Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.200%

Price spread now: Phemex against Hyperliquid−0.116%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$209as in the Funding arb table

Net, price: spread back to 7d avg − costs−$136as in the Price arb table

costs, in and out, $10k−$1331.325% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.760%−$76 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now −0.116%, 7d avg −0.086%

Together, before fees−0.745%+ Points / potential airdropHyperliquid: Season 2 · farm board−$75 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.030% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2752	0.0100	pay 0.0013% / 1h	17m 50s	$12.0M	$23.3M	3x
Short	Phemex USELESSUSDT	0.2748	0.0100	get 0.0050% / 4h	2h 17m	$648K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.116%Rate

Funding earned: $0
Price spread: −0.116% → −0.086%: −$3.01
Slippage, 4 orders: −$111.51
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$135.51
Costs to cover: 1.325%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Phemex: 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, 5 min ago	0.74 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	13.33 bp	42.0 bp −$42	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	0.2751	−0.040%	$1.3M	$1.2M	3x	as long as short
Hyperliquid USELESSlong	+0.0100%	1h	0.2752	long leg	$12.0M	$23.3M	3x
Aster USELESSUSDT	+0.0100%	4h	0.2757	+0.205%	$540K	$2.1M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2775	+0.850%	$30K	$19K	3x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2755	+0.113%	$5.2M	$10.4M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2765	+0.491%	$27K	$253K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2754	+0.098%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2756	+0.171%	$19K	$518K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2748	−0.116%	$648K	$1.1M	20x
KuCoin USELESSUSDTM	+0.0106%	4h	0.2750	−0.076%	$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	+0.143%	$10K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0156%	4h	0.2755	+0.109%	$9.5M	$67.6M	10x	as long as short
edgeX USELESSUSDC	+0.0207%	4h	0.2720	−1.155%	$20K	$196K	10x	as long as short
MEXC USELESS_USDT	+0.0216%	4h	0.2754	+0.091%	$11.2M	$6.1M	50x	as long as short
Binance USELESSUSDT	+0.0237%	4h	0.2753	+0.064%	$22.9M	$122.9M	50x	as long as short
Extended USELESS-USD	+0.0240%	1h	0.2755	+0.132%	$137K	$1.2M	5x	as long as short
Bybit USELESSUSDT	+0.0322%	4h	0.2753	+0.069%	$25.9M	$48.7M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0391%	1h	0.2701	−1.839%	$48K	$698K	25x	as long as short
BingX USELESS-USDT	+0.0410%	4h	0.2756	+0.164%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0434%	4h	0.2715	−1.331%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0599%	4h	0.2772	+0.723%	$1.2M	$2.1M	12x	as long as short
Gate USELESS_USDT	+0.0734%	4h	0.2754	+0.091%	$6.9M	$8.6M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1150%	4h	0.2758	+0.225%	$22K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2826	+2.711%	$5K	$11K	5.5x	as long as short