Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1096%/8h= −120.1% APRpaid last 24h −0.226%

Price spread now: Lighter against BloFin+0.062%7-day average −0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$187as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$1151.153% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.713%−$71 on $10k

Price spread, last 3 days (all we have)0.000%$0 · spread now +0.062%, 7d avg −0.068%

Together, before fees−0.713%+ Points / potential airdropLighter: Season 3 · farm board−$71 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.130% dearer against BloFin than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of −0.068%): +$13 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.713% in total) that is about 31 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.713% in total (about -37.2% 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	BloFin USELESS-USDT	0.2913	0.1192	pay 0.0596% / 4h	3h 14m	$1.2M	$2.1M	12x
Short	Lighter USELESS	0.2915	0.0096	get 0.0012% / 1h	14m 25s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$230.25
Price spread: +0.062% → −0.068%: $12.97
Slippage, 4 orders: −$103.31
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$332.59
Costs to cover: 1.153%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Lighter: live order book, 2 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 BloFin live order book, 4 min ago	3.49 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	4.67 bp	37.4 bp −$37	95.5 bp −$955	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	0.2915	+0.062%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2910	−0.106%	$33K	$69K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2926	+0.419%	$10.3M	$68.8M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2921	+0.268%	$50K	$175K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2908	−0.185%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2913	−0.024%	$19K	$510K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2906	−0.240%	$615K	$1.2M	20x	as long as short
KuCoin USELESSUSDTM	+0.0150%	4h	0.2922	+0.285%	$5.4M	$10.2M	12x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2904	−0.315%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0387%	1h	0.2874	−1.352%	$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
edgeX USELESSUSDC	+0.0470%	4h	0.2878	−1.230%	$21K	$194K	10x	as long as short
MEXC USELESS_USDT	+0.0486%	4h	0.2922	+0.299%	$11.2M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0488%	1h	0.2924	+0.363%	$308K	$1.2M	5x	as long as short
Binance USELESSUSDT	+0.0503%	4h	0.2924	+0.366%	$24.7M	$116.5M	50x	as long as short
Bitget USELESSUSDT	+0.0554%	4h	0.2923	+0.312%	$5.6M	$9.6M	20x	as long as short
Gate USELESS_USDT	+0.0668%	4h	0.2921	+0.251%	$7.3M	$8.4M	50x	as long as short
Bybit USELESSUSDT	+0.0802%	4h	0.2924	+0.378%	$28.7M	$46.4M	13x	as long as short
BingX USELESS-USDT	+0.0866%	4h	0.2924	+0.374%	—	$5.1M	—	as long as short
Variational Omni USELESS	+0.0969%	4h	0.2879	−1.174%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1077%	4h	0.2924	+0.357%	$672K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1148%	1h	0.2924	+0.350%	$14.7M	$21.0M	3x	as long as short
BloFin USELESS-USDTlong	+0.1192%	4h	0.2913	long leg	$1.2M	$2.1M	12x
Orderly PERP_USELESS_USDC	+0.1245%	4h	0.2925	+0.412%	$23K	$1.4M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3049	+4.661%	$5K	$9K	5.5x	as long as short