Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.4900%/8h= −536.5% APRpaid last 24h +0.228%

Price spread now: Bitget against Injective−2.042%61s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Bitget

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 against this trade now: funding costs −$147 a day on $10k at the current rate, and Bitget is 2.042% cheaper against Injective than usual: you would sell low and buy high (−$204 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 61 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	Injective USELESS/USDC PERP	0.2826	0.5000	pay 0.0625% / 1h	16m 23s	$5K	$11K	5.5x
Short	Bitget USELESSUSDT	0.2768	0.0100	get 0.0050% / 4h	2h 16m	$5.3M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now −2.042%Rate

Funding earned: −$1,029
Price spread: −2.042% → 0.000%: −$204.16
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1,245.18
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 2 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	5.27 bp	44.4 bp −$44	162.4 bp −$1,624	doesn't fit	doesn't fit

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	0.2769	−2.031%	$1.3M	$1.2M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2766	−2.146%	$541K	$2.1M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2760	−2.328%	$29K	$19K	3x	as long as short
Bitget USELESSUSDTshort	+0.0100%	4h	0.2768	−2.042%	$5.3M	$10.4M	20x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2773	−1.882%	$27K	$253K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2769	−2.031%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2751	−2.664%	$19K	$518K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2771	−1.950%	$653K	$1.1M	20x	as long as short
Hyperliquid USELESS	+0.0106%	1h	0.2773	−1.897%	$12.1M	$23.3M	3x	as long as short
KuCoin USELESSUSDTM	+0.0130%	4h	0.2769	−2.013%	$5.1M	$10.6M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0144%	1h	0.2772	−1.913%	$10K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0170%	4h	0.2772	−1.918%	$9.6M	$68.1M	10x	as long as short
edgeX USELESSUSDC	+0.0207%	4h	0.2720	−3.764%	$20K	$196K	10x	as long as short
Extended USELESS-USD	+0.0232%	1h	0.2773	−1.886%	$138K	$1.2M	5x	as long as short
Binance USELESSUSDT	+0.0235%	4h	0.2772	−1.907%	$23.1M	$122.9M	50x	as long as short
MEXC USELESS_USDT	+0.0236%	4h	0.2774	−1.861%	$11.3M	$6.1M	50x	as long as short
BingX USELESS-USDT	+0.0348%	4h	0.2771	−1.939%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0410%	4h	0.2771	−1.953%	$26.1M	$48.7M	13x	as long as short
Variational Omni USELESS	+0.0434%	4h	0.2715	−3.936%	$1.0M	$1.8M	—	as long as short
ApeX Omni USELESSUSDT	+0.0556%	1h	0.2772	−1.918%	$49K	$698K	25x	as long as short
BloFin USELESS-USDT	+0.0587%	4h	0.2759	−2.374%	$1.1M	$2.1M	12x	as long as short
Gate USELESS_USDT	+0.0686%	4h	0.2769	−2.031%	$6.9M	$8.6M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1153%	4h	0.2774	−1.854%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.2826	long leg	$5K	$11K	5.5x