Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1264%/8h= −138.4% APRpaid last 24h −0.247%

Price spread now: Gate against Hyperliquid−0.031%7-day average −0.166% · you buy dearer than you sell

Net, funding: paid 7d − costs−$204as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

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

Long on Hyperliquid Short on Gate

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−0.073%−$7 · spread now −0.031%, 7d avg −0.166%

Together, before fees−0.858%+ Points / potential airdropHyperliquid: Season 2 · farm board−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.135% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.166%): +$14 on $10k if it goes back. Holding the pair costs −$38 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.785% in total) that is about 29 hours.

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	Hyperliquid USELESS	0.2938	0.1572	pay 0.0196% / 1h	44m 39s	$15.0M	$19.6M	3x
Short	Gate USELESS_USDT	0.2937	0.0308	get 0.0154% / 4h	2h 44m	$7.3M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.031%Rate

Funding earned: −$265.4
Price spread: −0.031% → −0.166%: $13.51
Slippage, 4 orders: −$101.94
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$377.83
Costs to cover: 1.259%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Gate: live order book, 4 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, 8 min ago	2.43 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.43 bp	45.1 bp −$45	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	0.2932	−0.184%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2937	−0.044%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2937	−0.034%	$10.4M	$65.7M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2925	−0.436%	$42K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2935	−0.109%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2934	−0.143%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2931	−0.238%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2928	−0.320%	$581K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0160%	4h	0.2935	−0.106%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2938	+0.008%	$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_USDTshort	+0.0308%	4h	0.2937	−0.031%	$7.3M	$7.7M	50x
Bitget USELESSUSDT	+0.0558%	4h	0.2938	−0.007%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0669%	4h	0.2925	−0.423%	$22K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0692%	4h	0.2935	−0.089%	$10.3M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0692%	4h	0.2936	−0.058%	$25.3M	$109.1M	50x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2937	−0.015%	$308K	$967K	5x	as long as short
Orderly PERP_USELESS_USDC	+0.1129%	4h	0.2937	−0.034%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1247%	4h	0.2932	−0.212%	$1.2M	$1.7M	—	as long as short
BingX USELESS-USDT	+0.1312%	4h	0.2940	+0.078%	—	$4.9M	—	as long as short
Aster USELESSUSDT	+0.1364%	4h	0.2936	−0.076%	$677K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1417%	4h	0.2939	+0.027%	$29.5M	$42.7M	13x	as long as short
Hyperliquid USELESSlong	+0.1572%	1h	0.2938	long leg	$15.0M	$19.6M	3x
BloFin USELESS-USDT	+0.1842%	4h	0.2938	+0.003%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+5.678%	$5K	$10K	5.5x	as long as short