Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.3231%/8h= +353.8% APRpaid last 24h −1.367%

Price spread now: Injective against BloFin+5.964%7-day average — · you sell dearer than you buy

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

Long on BloFin 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 +$97 a day on $10k at the current rate, and Injective is 5.964% dearer against BloFin than usual: you sell high and buy low: +$596 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin USELESS-USDT	0.2732	0.1769	pay 0.0885% / 4h	1h 14m	$1.2M	$1.9M	12x
Short	Injective USELESS/USDC PERP	0.2894	0.5000	get 0.0625% / 1h	14m 39s	$5K	$9K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now +5.964%Rate

Funding earned: $678.46
Price spread: +5.964% → 0.000%: $596.38
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,262.82
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 3 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 BloFin live order book, 3 min ago	4.40 bp	28.2 bp −$28	doesn't fit	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	0.2734	+0.099%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2732	+0.018%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2735	+0.121%	$9.6M	$63.3M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2726	−0.201%	$26K	$147K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2728	−0.135%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2727	−0.176%	$18K	$489K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2723	−0.322%	$558K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2726	−0.211%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0228%	1h	0.2725	−0.238%	$38K	$699K	25x	as long as short
KuCoin USELESSUSDTM	+0.0318%	4h	0.2731	−0.033%	$5.1M	$9.9M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0340%	4h	0.2727	−0.165%	$6.8M	$8.1M	50x	as long as short
edgeX USELESSUSDC	+0.0463%	4h	0.2727	−0.158%	$20K	$192K	10x	as long as short
Binance USELESSUSDT	+0.0477%	4h	0.2735	+0.138%	$23.2M	$114.1M	50x	as long as short
Extended USELESS-USD	+0.0480%	1h	0.2730	−0.054%	$287K	$965K	5x	as long as short
Bitget USELESSUSDT	+0.0480%	4h	0.2735	+0.139%	$5.2M	$9.1M	20x	as long as short
MEXC USELESS_USDT	+0.0482%	4h	0.2735	+0.143%	$9.9M	$5.9M	50x	as long as short
Hyperliquid USELESS	+0.0829%	1h	0.2739	+0.264%	$13.3M	$20.6M	3x	as long as short
Aster USELESSUSDT	+0.1104%	4h	0.2734	+0.082%	$640K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1275%	4h	0.2727	−0.146%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1320%	4h	0.2733	+0.059%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1352%	4h	0.2736	+0.176%	$27.4M	$44.7M	13x	as long as short
Variational Omni USELESS	+0.1492%	4h	0.2726	−0.219%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDTlong	+0.1769%	4h	0.2732	long leg	$1.2M	$1.9M	12x
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.2894	+5.964%	$5K	$9K	5.5x