Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.4900%/8h= −536.5% APRpaid last 24h +0.034%

Price spread now: HTX against Injective−5.191%65s7-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 HTX

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 HTX is 5.191% cheaper against Injective than usual: you would sell low and buy high (−$519 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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	0.2921	0.5000	pay 0.0625% / 1h	47m 35s	$5K	$11K	5.5x
Short	HTX USELESS-USDT	0.2769	0.0100	get 0.0050% / 4h	1h 47m	$19K	$517K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −5.191%Rate

Funding earned: −$1,029
Price spread: −5.191% → 0.000%: −$519.07
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee HTX: 6 bp × 2 orders: −$12
Net: −$1,560.09
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; HTX: live order book, 61 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 HTX live order book, 61 min ago	43.33 bp	doesn't fit	doesn't fit	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	0.2782	−4.735%	$1.3M	$1.2M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2787	−4.558%	$546K	$2.1M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2783	−4.711%	$30K	$19K	3x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2784	−4.687%	$5.4M	$10.4M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2783	−4.718%	$26K	$257K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2783	−4.725%	—	$1.4M	10x	as long as short
HTX USELESS-USDTshort	+0.0100%	4h	0.2769	−5.191%	$19K	$517K	20x
Phemex USELESSUSDT	+0.0100%	4h	0.2778	−4.872%	$643K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0136%	1h	0.2780	−4.817%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0144%	4h	0.2784	−4.670%	$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
OKX USELESS-USDT-SWAP	+0.0164%	4h	0.2784	−4.684%	$9.6M	$68.9M	10x	as long as short
edgeX USELESSUSDC	+0.0225%	4h	0.2779	−4.858%	$21K	$197K	10x	as long as short
Extended USELESS-USD	+0.0280%	1h	0.2784	−4.671%	$138K	$972K	5x	as long as short
MEXC USELESS_USDT	+0.0282%	4h	0.2785	−4.636%	$11.3M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0282%	4h	0.2786	−4.612%	$23.1M	$123.5M	50x	as long as short
Gate USELESS_USDT	+0.0368%	4h	0.2779	−4.848%	$6.9M	$8.6M	50x	as long as short
Hyperliquid USELESS	+0.0383%	1h	0.2786	−4.609%	$12.1M	$23.4M	3x	as long as short
Variational Omni USELESS	+0.0445%	4h	0.2750	−5.857%	$1.0M	$1.8M	—	as long as short
BingX USELESS-USDT	+0.0532%	4h	0.2783	−4.694%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0563%	4h	0.2783	−4.694%	$26.1M	$48.7M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0699%	1h	0.2773	−5.054%	$49K	$700K	25x	as long as short
BloFin USELESS-USDT	+0.0714%	4h	0.2776	−4.958%	$1.2M	$2.1M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1076%	4h	0.2785	−4.646%	$21K	$1.4M	10x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.2921	long leg	$5K	$11K	5.5x