Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.4441%/8h= +486.3% APRpaid last 24h −0.193%

Price spread now: Injective against Variational Omni+6.928%61s7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$133 a day on $10k at the current rate, and Injective is 6.928% dearer against Variational Omni than usual: you sell high and buy low: +$693 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 61 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	Variational Omni USELESS	0.2814	0.0559	pay 0.0280% / 4h	1h 08m	$1.1M	$1.9M	—
Short	Injective USELESS/USDC PERP	0.3009	0.5000	get 0.0625% / 1h	8m 06s	$5K	$11K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. 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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +6.928%Rate

Funding earned: $932.54
Price spread: +6.928% → 0.000%: $692.75
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,625.27
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Injective: no order-book sample. 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	3.52 bp	doesn't fit	59.8 bp −$598	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	0.2841	+0.944%	$1.3M	$1.3M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2844	+1.041%	$30K	$19K	3x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2841	+0.951%	$5.4M	$10.5M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2850	+1.253%	$28K	$266K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2843	+1.001%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2847	+1.143%	$20K	$515K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2853	+1.360%	$654K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0116%	4h	0.2841	+0.958%	$5.2M	$10.6M	12x	as long as short
Aster USELESSUSDT	+0.0116%	4h	0.2846	+1.104%	$558K	$2.2M	10x	as long as short
OKX USELESS-USDT-SWAP	+0.0121%	4h	0.2841	+0.930%	$9.8M	$70.9M	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	+0.0144%	1h	0.2844	+1.036%	$10K	—	3x	as long as short
Hyperliquid USELESS	+0.0170%	1h	0.2843	+1.015%	$12.4M	$23.4M	3x	as long as short
MEXC USELESS_USDT	+0.0266%	4h	0.2843	+1.019%	$11.9M	$6.2M	50x	as long as short
Extended USELESS-USD	+0.0272%	1h	0.2842	+0.975%	$142K	$796K	5x	as long as short
edgeX USELESSUSDC	+0.0275%	4h	0.2825	+0.377%	$21K	$196K	10x	as long as short
Binance USELESSUSDT	+0.0275%	4h	0.2842	+0.976%	$23.6M	$124.5M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0364%	1h	0.2820	+0.198%	$52K	$702K	25x	as long as short
Bybit USELESSUSDT	+0.0516%	4h	0.2841	+0.941%	$26.9M	$49.3M	13x	as long as short
BingX USELESS-USDT	+0.0538%	4h	0.2841	+0.955%	—	$5.3M	—	as long as short
Variational Omni USELESSlong	+0.0559%	4h	0.2814	long leg	$1.1M	$1.9M	—
Gate USELESS_USDT	+0.0698%	4h	0.2838	+0.830%	$7.1M	$8.7M	50x	as long as short
BloFin USELESS-USDT	+0.0774%	4h	0.2848	+1.211%	$1.2M	$2.1M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0952%	4h	0.2843	+1.015%	$22K	$1.5M	10x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.3009	+6.928%	$5K	$11K	5.5x