Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.129%

Price spread now: Hyperliquid against BingX+0.239%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.596%+$60 on $10k

Price spread, last 7 days−0.163%−$16 · spread now +0.239%, 7d avg +0.079%

Together, before fees+0.433%+ Points / potential airdropHyperliquid: Season 2 · farm board+$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Hyperliquid is 0.160% dearer against BingX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX USELESS-USDT	0.2800	0.1194	pay 0.0597% / 4h	55m 27s	—	$5.0M	—
Short	Hyperliquid USELESS	0.2806	0.1354	get 0.0169% / 1h	55m 27s	$13.9M	$20.9M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.239%Rate

Funding earned: $33.64
Price spread: +0.239% → +0.079%: $16.05
Slippage, 4 orders: −$41.05
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$10.36
Costs to cover: 0.600%
Break-even: 9.2 days

Slippage from BingX: live order book, 5 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 BingX live order book, 5 min ago	2.17 bp	15.4 bp −$15	57.0 bp −$570	315.5 bp −$31.6K	doesn't fit
Sell Hyperliquid live order book, 8 min ago	0.73 bp	8.8 bp −$9	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	0.2792	−0.279%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2794	−0.214%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2802	+0.089%	$9.7M	$65.5M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2791	−0.311%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2793	−0.250%	$18K	$492K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2785	−0.522%	$560K	$1.2M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0117%	1h	0.2803	+0.125%	$30K	$152K	3x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2795	−0.147%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0326%	4h	0.2790	−0.332%	$5.2M	$9.9M	12x	as long as short
Gate USELESS_USDT	+0.0384%	4h	0.2793	−0.229%	$7.0M	$8.2M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0438%	4h	0.2804	+0.171%	$5.4M	$9.2M	20x	as long as short
edgeX USELESSUSDC	+0.0519%	4h	0.2791	−0.311%	$21K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0524%	4h	0.2804	+0.168%	$10.2M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0526%	4h	0.2803	+0.104%	$23.7M	$115.0M	50x	as long as short
Extended USELESS-USD	+0.0528%	1h	0.2797	−0.094%	$293K	$966K	5x	as long as short
ApeX Omni USELESSUSDT	+0.0582%	1h	0.2789	−0.379%	$39K	$701K	25x	as long as short
Aster USELESSUSDT	+0.1140%	4h	0.2800	+0.014%	$644K	$2.2M	10x	as long as short
BingX USELESS-USDTlong	+0.1194%	4h	0.2800	long leg	—	$5.0M	—
Bybit USELESSUSDT	+0.1214%	4h	0.2803	+0.136%	$27.8M	$45.3M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1329%	4h	0.2795	−0.179%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESSshort	+0.1354%	1h	0.2806	+0.239%	$13.9M	$20.9M	3x
Variational Omni USELESS	+0.1435%	4h	0.2748	−1.855%	$1.2M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1634%	4h	0.2793	−0.236%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2946	+5.236%	$5K	$9K	5.5x	as long as short