Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.3650%/8h= −399.7% APRpaid last 24h +0.805%

Price spread now: Orderly against Injective−4.927%118s7-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 Orderly

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 −$109 a day on $10k at the current rate, and Orderly is 4.927% cheaper against Injective than usual: you would sell low and buy high (−$493 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 118 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	0.2904	0.5000	pay 0.0625% / 1h	33m 22s	$5K	$9K	5.5x
Short	Orderly PERP_USELESS_USDC	0.2761	0.1350	get 0.0675% / 4h	1h 33m	$21K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −4.927%Rate

Funding earned: −$766.5
Price spread: −4.927% → 0.000%: −$492.7
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1,265.22
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	0.2756	−5.113%	$1.3M	$1.2M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2752	−5.247%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2756	−5.113%	$6.9M	$8.5M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2746	−5.454%	$38K	$693K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2761	−4.930%	$34K	$211K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2754	−5.182%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2743	−5.554%	$18K	$508K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2744	−5.526%	$605K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0152%	4h	0.2762	−4.913%	$9.7M	$64.9M	10x	as long as short
Aevo USELESS-PERP	+0.0224%	1h	0.2759	−4.994%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0230%	4h	0.2759	−4.996%	$5.1M	$10.4M	12x	as long as short
Bitget USELESSUSDT	+0.0516%	4h	0.2763	−4.879%	$5.3M	$9.9M	20x	as long as short
edgeX USELESSUSDC	+0.0572%	4h	0.2748	−5.371%	$20K	$195K	10x	as long as short
Binance USELESSUSDT	+0.0581%	4h	0.2763	−4.856%	$23.4M	$118.0M	50x	as long as short
MEXC USELESS_USDT	+0.0582%	4h	0.2763	−4.875%	$10.8M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0584%	1h	0.2759	−5.009%	$289K	$1.1M	5x	as long as short
Hyperliquid USELESS	+0.0678%	1h	0.2765	−4.796%	$13.5M	$20.9M	3x	as long as short
BingX USELESS-USDT	+0.0832%	4h	0.2764	−4.841%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0917%	4h	0.2763	−4.865%	$26.7M	$46.5M	13x	as long as short
Variational Omni USELESS	+0.0928%	4h	0.2748	−5.395%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1031%	4h	0.2759	−5.023%	$582K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1141%	4h	0.2750	−5.326%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1350%	4h	0.2761	−4.927%	$21K	$1.3M	10x
Injective USELESS/USDC PERPlong	+0.5000%	1h	0.2904	long leg	$5K	$9K	5.5x