Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.4266%/8h= +467.1% APRpaid last 24h −0.177%

Price spread now: Injective against Gate+2.689%69s7-day average — · you sell dearer than you buy

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

Long on Gate Short on Injective

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 for this trade now. Funding pays +$128 a day on $10k at the current rate, and Injective is 2.689% dearer against Gate than usual: you sell high and buy low: +$269 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 69 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	Gate USELESS_USDT	0.2752	0.0734	pay 0.0367% / 4h	2h 18m	$6.9M	$8.6M	50x
Short	Injective USELESS/USDC PERP	0.2826	0.5000	get 0.0625% / 1h	18m 02s	$5K	$11K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now +2.689%Rate

Funding earned: $895.86
Price spread: +2.689% → 0.000%: $268.88
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,149.72
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: live order book, just now; 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 Gate live order book, just now	11.28 bp	83.8 bp −$84	doesn't fit	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	0.2751	−0.062%	$1.3M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2752	−0.022%	$12.0M	$23.3M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2757	+0.168%	$540K	$2.1M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2775	+0.828%	$30K	$19K	3x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2749	−0.131%	$5.2M	$10.4M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2765	+0.469%	$27K	$253K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2754	+0.076%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2756	+0.149%	$19K	$518K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2748	−0.138%	$648K	$1.1M	20x	as long as short
KuCoin USELESSUSDTM	+0.0106%	4h	0.2748	−0.138%	$5.0M	$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
Aevo USELESS-PERP	+0.0136%	1h	0.2756	+0.121%	$10K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0156%	4h	0.2755	+0.116%	$9.5M	$67.6M	10x	as long as short
edgeX USELESSUSDC	+0.0207%	4h	0.2720	−1.176%	$20K	$196K	10x	as long as short
MEXC USELESS_USDT	+0.0216%	4h	0.2752	+0.011%	$11.2M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0237%	4h	0.2752	−0.017%	$22.9M	$122.9M	50x	as long as short
Extended USELESS-USD	+0.0240%	1h	0.2756	+0.121%	$138K	$1.2M	5x	as long as short
Bybit USELESSUSDT	+0.0322%	4h	0.2754	+0.069%	$25.9M	$48.7M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0391%	1h	0.2701	−1.860%	$48K	$698K	25x	as long as short
BingX USELESS-USDT	+0.0426%	4h	0.2751	−0.029%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0434%	4h	0.2715	−1.353%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0599%	4h	0.2772	+0.701%	$1.2M	$2.1M	12x	as long as short
Gate USELESS_USDTlong	+0.0734%	4h	0.2752	long leg	$6.9M	$8.6M	50x
Orderly PERP_USELESS_USDC	+0.1150%	4h	0.2758	+0.203%	$22K	$1.2M	10x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.2826	+2.689%	$5K	$11K	5.5x