Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.113%

Price spread now: Variational Omni against Hyperliquid−0.241%7-day average +0.045% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.358%−$36 on $10k

Price spread, last 7 days+0.119%+$12 · spread now −0.241%, 7d avg +0.045%

Together, before fees−0.239%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Variational Omni is 0.286% cheaper against Hyperliquid than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid USELESS	0.2936	0.1524	pay 0.0191% / 1h	37m 52s	$15.0M	$19.6M	3x
Short	Variational Omni USELESS	0.2929	0.1260	get 0.0630% / 4h	2h 37m	$1.2M	$1.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.241%Rate

Funding earned: −$55.58
Price spread: −0.241% → +0.045%: −$28.63
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$93.21
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; Variational Omni: RFQ quote, 1 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 Hyperliquid live order book, 5 min ago	0.68 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	5.13 bp	doesn't fit	76.9 bp −$769	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	0.2926	−0.337%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2920	−0.521%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2929	−0.221%	$10.4M	$65.5M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2921	−0.497%	$42K	$697K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2925	−0.354%	$29K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2929	−0.235%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2921	−0.494%	$20K	$377K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2920	−0.528%	$580K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0150%	4h	0.2924	−0.409%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2926	−0.311%	$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	+0.0252%	4h	0.2920	−0.521%	$7.3M	$7.7M	50x	as long as short
Bitget USELESSUSDT	+0.0534%	4h	0.2930	−0.187%	$5.6M	$8.7M	20x	as long as short
Extended USELESS-USD	+0.0672%	1h	0.2928	−0.254%	$308K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0673%	4h	0.2933	−0.099%	$25.3M	$109.0M	50x	as long as short
edgeX USELESSUSDC	+0.0674%	4h	0.2926	−0.323%	$22K	$189K	10x	as long as short
MEXC USELESS_USDT	+0.0678%	4h	0.2929	−0.228%	$10.4M	$5.8M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1135%	4h	0.2925	−0.347%	$22K	$1.4M	10x	as long as short
Bybit USELESSUSDT	+0.1241%	4h	0.2930	−0.184%	$29.5M	$42.6M	13x	as long as short
Variational Omni USELESSshort	+0.1260%	4h	0.2929	−0.241%	$1.2M	$1.7M	—
BingX USELESS-USDT	+0.1322%	4h	0.2932	−0.129%	—	$4.9M	—	as long as short
Aster USELESSUSDT	+0.1342%	4h	0.2926	−0.322%	$675K	$2.1M	10x	as long as short
Hyperliquid USELESSlong	+0.1524%	1h	0.2936	long leg	$15.0M	$19.6M	3x
BloFin USELESS-USDT	+0.1686%	4h	0.2926	−0.313%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3105	+5.777%	$5K	$10K	5.5x	as long as short