Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0394%/8h= −43.2% APRpaid last 24h −0.118%

Price spread now: Lighter against edgeX+0.220%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$255as in the Funding arb table

Net, price: spread back to 7d avg − costs−$215as in the Price arb table

costs, in and out, $10k−$2442.438% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 3 days (all we have)−0.251%−$25 · spread now +0.220%, 7d avg −0.066%

Together, before fees−0.360%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.286% dearer against edgeX than usual: you sell high and buy low (spread +0.220% now, against its 7-day average of −0.066%): +$29 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.109% in total) that is about 18 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.109% in total (about -5.7% 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	edgeX USELESSUSDC	0.2816	0.0490	pay 0.0245% / 4h	29m 02s	$21K	$192K	10x
Short	Lighter USELESS	0.2823	0.0096	get 0.0012% / 1h	29m 02s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.220%Rate

Funding earned: −$82.81
Price spread: +0.220% → −0.066%: $28.59
Slippage, 4 orders: −$234.76
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$297.98
Costs to cover: 2.438%
Break-even: never at this rate

Slippage from edgeX: live order book, 48 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 edgeX live order book, 48 min ago	1.28 bp	84.4 bp −$84	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	5.86 bp	21.7 bp −$22	81.9 bp −$819	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	0.2823	+0.220%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2818	+0.049%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2823	+0.238%	$9.9M	$66.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2815	−0.036%	$35K	$157K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2819	+0.092%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2811	−0.185%	$18K	$495K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2819	+0.092%	$571K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2820	+0.130%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0247%	1h	0.2817	+0.025%	$39K	$700K	25x	as long as short
KuCoin USELESSUSDTM	+0.0254%	4h	0.2818	+0.074%	$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	+0.0330%	4h	0.2820	+0.145%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0376%	4h	0.2820	+0.117%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDClong	+0.0490%	4h	0.2816	long leg	$21K	$192K	10x
MEXC USELESS_USDT	+0.0506%	4h	0.2825	+0.298%	$10.4M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0509%	4h	0.2825	+0.316%	$23.8M	$116.1M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2825	+0.293%	$297K	$966K	5x	as long as short
BingX USELESS-USDT	+0.1010%	4h	0.2824	+0.280%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1011%	4h	0.2824	+0.291%	$27.9M	$45.7M	13x	as long as short
Aster USELESSUSDT	+0.1098%	4h	0.2818	+0.060%	$648K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1185%	4h	0.2823	+0.223%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1323%	4h	0.2824	+0.291%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1330%	4h	0.2820	+0.124%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1544%	1h	0.2828	+0.415%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2985	+5.976%	$5K	$9K	5.5x	as long as short