Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0712%/8h= +78.0% APRpaid last 24h +0.107%

Price spread now: Hyperliquid against edgeX−0.042%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$239as in the Price arb table

costs, in and out, $10k−$2302.296% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.697%+$70 on $10k

Price spread, last 4 days (all we have)+0.468%+$47 · spread now −0.042%, 7d avg +0.052%

Together, before fees+1.165%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board+$117 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.094% cheaper against edgeX than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.052%). If the spread goes back, that is −$9 on $10k: about 11 hours of funding at the current rate (+$21 a day). At the pace of the last 7 days (+0.697% in total) that is about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX USELESSUSDC	0.2872	0.0294	pay 0.0147% / 4h	42m 54s	$21K	$198K	10x
Short	Hyperliquid USELESS	0.2871	0.1006	get 0.0126% / 1h	42m 54s	$12.5M	$23.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now −0.042%Rate

Funding earned: $149.61
Price spread: −0.042% → +0.052%: −$9.39
Slippage, 4 orders: −$211.63
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$89.4
Costs to cover: 2.296%
Break-even: 11.2 days

Slippage from edgeX: live order book, 59 min ago; Hyperliquid: live order book, 10 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 edgeX live order book, 59 min ago	1.08 bp	117.3 bp −$117	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.88 bp	25.6 bp −$26	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	0.2867	−0.174%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2864	−0.266%	$30K	$19K	3x	as long as short
KuCoin USELESSUSDTM	+0.0100%	4h	0.2875	+0.105%	$5.2M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2883	+0.369%	$5.5M	$10.6M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2870	−0.062%	$29K	$271K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2871	−0.052%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2867	−0.170%	$19K	$516K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2871	−0.038%	$646K	$1.2M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0121%	4h	0.2881	+0.310%	$9.9M	$72.3M	10x	as long as short
Aevo USELESS-PERP	+0.0160%	1h	0.2869	−0.092%	$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	+0.066%	$53K	$701K	25x	as long as short
Aster USELESSUSDT	+0.0261%	4h	0.2870	−0.069%	$562K	$2.2M	10x	as long as short
edgeX USELESSUSDClong	+0.0294%	4h	0.2872	long leg	$21K	$198K	10x
Extended USELESS-USD	+0.0304%	1h	0.2866	−0.219%	$245K	$1.3M	5x	as long as short
MEXC USELESS_USDT	+0.0304%	4h	0.2870	−0.073%	$12.2M	$6.2M	50x	as long as short
Binance USELESSUSDT	+0.0306%	4h	0.2880	+0.276%	$23.9M	$125.2M	50x	as long as short
Gate USELESS_USDT	+0.0428%	4h	0.2874	+0.084%	$7.2M	$8.7M	50x	as long as short
BingX USELESS-USDT	+0.0492%	4h	0.2880	+0.293%	—	$5.4M	—	as long as short
Bybit USELESSUSDT	+0.0525%	4h	0.2880	+0.282%	$27.2M	$49.7M	13x	as long as short
Variational Omni USELESS	+0.0556%	4h	0.2875	+0.115%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDT	+0.0758%	4h	0.2872	−0.007%	$1.2M	$2.2M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.0979%	4h	0.2871	−0.055%	$22K	$1.6M	10x	as long as short
Hyperliquid USELESSshort	+0.1006%	1h	0.2871	−0.042%	$12.5M	$23.6M	3x
Injective USELESS/USDC PERP	+0.5000%	1h	0.3006	+4.669%	$5K	$11K	5.5x	as long as short