Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.023%

Price spread now: Lighter against KuCoin+0.284%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$1101.103% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 7 days−0.393%−$39 · spread now +0.284%, 7d avg +0.022%

Together, before fees−0.560%+ Points / potential airdropLighter: Season 3 · farm board−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.262% dearer against KuCoin than usual: you sell high and buy low (spread +0.284% now, against its 7-day average of +0.022%): +$26 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin USELESSUSDTM	0.2748	0.0206	pay 0.0103% / 4h	1h 33m	$5.1M	$10.4M	12x
Short	Lighter USELESS	0.2756	0.0096	get 0.0012% / 1h	33m 49s	$1.3M	$1.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.284%Rate

Funding earned: −$23.1
Price spread: +0.284% → +0.022%: $26.23
Slippage, 4 orders: −$98.35
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$107.22
Costs to cover: 1.103%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 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 KuCoin live order book, 5 min ago	6.56 bp	40.5 bp −$41	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	8.39 bp	21.2 bp −$21	65.4 bp −$654	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	0.2756	+0.284%	$1.3M	$1.2M	3x
Pacifica USELESS	+0.0100%	1h	0.2752	+0.142%	$30K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2746	−0.069%	$6.9M	$8.5M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2745	−0.113%	$38K	$694K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2746	−0.076%	$34K	$211K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2754	+0.211%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2743	−0.182%	$18K	$508K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2744	−0.153%	$605K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0142%	4h	0.2762	+0.506%	$9.7M	$64.9M	10x	as long as short
KuCoin USELESSUSDTMlong	+0.0206%	4h	0.2748	long leg	$5.1M	$10.4M	12x

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0224%	1h	0.2751	+0.089%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0508%	4h	0.2756	+0.273%	$5.3M	$9.9M	20x	as long as short
Binance USELESSUSDT	+0.0581%	4h	0.2760	+0.421%	$23.4M	$118.0M	50x	as long as short
MEXC USELESS_USDT	+0.0582%	4h	0.2759	+0.404%	$10.8M	$6.0M	50x	as long as short
Extended USELESS-USD	+0.0584%	1h	0.2754	+0.198%	$289K	$1.1M	5x	as long as short
edgeX USELESSUSDC	+0.0591%	4h	0.2747	−0.038%	$20K	$195K	10x	as long as short
Hyperliquid USELESS	+0.0668%	1h	0.2758	+0.368%	$13.5M	$20.9M	3x	as long as short
BingX USELESS-USDT	+0.0832%	4h	0.2754	+0.229%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0861%	4h	0.2755	+0.240%	$26.6M	$46.5M	13x	as long as short
Variational Omni USELESS	+0.0928%	4h	0.2748	−0.014%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1031%	4h	0.2752	+0.134%	$581K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1141%	4h	0.2750	+0.058%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1345%	4h	0.2751	+0.106%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2904	+5.688%	$5K	$9K	5.5x	as long as short