/8h= −350.0% APRpaid last 24h +1.492%

Price spread now: BloFin against Injective−5.817%114s7-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 BloFin

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 −$96 a day on $10k at the current rate, and BloFin is 5.817% cheaper against Injective than usual: you would sell low and buy high (−$582 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 114 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective USELESS/USDC PERP	0.3105	0.5000	pay 0.0625% / 1h	45m 24s	$5K	$10K	5.5x
Short	BloFin USELESS-USDT	0.2924	0.1804	get 0.0902% / 4h	2h 45m	$1.3M	$2.0M	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −5.817%Rate

Funding earned: −$671.26
Price spread: −5.817% → 0.000%: −$581.72
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$1,265
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; BloFin: 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 BloFin live order book, 2 min ago	4.45 bp	13.9 bp −$14	52.7 bp −$527	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	0.2934	−5.505%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2935	−5.469%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2938	−5.379%	$10.4M	$65.7M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2925	−5.785%	$42K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2935	−5.476%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2934	−5.508%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2926	−5.762%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2919	−5.988%	$579K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0164%	4h	0.2930	−5.608%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2938	−5.365%	$11K	—	3x	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	+0.0312%	4h	0.2929	−5.666%	$7.3M	$7.7M	50x	as long as short
Bitget USELESSUSDT	+0.0564%	4h	0.2934	−5.505%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0669%	4h	0.2925	−5.773%	$22K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0684%	4h	0.2932	−5.563%	$10.3M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0692%	4h	0.2934	−5.492%	$25.3M	$109.1M	50x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2933	−5.512%	$308K	$967K	5x	as long as short
Orderly PERP_USELESS_USDC	+0.1129%	4h	0.2937	−5.405%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1247%	4h	0.2932	−5.574%	$1.2M	$1.7M	—	as long as short
BingX USELESS-USDT	+0.1312%	4h	0.2934	−5.508%	—	$4.9M	—	as long as short
Aster USELESSUSDT	+0.1362%	4h	0.2933	−5.527%	$676K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1417%	4h	0.2934	−5.502%	$29.5M	$42.7M	13x	as long as short
Hyperliquid USELESS	+0.1572%	1h	0.2938	−5.376%	$15.0M	$19.6M	3x	as long as short
BloFin USELESS-USDTshort	+0.1804%	4h	0.2924	−5.817%	$1.3M	$2.0M	12x
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.3105	long leg	$5K	$10K	5.5x