Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.4406%/8h= +482.5% APRpaid last 24h −1.403%

Price spread now: Injective against MEXC+6.266%100s7-day average — · you sell dearer than you buy

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

Long on MEXC Short on Injective

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 for this trade now. Funding pays +$132 a day on $10k at the current rate, and Injective is 6.266% dearer against MEXC than usual: you sell high and buy low: +$627 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 100 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	MEXC USELESS_USDT	0.2849	0.0594	pay 0.0297% / 4h	2h 07m	$10.0M	$5.9M	50x
Short	Injective USELESS/USDC PERP	0.3027	0.5000	get 0.0625% / 1h	7m 28s	$5K	$10K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against MEXC. 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 MEXCbpFee InjectivebpOrdersPrice spread, now +6.266%Rate

Funding earned: $925.26
Price spread: +6.266% → 0.000%: $626.62
Slippage, 4 orders: no order book: not counted
Fee MEXC: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $1,543.86
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: MEXC: live order book, 11 min ago; Injective: 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 MEXC live order book, 11 min ago	1.87 bp	9.9 bp −$10	45.4 bp −$454	115.6 bp −$11.6K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	0.2847	−0.074%	$1.3M	$1.1M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2846	−0.091%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2845	−0.116%	$10.1M	$64.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2847	−0.053%	$28K	$139K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2844	−0.147%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2849	+0.004%	$20K	$387K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2828	−0.716%	$566K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2841	−0.267%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0258%	4h	0.2839	−0.344%	$5.3M	$9.7M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0281%	1h	0.2848	−0.021%	$40K	$699K	25x	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	+0.0426%	4h	0.2840	−0.298%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0526%	4h	0.2848	−0.021%	$5.5M	$8.8M	20x	as long as short
Binance USELESSUSDT	+0.0591%	4h	0.2848	−0.011%	$24.3M	$110.8M	50x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.2848	−0.033%	$299K	$968K	5x	as long as short
MEXC USELESS_USDTlong	+0.0594%	4h	0.2849	long leg	$10.0M	$5.9M	50x
edgeX USELESSUSDC	+0.0608%	4h	0.2849	+0.001%	$21K	$190K	10x	as long as short
BingX USELESS-USDT	+0.1108%	4h	0.2848	−0.028%	—	$4.9M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1190%	4h	0.2844	−0.161%	$21K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1269%	4h	0.2843	−0.204%	$658K	$2.2M	10x	as long as short
Variational Omni USELESS	+0.1295%	4h	0.2859	+0.366%	$1.2M	$1.7M	—	as long as short
Bybit USELESSUSDT	+0.1312%	4h	0.2849	+0.007%	$28.9M	$43.1M	13x	as long as short
Hyperliquid USELESS	+0.1524%	1h	0.2850	+0.039%	$14.6M	$19.8M	3x	as long as short
BloFin USELESS-USDT	+0.1525%	4h	0.2850	+0.056%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERPshort	+0.5000%	1h	0.3027	+6.266%	$5K	$10K	5.5x