Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0587%/8h= −64.3% APRpaid last 24h −0.119%

Price spread now: Lighter against Binance+0.124%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$760.756% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 7 days−0.111%−$11 · spread now +0.124%, 7d avg −0.028%

Together, before fees−0.229%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.152% dearer against Binance than usual: you sell high and buy low (spread +0.124% now, against its 7-day average of −0.028%): +$15 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.118% in total) that is about 9.0 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.118% in total (about -6.2% 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	Binance USELESSUSDT	0.2894	0.0683	pay 0.0342% / 4h	2h 53m	$25.0M	$109.0M	50x
Short	Lighter USELESS	0.2897	0.0096	get 0.0012% / 1h	53m 26s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.124%Rate

Funding earned: −$123.34
Price spread: +0.124% → −0.028%: $15.23
Slippage, 4 orders: −$65.64
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$183.74
Costs to cover: 0.756%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Lighter: live order book, 3 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 Binance live order book, 4 min ago	0.17 bp	12.7 bp −$13	64.1 bp −$641	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	7.46 bp	24.3 bp −$24	108.3 bp −$1,083	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	0.2897	+0.124%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2901	+0.257%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2889	−0.159%	$10.3M	$64.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2894	+0.031%	$28K	$134K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2907	+0.466%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2909	+0.532%	$20K	$375K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2904	+0.359%	$577K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0134%	4h	0.2892	−0.052%	$5.3M	$9.6M	12x	as long as short
Gate USELESS_USDT	+0.0188%	4h	0.2890	−0.128%	$7.2M	$7.7M	50x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2893	−0.004%	$10K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0328%	1h	0.2971	+2.678%	$42K	$698K	25x	as long as short
Bitget USELESSUSDT	+0.0574%	4h	0.2894	+0.010%	$5.5M	$8.8M	20x	as long as short
Extended USELESS-USD	+0.0680%	1h	0.2890	−0.118%	$304K	$967K	5x	as long as short
Binance USELESSUSDTlong	+0.0683%	4h	0.2894	long leg	$25.0M	$109.0M	50x
edgeX USELESSUSDC	+0.0689%	4h	0.2939	+1.570%	$22K	$188K	10x	as long as short
MEXC USELESS_USDT	+0.0692%	4h	0.2893	−0.014%	$21.3M	$5.7M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1115%	4h	0.2892	−0.056%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1195%	4h	0.2985	+3.175%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1321%	1h	0.2900	+0.228%	$14.8M	$19.6M	3x	as long as short
Aster USELESSUSDT	+0.1355%	4h	0.2899	+0.187%	$674K	$2.1M	10x	as long as short
Bybit USELESSUSDT	+0.1441%	4h	0.2891	−0.090%	$29.1M	$42.7M	13x	as long as short
BingX USELESS-USDT	+0.1486%	4h	0.2893	−0.007%	—	$4.9M	—	as long as short
BloFin USELESS-USDT	+0.2076%	4h	0.2945	+1.776%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3080	+6.449%	$5K	$10K	5.5x	as long as short