Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0292%/8h= +32.0% APRpaid last 24h +0.266%

Price spread now: Hyperliquid against SunX+0.278%52s7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1631.625% of the position

Long on SunX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.914%+$91 on $10k

Price spread, last 4 days (all we have)+0.525%+$53 · spread now +0.278%, 7d avg +0.052%

Together, before fees+1.439%+ Points / potential airdropHyperliquid: Season 2 · farm board+$144 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.226% dearer against SunX than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.052%. The two prices were read 52 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	SunX USELESS-USDT	0.2623	0.0100	pay 0.0050% / 4h	5m 22s	—	$1.4M	10x
Short	Hyperliquid USELESS	0.2630	0.0392	get 0.0049% / 1h	5m 22s	$11.5M	$22.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against SunX. 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 SunXbpFee HyperliquidbpOrdersPrice spread, now +0.278%Rate

Funding earned: $61.32
Price spread: +0.278% → +0.052%: $22.64
Slippage, 4 orders: −$145.54
Fee SunX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$78.58
Costs to cover: 1.625%
Break-even: 16.0 days

Slippage from SunX: live order book, 9 min ago; Hyperliquid: live order book, 8 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 SunX live order book, 9 min ago	44.81 bp	63.3 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.77 bp	18.1 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	0.2621	−0.057%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2619	−0.133%	$28K	$53K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2628	+0.187%	$28K	$228K	3x	as long as short
SunX USELESS-USDTlong	+0.0100%	4h	0.2623	long leg	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2626	+0.111%	$18K	$523K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2625	+0.072%	$591K	$1.0M	20x	as long as short
Aevo USELESS-PERP	+0.0184%	1h	0.2622	−0.031%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0192%	4h	0.2622	−0.042%	$8.9M	$63.7M	10x	as long as short
Gate USELESS_USDT	+0.0212%	4h	0.2622	−0.019%	$6.5M	$8.8M	50x	as long as short
KuCoin USELESSUSDTM	+0.0240%	4h	0.2622	−0.019%	$4.8M	$10.7M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0274%	4h	0.2626	+0.111%	$5.0M	$10.4M	20x	as long as short
Hyperliquid USELESSshort	+0.0392%	1h	0.2630	+0.278%	$11.5M	$22.7M	3x
edgeX USELESSUSDC	+0.0403%	4h	0.2625	+0.098%	$20K	$196K	10x	as long as short
Binance USELESSUSDT	+0.0404%	4h	0.2623	+0.023%	$21.8M	$121.8M	50x	as long as short
Extended USELESS-USD	+0.0408%	1h	0.2625	+0.076%	$113K	$1.1M	5x	as long as short
MEXC USELESS_USDT	+0.0408%	4h	0.2626	+0.145%	$10.6M	$6.2M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0482%	1h	0.2623	+0.011%	$33K	$694K	25x	as long as short
Aster USELESSUSDT	+0.0485%	4h	0.2624	+0.057%	$526K	$2.4M	10x	as long as short
BingX USELESS-USDT	+0.0492%	4h	0.2623	+0.004%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0514%	4h	0.2621	−0.076%	$24.8M	$48.5M	13x	as long as short
Variational Omni USELESS	+0.0639%	4h	0.2624	+0.057%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0764%	4h	0.2625	+0.103%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1321%	4h	0.2623	+0.008%	$19K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2772	+5.696%	$5K	$11K	5.5x	as long as short