Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0841%/8h= −92.1% APRpaid last 24h +0.107%

Price spread now: Hyperliquid against Variational Omni+0.924%7-day average −0.038% · you sell dearer than you buy

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.386%+$39 on $10k

Price spread, last 7 days−0.907%−$91 · spread now +0.924%, 7d avg −0.038%

Together, before fees−0.521%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board−$52 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.961% dearer against Variational Omni than usual: you sell high and buy low (spread +0.924% now, against its 7-day average of −0.038%): +$96 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 3.8 days. Mind the row above: over the last 3 days funding on this pair paid +0.386%, 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	Variational Omni USELESS	0.2549	0.0941	pay 0.0471% / 4h	58m 15s	$1.0M	$1.8M	—
Short	Hyperliquid USELESS	0.2572	0.0100	get 0.0013% / 1h	58m 15s	$11.7M	$22.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee HyperliquidbpOrdersPrice spread, now +0.924%Rate

Funding earned: −$176.61
Price spread: +0.924% → −0.038%: $96.12
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$89.49
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; 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 Variational Omni RFQ quote, 1 min ago	7.80 bp	doesn't fit	74.1 bp −$741	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	1.35 bp	31.8 bp −$32	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	0.2544	−0.213%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESSshort	+0.0100%	1h	0.2572	+0.924%	$11.7M	$22.6M	3x
Pacifica USELESS	+0.0100%	1h	0.2571	+0.866%	$28K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2557	+0.313%	$6.4M	$8.5M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2570	+0.827%	$36K	$219K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2546	−0.123%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2552	+0.136%	$17K	$516K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2543	−0.233%	$557K	$1.1M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0161%	1h	0.2551	+0.081%	$33K	$698K	25x	as long as short
OKX USELESS-USDT-SWAP	+0.0213%	4h	0.2544	−0.193%	$8.8M	$62.1M	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	+0.045%	$9K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0252%	4h	0.2571	+0.886%	$4.6M	$10.6M	12x	as long as short
Bitget USELESSUSDT	+0.0498%	4h	0.2544	−0.189%	$4.9M	$10.4M	20x	as long as short
MEXC USELESS_USDT	+0.0552%	4h	0.2558	+0.372%	$10.2M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0558%	4h	0.2547	−0.076%	$21.4M	$122.4M	50x	as long as short
Extended USELESS-USD	+0.0560%	1h	0.2550	+0.058%	$112K	$1.2M	5x	as long as short
edgeX USELESSUSDC	+0.0568%	4h	0.2553	+0.167%	$19K	$196K	10x	as long as short
Aster USELESSUSDT	+0.0752%	4h	0.2560	+0.448%	$507K	$2.4M	10x	as long as short
Bybit USELESSUSDT	+0.0804%	4h	0.2545	−0.146%	$24.5M	$48.4M	13x	as long as short
BingX USELESS-USDT	+0.0860%	4h	0.2548	−0.029%	—	$5.2M	—	as long as short
Variational Omni USELESSlong	+0.0941%	4h	0.2549	long leg	$1.0M	$1.8M	—
BloFin USELESS-USDT	+0.1075%	4h	0.2559	+0.383%	$1.2M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1359%	4h	0.2547	−0.091%	$19K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2710	+6.331%	$5K	$11K	5.5x	as long as short