Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0986%/8h= −107.9% APRpaid last 24h −0.169%

Price spread now: Bitget against Hyperliquid−0.160%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$164as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$920.916% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.721%−$72 on $10k

Price spread, last 7 days+0.156%+$16 · spread now −0.160%, 7d avg −0.072%

Together, before fees−0.565%+ Points / potential airdropHyperliquid: Season 2 · farm board−$57 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Bitget is 0.088% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2936	0.1524	pay 0.0190% / 1h	37m 29s	$15.0M	$19.6M	3x
Short	Bitget USELESSUSDT	0.2931	0.0538	get 0.0269% / 4h	2h 37m	$5.6M	$8.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Hyperliquid. 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 HyperliquidbpFee BitgetbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$206.99
Price spread: −0.160% → −0.072%: −$8.81
Slippage, 4 orders: −$70.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$307.41
Costs to cover: 0.916%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bitget: live order book, 1 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 Hyperliquid live order book, 5 min ago	0.68 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	3.08 bp	25.9 bp −$26	86.3 bp −$863	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	0.2930	−0.184%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2930	−0.204%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2930	−0.194%	$10.4M	$65.5M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2921	−0.501%	$42K	$697K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2932	−0.126%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2929	−0.238%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2921	−0.497%	$20K	$377K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2920	−0.531%	$580K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0158%	4h	0.2925	−0.351%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2926	−0.314%	$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_USDT	+0.0296%	4h	0.2920	−0.521%	$7.3M	$7.7M	50x	as long as short
Bitget USELESSUSDTshort	+0.0538%	4h	0.2931	−0.160%	$5.6M	$8.7M	20x
Extended USELESS-USD	+0.0672%	1h	0.2933	−0.093%	$308K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0672%	4h	0.2932	−0.116%	$10.4M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0673%	4h	0.2933	−0.105%	$25.3M	$109.0M	50x	as long as short
edgeX USELESSUSDC	+0.0676%	4h	0.2927	−0.312%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1135%	4h	0.2925	−0.351%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1254%	4h	0.2933	−0.092%	—	$4.9M	—	as long as short
Variational Omni USELESS	+0.1260%	4h	0.2929	−0.245%	$1.2M	$1.7M	—	as long as short
Bybit USELESSUSDT	+0.1269%	4h	0.2929	−0.218%	$29.5M	$42.6M	13x	as long as short
Aster USELESSUSDT	+0.1339%	4h	0.2928	−0.273%	$675K	$2.1M	10x	as long as short
Hyperliquid USELESSlong	+0.1524%	1h	0.2936	long leg	$15.0M	$19.6M	3x
BloFin USELESS-USDT	+0.1686%	4h	0.2926	−0.317%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+5.774%	$5K	$10K	5.5x	as long as short