Funding arb · Price arb /

USELESS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0971%/8h= −106.4% APRpaid last 24h −0.227%

Price spread now: Lighter against Aster+0.170%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$860.856% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.486%−$49 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.170%, 7d avg +0.003%

Together, before fees−0.685%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.166% dearer against Aster than usual: you sell high and buy low (spread +0.170% now, against its 7-day average of +0.003%): +$17 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 5 days (−0.486% in total) that is about 44 hours.

The current funding rate is far above what this pair has been paying: over the last 5 days it paid -0.486% in total (about -33.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster USELESSUSDT	0.2820	0.1067	pay 0.0534% / 4h	11m 24s	$648K	$2.3M	10x
Short	Lighter USELESS	0.2824	0.0096	get 0.0012% / 1h	11m 24s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.170%Rate

Funding earned: −$203.98
Price spread: +0.170% → +0.003%: $16.65
Slippage, 4 orders: −$77.64
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$272.97
Costs to cover: 0.856%
Break-even: never at this rate

Slippage from Aster: live order book, 2 min ago; Lighter: live order book, 5 min ago.

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 Aster live order book, 2 min ago	4.96 bp	24.8 bp −$25	134.8 bp −$1,348	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	5.53 bp	26.0 bp −$26	84.6 bp −$846	doesn't fit	doesn't fit

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 USELESSshort	+0.0096%	1h	0.2824	+0.170%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2824	+0.170%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2822	+0.074%	$9.9M	$66.7M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2822	+0.067%	$39K	$162K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2825	+0.184%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2819	−0.011%	$19K	$498K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2822	+0.063%	$576K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0102%	1h	0.2812	−0.274%	$39K	$701K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2824	+0.147%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0202%	4h	0.2818	−0.061%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0298%	4h	0.2822	+0.074%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0364%	4h	0.2819	−0.025%	$7.0M	$8.3M	50x	as long as short
MEXC USELESS_USDT	+0.0494%	4h	0.2823	+0.131%	$10.4M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0494%	4h	0.2823	+0.131%	$23.8M	$116.5M	50x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2823	+0.111%	$297K	$966K	5x	as long as short
edgeX USELESSUSDC	+0.0496%	4h	0.2818	−0.044%	$21K	$192K	10x	as long as short
BingX USELESS-USDT	+0.0890%	4h	0.2823	+0.109%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.0943%	4h	0.2823	+0.106%	$27.7M	$45.8M	13x	as long as short
Variational Omni USELESS	+0.1029%	4h	0.2823	+0.118%	$1.2M	$1.8M	—	as long as short
Aster USELESSUSDTlong	+0.1067%	4h	0.2820	long leg	$648K	$2.3M	10x
BloFin USELESS-USDT	+0.1217%	4h	0.2823	+0.124%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1321%	4h	0.2824	+0.141%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1525%	1h	0.2824	+0.152%	$14.1M	$21.1M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2971	+5.358%	$5K	$9K	5.5x	as long as short