Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1188%/8h= +130.1% APRpaid last 24h +0.198%

Price spread now: Hyperliquid against Phemex+0.314%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs−$201as in the Price arb table

costs, in and out, $10k−$2252.251% of the position

Long on Phemex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.735%+$74 on $10k

Price spread, last 3 days (all we have)−0.295%−$29 · spread now +0.314%, 7d avg +0.075%

Together, before fees+0.440%+ Points / potential airdropHyperliquid: Season 2 · farm board+$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$36 a day on $10k at the current rate, and Hyperliquid is 0.239% dearer against Phemex than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.075%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.735% in total (about 38.3% 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	Phemex USELESSUSDT	0.2802	0.0100	pay 0.0050% / 4h	2h 10m	$605K	$1.2M	20x
Short	Hyperliquid USELESS	0.2811	0.1288	get 0.0161% / 1h	10m 07s	$14.0M	$20.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.314%Rate

Funding earned: $249.45
Price spread: +0.314% → +0.075%: $23.87
Slippage, 4 orders: −$204.06
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $48.25
Costs to cover: 2.251%
Break-even: 5.6 days

Slippage from Phemex: live order book, 3 min ago; Hyperliquid: live order book, 3 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 Phemex live order book, 3 min ago	38.15 bp	88.0 bp −$88	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.53 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit

USELESS on 23 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	0.2809	+0.243%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2806	+0.137%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2810	+0.286%	$9.9M	$66.0M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2805	+0.118%	$7.1M	$8.4M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2810	+0.296%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2814	+0.446%	$18K	$502K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2802	long leg	$605K	$1.2M	20x
KuCoin USELESSUSDTM	+0.0142%	4h	0.2808	+0.203%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2811	+0.329%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USD	+0.0426%	1h	0.2809	+0.257%	$28K	$202K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0542%	4h	0.2823	+0.764%	$21K	$195K	10x	as long as short
Extended USELESS-USD	+0.0552%	1h	0.2806	+0.163%	$300K	$1.1M	5x	as long as short
Binance USELESSUSDT	+0.0554%	4h	0.2809	+0.254%	$23.8M	$117.0M	50x	as long as short
MEXC USELESS_USDT	+0.0556%	4h	0.2809	+0.271%	$11.0M	$6.0M	50x	as long as short
Bitget USELESSUSDT	+0.0574%	4h	0.2807	+0.175%	$5.4M	$9.8M	20x	as long as short
BingX USELESS-USDT	+0.0738%	4h	0.2810	+0.289%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0771%	4h	0.2809	+0.268%	$27.3M	$46.3M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0800%	1h	0.2823	+0.753%	$39K	$698K	25x	as long as short
Variational Omni USELESS	+0.0901%	4h	0.2816	+0.502%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1079%	4h	0.2809	+0.248%	$625K	$2.3M	10x	as long as short
Hyperliquid USELESSshort	+0.1288%	1h	0.2811	+0.314%	$14.0M	$20.7M	3x
Orderly PERP_USELESS_USDC	+0.1303%	4h	0.2810	+0.296%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2989	+6.660%	$5K	$9K	5.5x	as long as short