Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.4770%/8h= −522.3% APRpaid last 24h +0.271%

Price spread now: MEXC against Injective−5.070%85s7-day average — · you buy dearer than you sell

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$143 a day on $10k at the current rate, and MEXC is 5.070% cheaper against Injective than usual: you would sell low and buy high (−$507 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 85 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	Injective USELESS/USDC PERP	0.2826	0.5000	pay 0.0625% / 1h	33m 49s	$5K	$11K	5.5x
Short	MEXC USELESS_USDT	0.2683	0.0230	get 0.0115% / 4h	2h 33m	$10.8M	$6.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. 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 InjectivebpFee MEXCbpOrdersPrice spread, now −5.070%Rate

Funding earned: −$1,001.7
Price spread: −5.070% → 0.000%: −$507.04
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 4 bp × 2 orders: −$8
Net: −$1,516.76
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; MEXC: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	1.31 bp	6.8 bp −$7	37.6 bp −$376	118.4 bp −$11.8K	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2682	−5.106%	$1.2M	$1.2M	3x	as long as short
Hyperliquid USELESS	+0.0100%	1h	0.2682	−5.116%	$11.6M	$22.9M	3x	as long as short
Aster USELESSUSDT	+0.0100%	4h	0.2685	−4.989%	$526K	$2.2M	10x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2685	−5.007%	$28K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2685	−4.985%	$26K	$247K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2686	−4.978%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2681	−5.152%	$18K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2685	−5.003%	$638K	$1.1M	20x	as long as short
Bitget USELESSUSDT	+0.0112%	4h	0.2680	−5.159%	$5.1M	$10.4M	20x	as long as short
KuCoin USELESSUSDTM	+0.0130%	4h	0.2682	−5.088%	$4.9M	$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	0.2687	−4.925%	$10K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0151%	4h	0.2680	−5.169%	$9.2M	$65.4M	10x	as long as short
edgeX USELESSUSDC	+0.0195%	4h	0.2680	−5.165%	$20K	$196K	10x	as long as short
ApeX Omni USELESSUSDT	+0.0198%	1h	0.2681	−5.138%	$47K	$698K	25x	as long as short
MEXC USELESS_USDTshort	+0.0230%	4h	0.2683	−5.070%	$10.8M	$6.0M	50x
Binance USELESSUSDT	+0.0232%	4h	0.2683	−5.081%	$22.4M	$122.2M	50x	as long as short
Extended USELESS-USD	+0.0232%	1h	0.2682	−5.099%	$114K	$1.1M	5x	as long as short
BingX USELESS-USDT	+0.0346%	4h	0.2682	−5.088%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0378%	4h	0.2681	−5.120%	$25.3M	$48.5M	13x	as long as short
Variational Omni USELESS	+0.0516%	4h	0.2686	−4.961%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0651%	4h	0.2692	−4.731%	$1.1M	$2.0M	12x	as long as short
Gate USELESS_USDT	+0.0928%	4h	0.2680	−5.184%	$6.7M	$8.6M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1191%	4h	0.2684	−5.024%	$20K	$1.2M	10x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.2826	long leg	$5K	$11K	5.5x