Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.003%

Price spread now: Hyperliquid against BloFin+0.399%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$760.756% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)−0.285%−$29 · spread now +0.399%, 7d avg +0.078%

Together, before fees−0.180%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.321% dearer against BloFin than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.078%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.105% in total (about 5.5% 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	BloFin USELESS-USDT	0.2893	0.0764	pay 0.0382% / 4h	40m 41s	$1.2M	$2.2M	12x
Short	Hyperliquid USELESS	0.2905	0.1048	get 0.0131% / 1h	40m 41s	$12.7M	$23.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.399%Rate

Funding earned: $59.64
Price spread: +0.399% → +0.078%: $32.07
Slippage, 4 orders: −$54.61
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $16.11
Costs to cover: 0.756%
Break-even: 5.1 days

Slippage from BloFin: live order book, 2 min ago; Hyperliquid: live order book, 2 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 BloFin live order book, 2 min ago	0.35 bp	22.5 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	0.17 bp	20.9 bp −$21	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	0.2916	+0.781%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2898	+0.185%	$31K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2916	+0.785%	$5.3M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2912	+0.664%	$5.6M	$10.7M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2898	+0.180%	$29K	$272K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2888	−0.173%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2887	−0.214%	$19K	$516K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2892	−0.028%	$651K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0106%	4h	0.2913	+0.702%	$10.1M	$73.4M	10x	as long as short
Aevo USELESS-PERP	+0.0160%	1h	0.2888	−0.168%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0230%	1h	0.2874	−0.657%	$53K	$701K	25x	as long as short
Aster USELESSUSDT	+0.0279%	4h	0.2912	+0.644%	$570K	$2.2M	10x	as long as short
edgeX USELESSUSDC	+0.0292%	4h	0.2871	−0.771%	$21K	$197K	10x	as long as short
MEXC USELESS_USDT	+0.0308%	4h	0.2914	+0.726%	$12.4M	$6.2M	50x	as long as short
Extended USELESS-USD	+0.0312%	1h	0.2894	+0.028%	$245K	$1.4M	5x	as long as short
Binance USELESSUSDT	+0.0314%	4h	0.2910	+0.589%	$24.2M	$125.5M	50x	as long as short
Gate USELESS_USDT	+0.0416%	4h	0.2894	+0.052%	$7.2M	$8.7M	50x	as long as short
BingX USELESS-USDT	+0.0492%	4h	0.2913	+0.681%	—	$5.4M	—	as long as short
Bybit USELESSUSDT	+0.0524%	4h	0.2916	+0.798%	$27.6M	$49.8M	13x	as long as short
Variational Omni USELESS	+0.0543%	4h	0.2890	−0.104%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDTlong	+0.0764%	4h	0.2893	long leg	$1.2M	$2.2M	12x
Orderly PERP_USELESS_USDC	+0.0984%	4h	0.2888	−0.180%	$22K	$1.6M	10x	as long as short
Hyperliquid USELESSshort	+0.1048%	1h	0.2905	+0.399%	$12.7M	$23.6M	3x
Injective USELESS/USDC PERP	+0.5000%	1h	0.3060	+5.773%	$5K	$11K	5.5x	as long as short