Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1512%/8h= +165.6% APRpaid last 24h +0.240%

Price spread now: Hyperliquid against OKX+0.259%7-day average +0.131% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$820.821% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.808%+$81 on $10k

Price spread, last 7 days−0.147%−$15 · spread now +0.259%, 7d avg +0.131%

Together, before fees+0.661%+ Points / potential airdropHyperliquid: Season 2 · farm board+$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$45 a day on $10k at the current rate, and Hyperliquid is 0.128% dearer against OKX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.131%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.808% in total (about 42.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX USELESS-USDT-SWAP	0.2937	0.0100	pay 0.0050% / 4h	2h 17m	$10.5M	$65.7M	10x
Short	Hyperliquid USELESS	0.2944	0.1612	get 0.0202% / 1h	17m 52s	$15.1M	$19.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.259%Rate

Funding earned: $317.54
Price spread: +0.259% → +0.131%: $12.78
Slippage, 4 orders: −$63.1
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $248.23
Costs to cover: 0.821%
Break-even: 1.5 days

Slippage from OKX: live order book, 1 min ago; Hyperliquid: live order book, 5 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 OKX live order book, 1 min ago	0.34 bp	22.0 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.87 bp	20.0 bp −$20	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	0.2937	−0.014%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2947	+0.352%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPlong	+0.0100%	4h	0.2937	long leg	$10.5M	$65.7M	10x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2940	+0.116%	$29K	$137K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2943	+0.215%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2941	+0.133%	$20K	$379K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2935	−0.048%	$585K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2942	+0.172%	$11K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0250%	4h	0.2940	+0.099%	$5.5M	$9.6M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0437%	1h	0.2937	+0.003%	$42K	$699K	25x	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	+0.0438%	4h	0.2934	−0.092%	$7.3M	$7.8M	50x	as long as short
Bitget USELESSUSDT	+0.0542%	4h	0.2938	+0.041%	$5.6M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0660%	4h	0.2940	+0.116%	$10.4M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0661%	4h	0.2937	+0.017%	$25.3M	$109.4M	50x	as long as short
Extended USELESS-USD	+0.0664%	1h	0.2940	+0.102%	$310K	$967K	5x	as long as short
edgeX USELESSUSDC	+0.0668%	4h	0.2939	+0.066%	$22K	$190K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1188%	4h	0.2938	+0.031%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1272%	4h	0.2939	+0.082%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1307%	4h	0.2941	+0.133%	$29.7M	$42.6M	13x	as long as short
Variational Omni USELESS	+0.1314%	4h	0.2942	+0.173%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1395%	4h	0.2943	+0.199%	$680K	$2.1M	10x	as long as short
Hyperliquid USELESSshort	+0.1612%	1h	0.2944	+0.259%	$15.1M	$19.6M	3x
BloFin USELESS-USDT	+0.1622%	4h	0.2953	+0.555%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3113	+5.979%	$5K	$10K	5.5x	as long as short