USELESS

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+5.837%

7d average—if it closes, per $10,000$584funding while held, a day+$160.60

Long on Injective Short on Variational Omni

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective USELESS/USDC PERP	0.2722	−0.5000	get 0.0625% / 1h	38m 14s	$3K	$16K	5.5x
Short	Variational Omni USELESS	0.2881	0.0353	get 0.0177% / 4h	2h 38m	$1.2M	$1.5M	—

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee InjectivebpFee Variational OmnibpOrdersClose when spread is

Spread captured: $583.69
Funding while held: $160.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $744.26
Spread needed to break even: 0.000%

Slippage unknown: Injective: no order-book sample; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.5353%
Per $10,000 a day: +$160.60
Average in range /8h: —

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 Variational Omni RFQ quote, 2 min ago	6.94 bp	doesn't fit	48.6 bp −$486	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 price on every exchange

against the cheapest. Click to use as the short leg.

Injective0.2722cheapest

Variational Omni0.2881+5.837%

ApeX Omni0.2883+5.895%

edgeX0.2887+6.037%

Gate0.2895+6.351%

HTX0.2896+6.373%

KuCoin0.2900+6.512%

Bitget0.2900+6.512%

Lighter0.2900+6.523%

Bybit0.2900+6.531%

BloFin0.2902+6.601%

Binance0.2902+6.608%

MEXC0.2903+6.630%

SunX0.2904+6.656%

OKX0.2904+6.663%

BingX0.2904+6.685%

Hyperliquid0.2907+6.758%

Extended0.2909+6.857%

Orderly0.2911+6.931%

Phemex0.2912+6.942%

Aster0.2918+7.178%

Aevo0.2919+7.226%

Polymarket Perps0.2931+7.644%

Pacifica0.2932+7.712%

USELESS on 24 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective USELESS/USDC PERPlong	0.000%	−0.5000%	1h	$3K	$16K	5.5x
Variational Omni USELESSshort	+5.837%	+0.0353%	4h	$1.2M	$1.5M	—
ApeX Omni USELESSUSDT	+5.895%	+0.0100%	1h	$35K	$695K	25x	as long as short
edgeX USELESSUSDC	+6.037%	+0.0436%	4h	$22K	$185K	10x	as long as short
Gate USELESS_USDT	+6.351%	+0.0100%	4h	$6.8M	$6.3M	50x	as long as short
HTX USELESS-USDT	+6.373%	+0.0100%	4h	$21K	$332K	20x	as long as short
KuCoin USELESSUSDTM	+6.512%	+0.0100%	4h	$5.2M	$7.6M	12x	as long as short
Bitget USELESSUSDT	+6.512%	+0.0100%	4h	$5.5M	$6.9M	20x	as long as short
Lighter USELESS	+6.523%	+0.0096%	1h	$1.3M	$1.0M	3x	as long as short
Bybit USELESSUSDT	+6.531%	+0.0154%	4h	$28.6M	$36.8M	13x	as long as short

Show all 24 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
BloFin USELESS-USDT	+6.601%	+0.0453%	4h	$1.2M	$1.7M	12x	as long as short
Binance USELESSUSDT	+6.608%	+0.0429%	4h	$24.6M	$91.6M	50x	as long as short
MEXC USELESS_USDT	+6.630%	+0.0424%	4h	$18.9M	$4.8M	50x	as long as short
SunX USELESS-USDT	+6.656%	+0.0100%	4h	—	$1.3M	10x	as long as short
OKX USELESS-USDT-SWAP	+6.663%	+0.0100%	4h	$9.9M	$58.1M	10x	as long as short
BingX USELESS-USDT	+6.685%	+0.0422%	4h	—	$4.4M	—	as long as short
Hyperliquid USELESS	+6.758%	+0.0868%	1h	$14.1M	$15.0M	3x	as long as short
Extended USELESS-USD	+6.857%	+0.0432%	1h	$272K	$912K	5x	as long as short
Orderly PERP_USELESS_USDC	+6.931%	+0.0962%	4h	$22K	$1.4M	10x	as long as short
Phemex USELESSUSDT	+6.942%	+0.0766%	4h	$536K	$1.3M	20x	as long as short
Aster USELESSUSDT	+7.178%	+0.1007%	4h	$682K	$1.6M	10x	as long as short
Aevo USELESS-PERP	+7.226%	+0.0184%	1h	$10K	—	3x	as long as short
Polymarket Perps USELESS-USD	+7.644%	+0.0100%	1h	$28K	$112K	3x	as long as short
Pacifica USELESS	+7.712%	+0.0100%	1h	$29K	$83K	3x	as long as short