Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h +0.216%

Price spread now: Hyperliquid against KuCoin+0.186%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1261.264% of the position

Long on KuCoin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.675%+$68 on $10k

Price spread, last 7 days−0.249%−$25 · spread now +0.186%, 7d avg +0.116%

Together, before fees+0.426%+ Points / potential airdropHyperliquid: Season 2 · farm board+$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.070% dearer against KuCoin than usual: you sell high and buy low (spread +0.186% now, against its 7-day average of +0.116%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.5 days. Mind the row above: over the last 7 days funding on this pair paid +0.675%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin USELESSUSDTM	0.2686	0.0142	pay 0.0071% / 4h	2h 43m	$4.9M	$10.6M	12x
Short	Hyperliquid USELESS	0.2691	0.0100	get 0.0013% / 1h	43m 03s	$11.7M	$22.5M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against KuCoin. 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 KuCoinbpFee HyperliquidbpOrdersPrice spread, now +0.186%Rate

Funding earned: −$8.82
Price spread: +0.186% → +0.116%: $6.99
Slippage, 4 orders: −$105.42
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$128.24
Costs to cover: 1.264%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; Hyperliquid: live order book, 10 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 KuCoin live order book, 10 min ago	10.43 bp	34.2 bp −$34	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	2.42 bp	18.3 bp −$18	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	0.2689	+0.115%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESSshort	+0.0100%	1h	0.2691	+0.186%	$11.7M	$22.5M	3x
Aster USELESSUSDT	+0.0100%	4h	0.2689	+0.137%	$527K	$2.3M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2690	+0.153%	$29K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2690	+0.175%	$26K	$244K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2691	+0.190%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2684	−0.074%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2690	+0.153%	$636K	$1.1M	20x	as long as short
Bitget USELESSUSDT	+0.0114%	4h	0.2690	+0.171%	$5.1M	$10.3M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0125%	4h	0.2693	+0.272%	$9.1M	$65.3M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0136%	1h	0.2686	−0.004%	$10K	—	3x	as long as short
KuCoin USELESSUSDTMlong	+0.0142%	4h	0.2686	long leg	$4.9M	$10.6M	12x
MEXC USELESS_USDT	+0.0224%	4h	0.2689	+0.127%	$10.8M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0232%	1h	0.2689	+0.121%	$114K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0233%	4h	0.2692	+0.238%	$22.4M	$121.5M	50x	as long as short
edgeX USELESSUSDC	+0.0243%	4h	0.2683	−0.118%	$20K	$197K	10x	as long as short
Bybit USELESSUSDT	+0.0420%	4h	0.2691	+0.201%	$25.4M	$48.3M	13x	as long as short
BingX USELESS-USDT	+0.0438%	4h	0.2690	+0.164%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0499%	4h	0.2676	−0.377%	$1.1M	$1.8M	—	as long as short
Gate USELESS_USDT	+0.0564%	4h	0.2685	−0.030%	$6.7M	$8.5M	50x	as long as short
BloFin USELESS-USDT	+0.0660%	4h	0.2688	+0.071%	$1.1M	$2.0M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0714%	1h	0.2684	−0.063%	$47K	$698K	25x	as long as short
Orderly PERP_USELESS_USDC	+0.1207%	4h	0.2690	+0.145%	$21K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+5.231%	$5K	$11K	5.5x	as long as short