Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3880%/8h= −424.9% APRpaid last 24h +1.631%

Price spread now: Orderly against Injective−6.039%58s7-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 Orderly

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 −$116 a day on $10k at the current rate, and Orderly is 6.039% cheaper against Injective than usual: you would sell low and buy high (−$604 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	0.3151	0.5000	pay 0.0625% / 1h	56m 03s	$5K	$10K	5.5x
Short	Orderly PERP_USELESS_USDC	0.2961	0.1120	get 0.0560% / 4h	2h 56m	$22K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −6.039%Rate

Funding earned: −$814.79
Price spread: −6.039% → 0.000%: −$603.88
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1,424.69
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and 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	0.2952	−6.337%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2977	−5.516%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2948	−6.467%	$10.5M	$65.8M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2964	−5.950%	$28K	$130K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2964	−5.947%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2966	−5.867%	$20K	$375K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2949	−6.420%	$587K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0142%	4h	0.2951	−6.362%	$5.4M	$9.5M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2956	−6.191%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0336%	4h	0.2953	−6.299%	$7.3M	$7.6M	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	+0.0436%	1h	0.2967	−5.848%	$42K	$698K	25x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2948	−6.439%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0696%	4h	0.2971	−5.718%	$22K	$188K	10x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2959	−6.113%	$312K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0698%	4h	0.2952	−6.315%	$21.8M	$5.7M	50x	as long as short
Binance USELESSUSDT	+0.0698%	4h	0.2951	−6.361%	$25.7M	$108.4M	50x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1120%	4h	0.2961	−6.039%	$22K	$1.4M	10x
Variational Omni USELESS	+0.1162%	4h	0.2965	−5.926%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1388%	4h	0.2956	−6.194%	$687K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1486%	4h	0.2952	−6.337%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1498%	4h	0.2952	−6.315%	$29.8M	$42.2M	13x	as long as short
Hyperliquid USELESS	+0.1669%	1h	0.2956	−6.207%	$15.1M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.2155%	4h	0.2980	−5.436%	$1.3M	$2.1M	12x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.3151	long leg	$5K	$10K	5.5x