Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1480%/8h= +162.0% APRpaid last 24h +0.260%

Price spread now: Hyperliquid against HTX+0.488%48s7-day average +0.202% · you sell dearer than you buy

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

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.838%+$84 on $10k

Price spread, last 3 days (all we have)+0.195%+$20 · spread now +0.488%, 7d avg +0.202%

Together, before fees+1.033%+ Points / potential airdropHyperliquid: Season 2 · farm board+$103 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and Hyperliquid is 0.286% dearer against HTX than usual: you sell high and buy low: +$29 more if the spread goes back to its 7-day average of +0.202%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.838% in total (about 43.7% 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	HTX USELESS-USDT	0.2931	0.0100	pay 0.0050% / 4h	2h 44m	$20K	$376K	20x
Short	Hyperliquid USELESS	0.2945	0.1580	get 0.0197% / 1h	44m 24s	$15.1M	$19.6M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now +0.488%Rate

Funding earned: $310.78
Price spread: +0.488% → +0.202%: $28.58
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $318.36
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: HTX: live order book, 43 min ago; Hyperliquid: live order book, 9 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 HTX live order book, 43 min ago	32.88 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.43 bp	23.7 bp −$24	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	0.2932	+0.055%	$1.4M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2937	+0.194%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2939	+0.283%	$10.4M	$65.7M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2925	−0.198%	$42K	$696K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2940	+0.328%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2934	+0.096%	—	$1.4M	10x	as long as short
HTX USELESS-USDTlong	+0.0100%	4h	0.2931	long leg	$20K	$376K	20x
Phemex USELESSUSDT	+0.0100%	4h	0.2928	−0.082%	$581K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0160%	4h	0.2939	+0.276%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2938	+0.247%	$11K	—	3x	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	+0.0308%	4h	0.2937	+0.208%	$7.3M	$7.7M	50x	as long as short
Bitget USELESSUSDT	+0.0558%	4h	0.2938	+0.229%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0669%	4h	0.2925	−0.186%	$22K	$190K	10x	as long as short
MEXC USELESS_USDT	+0.0692%	4h	0.2939	+0.276%	$10.4M	$5.8M	50x	as long as short
Binance USELESSUSDT	+0.0692%	4h	0.2933	+0.078%	$25.3M	$109.1M	50x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2937	+0.224%	$308K	$967K	5x	as long as short
Orderly PERP_USELESS_USDC	+0.1129%	4h	0.2937	+0.205%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1247%	4h	0.2932	+0.026%	$1.2M	$1.7M	—	as long as short
BingX USELESS-USDT	+0.1312%	4h	0.2937	+0.205%	—	$4.9M	—	as long as short
Aster USELESSUSDT	+0.1364%	4h	0.2935	+0.156%	$677K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1414%	4h	0.2934	+0.123%	$29.5M	$42.7M	13x	as long as short
Hyperliquid USELESSshort	+0.1580%	1h	0.2945	+0.488%	$15.1M	$19.6M	3x
BloFin USELESS-USDT	+0.1842%	4h	0.2938	+0.242%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+5.930%	$5K	$10K	5.5x	as long as short