Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4900%/8h= −536.5% APRpaid last 24h +0.920%

Price spread now: OKX against Injective−5.090%58s7-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 OKX

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 −$147 a day on $10k at the current rate, and OKX is 5.090% cheaper against Injective than usual: you would sell low and buy high (−$509 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 58 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	0.3012	0.5000	pay 0.0625% / 1h	34m 22s	$5K	$9K	5.5x
Short	OKX USELESS-USDT-SWAP	0.2859	0.0100	get 0.0050% / 4h	3h 34m	$10.1M	$67.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −5.090%Rate

Funding earned: −$1,029
Price spread: −5.090% → 0.000%: −$508.98
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: −$1,548
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; OKX: 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 OKX live order book, 4 min ago	0.53 bp	14.2 bp −$14	doesn't fit	doesn't fit	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	0.2860	−5.047%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2850	−5.389%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPshort	+0.0100%	4h	0.2859	−5.090%	$10.1M	$67.0M	10x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2860	−5.050%	$48K	$171K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2864	−4.914%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2861	−5.007%	$19K	$506K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2856	−5.189%	$601K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0194%	4h	0.2856	−5.166%	$5.3M	$10.1M	12x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2856	−5.185%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0440%	4h	0.2862	−4.987%	$5.5M	$9.6M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0461%	4h	0.2833	−5.939%	$21K	$193K	10x	as long as short
MEXC USELESS_USDT	+0.0470%	4h	0.2863	−4.930%	$10.8M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0471%	4h	0.2864	−4.911%	$24.2M	$116.2M	50x	as long as short
Extended USELESS-USD	+0.0472%	1h	0.2861	−4.994%	$302K	$1.2M	5x	as long as short
ApeX Omni USELESSUSDT	+0.0662%	1h	0.2845	−5.541%	$39K	$703K	25x	as long as short
Variational Omni USELESS	+0.1041%	4h	0.2843	−5.616%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1051%	4h	0.2863	−4.941%	$657K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1201%	1h	0.2866	−4.831%	$14.4M	$21.0M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1278%	4h	0.2862	−4.984%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1280%	4h	0.2862	−4.970%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1396%	4h	0.2861	−5.000%	$28.1M	$45.9M	13x	as long as short
Gate USELESS_USDT	+0.1838%	4h	0.2859	−5.090%	$7.2M	$8.3M	50x	as long as short
BloFin USELESS-USDT	+0.1891%	4h	0.2852	−5.302%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.3012	long leg	$5K	$9K	5.5x