Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1284%/8h= −140.6% APRpaid last 24h −0.133%

Price spread now: Lighter against Bybit−0.072%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$870.873% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.072%, 7d avg +0.005%

Together, before fees−0.051%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Lighter is 0.077% cheaper against Bybit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% 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	Bybit USELESSUSDT	0.2911	0.1380	pay 0.0690% / 4h	2h 48m	$29.3M	$42.6M	13x
Short	Lighter USELESS	0.2909	0.0096	get 0.0012% / 1h	48m 09s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$269.57
Price spread: −0.072% → +0.005%: −$7.71
Slippage, 4 orders: −$76.28
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$364.56
Costs to cover: 0.873%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.17 bp	20.5 bp −$21	84.5 bp −$845	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	7.96 bp	27.1 bp −$27	102.8 bp −$1,028	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
ApeX Omni USELESSUSDT	+0.0032%	1h	0.2875	−1.233%	$41K	$697K	25x	as long as short
Lighter USELESSshort	+0.0096%	1h	0.2909	−0.072%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2902	−0.319%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2910	−0.045%	$10.3M	$65.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2908	−0.086%	$28K	$135K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2915	+0.141%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2907	−0.120%	$20K	$376K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2903	−0.271%	$576K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0134%	4h	0.2906	−0.161%	$5.4M	$9.6M	12x	as long as short
Gate USELESS_USDT	+0.0232%	4h	0.2903	−0.265%	$7.2M	$7.7M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0240%	1h	0.2910	−0.020%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0564%	4h	0.2912	+0.031%	$5.5M	$8.7M	20x	as long as short
MEXC USELESS_USDT	+0.0670%	4h	0.2911	+0.003%	$21.4M	$5.8M	50x	as long as short
Extended USELESS-USD	+0.0672%	1h	0.2911	+0.011%	$306K	$967K	5x	as long as short
Binance USELESSUSDT	+0.0672%	4h	0.2911	−0.007%	$25.1M	$109.2M	50x	as long as short
edgeX USELESSUSDC	+0.0693%	4h	0.2894	−0.589%	$22K	$189K	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1117%	4h	0.2913	+0.055%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1192%	4h	0.2881	−1.030%	$1.1M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1322%	4h	0.2909	−0.069%	$671K	$2.1M	10x	as long as short
Bybit USELESSUSDTlong	+0.1380%	4h	0.2911	long leg	$29.3M	$42.6M	13x
BingX USELESS-USDT	+0.1394%	4h	0.2914	+0.113%	—	$4.9M	—	as long as short
Hyperliquid USELESS	+0.1471%	1h	0.2912	+0.034%	$14.9M	$19.6M	3x	as long as short
BloFin USELESS-USDT	+0.1885%	4h	0.2900	−0.381%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3071	+5.517%	$5K	$10K	5.5x	as long as short