Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.3637%/8h= +398.3% APRpaid last 24h −1.181%

Price spread now: Injective against Variational Omni+5.464%91s7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Injective

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 for this trade now. Funding pays +$109 a day on $10k at the current rate, and Injective is 5.464% dearer against Variational Omni than usual: you sell high and buy low: +$546 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 91 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	Variational Omni USELESS	0.2833	0.1363	pay 0.0681% / 4h	49m 52s	$1.2M	$1.7M	—
Short	Injective USELESS/USDC PERP	0.2988	0.5000	get 0.0625% / 1h	49m 52s	$5K	$9K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee InjectivebpOrdersPrice spread, now +5.464%Rate

Funding earned: $763.85
Price spread: +5.464% → 0.000%: $546.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,310.19
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Injective: no order-book sample. 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 Variational Omni RFQ quote, 4 min ago	3.55 bp	doesn't fit	32.0 bp −$320	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	0.2846	+0.427%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2845	+0.410%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2846	+0.448%	$9.9M	$66.7M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2839	+0.191%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2838	+0.148%	$19K	$493K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2836	+0.095%	$570K	$1.2M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0152%	1h	0.2838	+0.166%	$31K	$153K	3x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2839	+0.192%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0334%	4h	0.2840	+0.240%	$5.2M	$9.9M	12x	as long as short
Bitget USELESSUSDT	+0.0424%	4h	0.2841	+0.261%	$5.4M	$9.3M	20x	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	+0.0476%	4h	0.2839	+0.187%	$7.1M	$8.2M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0504%	1h	0.2822	−0.402%	$39K	$702K	25x	as long as short
edgeX USELESSUSDC	+0.0517%	4h	0.2810	−0.813%	$21K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0534%	4h	0.2845	+0.395%	$10.5M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0536%	4h	0.2847	+0.494%	$24.0M	$115.5M	50x	as long as short
Extended USELESS-USD	+0.0536%	1h	0.2845	+0.416%	$298K	$966K	5x	as long as short
Aster USELESSUSDT	+0.1156%	4h	0.2841	+0.258%	$653K	$2.3M	10x	as long as short
BingX USELESS-USDT	+0.1162%	4h	0.2848	+0.508%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1216%	4h	0.2845	+0.424%	$28.2M	$45.4M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1338%	4h	0.2840	+0.219%	$22K	$1.4M	10x	as long as short
Variational Omni USELESSlong	+0.1363%	4h	0.2833	long leg	$1.2M	$1.7M	—
Hyperliquid USELESS	+0.1497%	1h	0.2850	+0.590%	$14.1M	$20.9M	3x	as long as short
BloFin USELESS-USDT	+0.1572%	4h	0.2842	+0.311%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.2988	+5.464%	$5K	$9K	5.5x