Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.3908%/8h= −427.9% APRpaid last 24h +1.517%

Price spread now: Variational Omni against Injective−4.474%106s7-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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$117 a day on $10k at the current rate, and Variational Omni is 4.474% cheaper against Injective than usual: you would sell low and buy high (−$447 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 106 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	0.3147	0.5000	pay 0.0625% / 1h	19m 18s	$5K	$10K	5.5x
Short	Variational Omni USELESS	0.3006	0.1092	get 0.0546% / 4h	3h 19m	$1.3M	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −4.474%Rate

Funding earned: −$820.62
Price spread: −4.474% → 0.000%: −$447.43
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1,268.06
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 5 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 Variational Omni RFQ quote, 5 min ago	5.01 bp	doesn't fit	65.1 bp −$651	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
Pacifica USELESS	+0.0100%	1h	0.3010	−4.347%	$33K	$74K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.3003	−4.569%	$10.7M	$66.8M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.3028	−3.785%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.3018	−4.112%	$21K	$370K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.3015	−4.198%	$602K	$1.3M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0128%	1h	0.3012	−4.277%	$30K	$124K	3x	as long as short
Lighter USELESS	+0.0128%	1h	0.3015	−4.207%	$1.4M	$1.0M	3x	as long as short
KuCoin USELESSUSDTM	+0.0138%	4h	0.3010	−4.344%	$5.5M	$9.4M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.3006	−4.489%	$11K	—	3x	as long as short
Bitget USELESSUSDT	+0.0644%	4h	0.3010	−4.350%	$5.7M	$8.5M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0659%	4h	0.3003	−4.586%	$23K	$188K	10x	as long as short
MEXC USELESS_USDT	+0.0700%	4h	0.3010	−4.341%	$21.9M	$5.7M	50x	as long as short
Extended USELESS-USD	+0.0704%	1h	0.3013	−4.269%	$317K	$968K	5x	as long as short
Binance USELESSUSDT	+0.0713%	4h	0.3008	−4.426%	$26.3M	$107.3M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0753%	1h	0.2995	−4.830%	$37K	$694K	25x	as long as short
Gate USELESS_USDT	+0.0990%	4h	0.3007	−4.446%	$7.4M	$7.6M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1090%	4h	0.3006	−4.474%	$23K	$1.4M	10x	as long as short
Variational Omni USELESSshort	+0.1092%	4h	0.3006	−4.474%	$1.3M	$1.6M	—
Aster USELESSUSDT	+0.1422%	4h	0.3018	−4.094%	$696K	$2.1M	10x	as long as short
Hyperliquid USELESS	+0.1752%	1h	0.3017	−4.123%	$15.5M	$19.6M	3x	as long as short
Bybit USELESSUSDT	+0.1996%	4h	0.3005	−4.503%	$30.5M	$42.0M	13x	as long as short
BingX USELESS-USDT	+0.1996%	4h	0.3006	−4.474%	—	$4.8M	—	as long as short
BloFin USELESS-USDT	+0.3267%	4h	0.3025	−3.874%	$1.3M	$2.1M	12x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.3147	long leg	$5K	$10K	5.5x