Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1272%/8h= +139.3% APRpaid last 24h +0.247%

Price spread now: Hyperliquid against Gate+0.375%7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1261.259% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.785%+$79 on $10k

Price spread, last 7 days−0.271%−$27 · spread now +0.375%, 7d avg +0.166%

Together, before fees+0.514%+ Points / potential airdropHyperliquid: Season 2 · farm board+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Hyperliquid is 0.209% dearer against Gate than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.166%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.785% in total (about 40.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate USELESS_USDT	0.2934	0.0308	pay 0.0154% / 4h	2h 44m	$7.3M	$7.7M	50x
Short	Hyperliquid USELESS	0.2945	0.1580	get 0.0197% / 1h	44m 18s	$15.1M	$19.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.375%Rate

Funding earned: $267.1
Price spread: +0.375% → +0.166%: $20.91
Slippage, 4 orders: −$101.94
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $162.07
Costs to cover: 1.259%
Break-even: 2.8 days

Slippage from Gate: live order book, 4 min ago; Hyperliquid: live order book, 9 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 Gate live order book, 4 min ago	3.43 bp	45.8 bp −$46	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.43 bp	23.7 bp −$24	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	0.2925	−0.314%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2937	+0.082%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2926	−0.279%	$10.4M	$65.4M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2925	−0.310%	$42K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2940	+0.215%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2942	+0.266%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2925	−0.314%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2921	−0.436%	$580K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0160%	4h	0.2939	+0.164%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2929	−0.162%	$11K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDTlong	+0.0308%	4h	0.2934	long leg	$7.3M	$7.7M	50x
Bitget USELESSUSDT	+0.0558%	4h	0.2926	−0.286%	$5.5M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0669%	4h	0.2925	−0.298%	$22K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0692%	4h	0.2939	+0.164%	$10.4M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0692%	4h	0.2927	−0.256%	$25.2M	$109.1M	50x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2927	−0.225%	$308K	$967K	5x	as long as short
Orderly PERP_USELESS_USDC	+0.1134%	4h	0.2931	−0.092%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1247%	4h	0.2932	−0.086%	$1.2M	$1.7M	—	as long as short
BingX USELESS-USDT	+0.1312%	4h	0.2937	+0.092%	—	$4.9M	—	as long as short
Aster USELESSUSDT	+0.1364%	4h	0.2935	+0.042%	$676K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1414%	4h	0.2927	−0.239%	$29.4M	$42.7M	13x	as long as short
Hyperliquid USELESSshort	+0.1580%	1h	0.2945	+0.375%	$15.1M	$19.6M	3x
BloFin USELESS-USDT	+0.1842%	4h	0.2938	+0.130%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+5.811%	$5K	$10K	5.5x	as long as short