Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.269%

Price spread now: Hyperliquid against Pacifica−0.957%7-day average — · you buy dearer than you sell

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

Long on Pacifica Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.990%+$99 on $10k

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

Together, before fees—+ Points / potential airdropPacifica: Active · Hyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.957% cheaper against Pacifica than usual: you would sell low and buy high, −$96 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica USELESS	0.2571	0.0100	pay 0.0013% / 1h	58m 06s	$28K	$70K	3x
Short	Hyperliquid USELESS	0.2546	0.0100	get 0.0013% / 1h	58m 06s	$11.6M	$22.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Pacifica. 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 PacificabpFee HyperliquidbpOrdersPrice spread, now −0.957%Rate

Funding earned: $0
Price spread: −0.957% → 0.000%: −$95.68
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$112.68
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Hyperliquid: live order book, 5 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 Pacifica no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 5 min ago	1.35 bp	31.8 bp −$32	doesn't fit	doesn't fit	doesn't fit

Pacifica: 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	0.2544	−1.070%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESSshort	+0.0100%	1h	0.2546	−0.957%	$11.6M	$22.6M	3x
Pacifica USELESSlong	+0.0100%	1h	0.2571	long leg	$28K	$70K	3x
Gate USELESS_USDT	+0.0100%	4h	0.2546	−0.957%	$6.4M	$8.5M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2570	−0.039%	$36K	$219K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2546	−0.980%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2552	−0.723%	$17K	$516K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2543	−1.089%	$557K	$1.1M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0161%	1h	0.2551	−0.778%	$33K	$698K	25x	as long as short
OKX USELESS-USDT-SWAP	+0.0213%	4h	0.2547	−0.949%	$8.8M	$62.2M	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	+0.0224%	1h	0.2550	−0.814%	$9K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0252%	4h	0.2545	−1.000%	$4.6M	$10.6M	12x	as long as short
Bitget USELESSUSDT	+0.0498%	4h	0.2545	−1.019%	$4.9M	$10.4M	20x	as long as short
MEXC USELESS_USDT	+0.0552%	4h	0.2546	−0.968%	$10.2M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0558%	4h	0.2545	−1.011%	$21.4M	$122.4M	50x	as long as short
Extended USELESS-USD	+0.0560%	1h	0.2550	−0.801%	$112K	$1.2M	5x	as long as short
edgeX USELESSUSDC	+0.0568%	4h	0.2553	−0.693%	$19K	$196K	10x	as long as short
Aster USELESSUSDT	+0.0752%	4h	0.2550	−0.836%	$505K	$2.4M	10x	as long as short
Bybit USELESSUSDT	+0.0804%	4h	0.2546	−0.953%	$24.5M	$48.4M	13x	as long as short
BingX USELESS-USDT	+0.0860%	4h	0.2547	−0.941%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0941%	4h	0.2549	−0.859%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1075%	4h	0.2559	−0.478%	$1.2M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1359%	4h	0.2547	−0.949%	$19K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2710	+5.418%	$5K	$11K	5.5x	as long as short