Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0484%/8h= −53.0% APRpaid last 24h −0.150%

Price spread now: Binance against Hyperliquid−0.100%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$720.725% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.653%−$65 on $10k

Price spread, last 7 days+0.025%+$2 · spread now −0.100%, 7d avg −0.060%

Together, before fees−0.628%+ Points / potential airdropHyperliquid: Season 2 · farm board−$63 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Binance is 0.041% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.060%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2823	0.1069	pay 0.0134% / 1h	53m 16s	$14.5M	$19.8M	3x
Short	Binance USELESSUSDT	0.2821	0.0586	get 0.0293% / 4h	1h 53m	$24.0M	$111.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. 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 HyperliquidbpFee BinancebpOrdersPrice spread, now −0.100%Rate

Funding earned: −$101.58
Price spread: −0.100% → −0.060%: −$4.09
Slippage, 4 orders: −$53.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$178.13
Costs to cover: 0.725%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Binance: live order book, 5 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 Hyperliquid live order book, 10 min ago	1.75 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.35 bp	17.3 bp −$17	97.5 bp −$975	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	0.2824	+0.021%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2825	+0.062%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2818	−0.188%	$9.9M	$63.7M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2854	+1.080%	$41K	$699K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2821	−0.078%	$27K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2821	−0.074%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2830	+0.230%	$25K	$406K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2808	−0.556%	$573K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2821	−0.073%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0286%	4h	0.2818	−0.181%	$5.2M	$9.7M	12x	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	+0.0294%	4h	0.2820	−0.124%	$7.0M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2822	−0.064%	$5.4M	$8.9M	20x	as long as short
edgeX USELESSUSDC	+0.0582%	4h	0.2850	+0.956%	$21K	$190K	10x	as long as short
Extended USELESS-USD	+0.0584%	1h	0.2820	−0.140%	$297K	$968K	5x	as long as short
MEXC USELESS_USDT	+0.0584%	4h	0.2822	−0.046%	$9.9M	$5.7M	50x	as long as short
Binance USELESSUSDTshort	+0.0586%	4h	0.2821	−0.100%	$24.0M	$111.3M	50x
Hyperliquid USELESSlong	+0.1069%	1h	0.2823	long leg	$14.5M	$19.8M	3x
Orderly PERP_USELESS_USDC	+0.1224%	4h	0.2823	−0.035%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1247%	4h	0.2821	−0.073%	$653K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1354%	4h	0.2821	−0.074%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1423%	4h	0.2823	−0.028%	$28.7M	$43.2M	13x	as long as short
Variational Omni USELESS	+0.1449%	4h	0.2870	+1.661%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1862%	4h	0.2819	−0.145%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3032	+7.388%	$5K	$9K	5.5x	as long as short