Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0077%/8h= −8.5% APRpaid last 24h −0.129%

Price spread now: Bybit against Hyperliquid+0.048%7-day average −0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$790.792% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.611%−$61 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.048%, 7d avg −0.092%

Together, before fees−0.769%+ Points / potential airdropHyperliquid: Season 2 · farm board−$77 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.140% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.092%): +$14 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.0 days. At the pace of the last 7 days (−0.611% in total) that is about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2908	0.1457	pay 0.0182% / 1h	48m 31s	$14.9M	$19.6M	3x
Short	Bybit USELESSUSDT	0.2910	0.1380	get 0.0690% / 4h	2h 48m	$29.3M	$42.6M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$16.26
Price spread: +0.048% → −0.092%: $14.01
Slippage, 4 orders: −$59.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$81.42
Costs to cover: 0.792%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 4 min ago; Bybit: 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, 4 min ago	2.43 bp	11.3 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.17 bp	23.7 bp −$24	77.3 bp −$773	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
ApeX Omni USELESSUSDT	+0.0032%	1h	0.2875	−1.152%	$41K	$697K	25x	as long as short
Lighter USELESS	+0.0096%	1h	0.2902	−0.220%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2902	−0.237%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2907	−0.038%	$10.3M	$65.0M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2902	−0.217%	$28K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2899	−0.334%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2900	−0.282%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2894	−0.499%	$575K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0134%	4h	0.2905	−0.113%	$5.4M	$9.6M	12x	as long as short
Gate USELESS_USDT	+0.0232%	4h	0.2901	−0.244%	$7.2M	$7.7M	50x	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	+0.0240%	1h	0.2899	−0.311%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0564%	4h	0.2909	+0.007%	$5.5M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0670%	4h	0.2905	−0.134%	$21.3M	$5.8M	50x	as long as short
Extended USELESS-USD	+0.0672%	1h	0.2907	−0.064%	$305K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0672%	4h	0.2907	−0.045%	$25.0M	$109.1M	50x	as long as short
edgeX USELESSUSDC	+0.0693%	4h	0.2894	−0.507%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1114%	4h	0.2899	−0.313%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1192%	4h	0.2881	−0.948%	$1.1M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1322%	4h	0.2896	−0.417%	$668K	$2.2M	10x	as long as short
Bybit USELESSUSDTshort	+0.1380%	4h	0.2910	+0.048%	$29.3M	$42.6M	13x
BingX USELESS-USDT	+0.1394%	4h	0.2906	−0.089%	—	$4.9M	—	as long as short
Hyperliquid USELESSlong	+0.1457%	1h	0.2908	long leg	$14.9M	$19.6M	3x
BloFin USELESS-USDT	+0.1885%	4h	0.2900	−0.299%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3071	+5.604%	$5K	$10K	5.5x	as long as short