Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.4900%/8h= +536.5% APRpaid last 24h +0.166%

Price spread now: Injective against Bitget+6.425%81s7-day average — · you sell dearer than you buy

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

Long on Bitget 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—needs both histories

Both sides work for this trade now. Funding pays +$147 a day on $10k at the current rate, and Injective is 6.425% dearer against Bitget than usual: you sell high and buy low: +$643 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 81 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	Bitget USELESSUSDT	0.3022	0.0100	pay 0.0050% / 4h	3h 10m	$5.8M	$11.4M	20x
Short	Injective USELESS/USDC PERP	0.3217	0.5000	get 0.0625% / 1h	10m 00s	$5K	$11K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bitget. 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 BitgetbpFee InjectivebpOrdersPrice spread, now +6.425%Rate

Funding earned: $1,029
Price spread: +6.425% → 0.000%: $642.54
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,659.52
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Bitget: live order book, 4 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 Bitget live order book, 4 min ago	5.44 bp	31.2 bp −$31	114.0 bp −$1,140	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
HTX USELESS-USDT	+0.0024%	4h	0.3014	−0.281%	$40K	$561K	20x	as long as short
Lighter USELESS	+0.0096%	1h	0.3033	+0.354%	$1.4M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.3039	+0.553%	$32K	$19K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.3020	−0.079%	$11.1M	$78.6M	10x	as long as short
Bitget USELESSUSDTlong	+0.0100%	4h	0.3022	long leg	$5.8M	$11.4M	20x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.3029	+0.218%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.3034	+0.377%	—	$1.4M	10x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.3023	+0.010%	$687K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0108%	4h	0.3024	+0.060%	$5.6M	$10.9M	12x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.3037	+0.483%	$11K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster USELESSUSDT	+0.0344%	4h	0.3027	+0.138%	$658K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0566%	4h	0.3046	+0.775%	$23K	$201K	10x	as long as short
Gate USELESS_USDT	+0.0576%	4h	0.3023	+0.003%	$7.6M	$9.2M	50x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.3025	+0.072%	$291K	$1.7M	5x	as long as short
MEXC USELESS_USDT	+0.0594%	4h	0.3029	+0.222%	$15.3M	$6.9M	50x	as long as short
Binance USELESSUSDT	+0.0595%	4h	0.3024	+0.066%	$26.4M	$134.1M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.0978%	4h	0.3033	+0.337%	$22K	$1.9M	10x	as long as short
Variational Omni USELESS	+0.0992%	4h	0.3051	+0.954%	$1.3M	$1.8M	—	as long as short
ApeX Omni USELESSUSDT	+0.1000%	1h	0.3031	+0.285%	$57K	$690K	25x	as long as short
Hyperliquid USELESS	+0.1196%	1h	0.3030	+0.268%	$13.8M	$24.3M	3x	as long as short
BingX USELESS-USDT	+0.1222%	4h	0.3028	+0.189%	—	$5.6M	—	as long as short
Bybit USELESSUSDT	+0.1325%	4h	0.3022	−0.007%	$30.5M	$53.5M	13x	as long as short
BloFin USELESS-USDT	+0.1738%	4h	0.3049	+0.877%	$1.3M	$2.4M	12x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.3217	+6.425%	$5K	$11K	5.5x