Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0153%/8h= −16.8% APRpaid last 24h −0.158%

Price spread now: edgeX against Hyperliquid+0.237%46s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$336as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2672.666% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.699%−$70 on $10k

Price spread, last 4 days (all we have)−0.501%−$50 · spread now +0.237%, 7d avg −0.046%

Together, before fees−1.200%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board−$120 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.283% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.237% now, against its 7-day average of −0.046%): +$28 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 6.2 days. At the pace of the last 7 days (−0.699% in total) that is about 2.8 days. The two prices were read 46 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	Hyperliquid USELESS	0.2752	0.0732	pay 0.0092% / 1h	40m 37s	$13.5M	$20.9M	3x
Short	edgeX USELESSUSDC	0.2759	0.0579	get 0.0289% / 4h	1h 40m	$21K	$194K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.237%Rate

Funding earned: −$32.2
Price spread: +0.237% → −0.046%: $28.32
Slippage, 4 orders: −$248.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$270.48
Costs to cover: 2.666%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; edgeX: live order book, 21 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, 2 min ago	1.99 bp	22.7 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 21 min ago	1.42 bp	118.4 bp −$118	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	0.2747	−0.200%	$1.2M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2750	−0.094%	$31K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2746	−0.240%	$6.9M	$8.5M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2752	−0.015%	$38K	$694K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2754	+0.065%	$33K	$210K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2757	+0.160%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2752	−0.011%	$18K	$506K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2747	−0.203%	$603K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0133%	4h	0.2749	−0.116%	$9.7M	$64.7M	10x	as long as short
KuCoin USELESSUSDTM	+0.0200%	4h	0.2750	−0.080%	$5.1M	$10.4M	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	+0.0232%	1h	0.2754	+0.074%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0520%	4h	0.2749	−0.127%	$5.2M	$9.9M	20x	as long as short
edgeX USELESSUSDCshort	+0.0579%	4h	0.2759	+0.237%	$21K	$194K	10x
Binance USELESSUSDT	+0.0602%	4h	0.2751	−0.058%	$23.3M	$118.1M	50x	as long as short
MEXC USELESS_USDT	+0.0604%	4h	0.2751	−0.065%	$10.8M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0608%	1h	0.2750	−0.071%	$292K	$1.1M	5x	as long as short
Hyperliquid USELESSlong	+0.0732%	1h	0.2752	long leg	$13.5M	$20.9M	3x
BingX USELESS-USDT	+0.0864%	4h	0.2750	−0.076%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0911%	4h	0.2751	−0.069%	$26.6M	$46.4M	13x	as long as short
Variational Omni USELESS	+0.0952%	4h	0.2753	+0.011%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1063%	4h	0.2754	+0.076%	$587K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1207%	4h	0.2751	−0.065%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1355%	4h	0.2753	+0.040%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2917	+5.995%	$5K	$9K	5.5x	as long as short