Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h +0.114%

Price spread now: Binance against Lighter+0.128%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$660.656% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.137%+$14 on $10k

Price spread, last 7 days−0.109%−$11 · spread now +0.128%, 7d avg +0.030%

Together, before fees+0.027%+ Points / potential airdropLighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Binance is 0.099% dearer against Lighter than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.030%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.137% in total (about 7.1% 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	Lighter USELESS	0.2803	0.0096	pay 0.0012% / 1h	8m 02s	$1.3M	$1.2M	3x
Short	Binance USELESSUSDT	0.2807	0.0548	get 0.0274% / 4h	2h 08m	$23.8M	$117.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now +0.128%Rate

Funding earned: $94.89
Price spread: +0.128% → +0.030%: $9.85
Slippage, 4 orders: −$55.58
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: $39.16
Costs to cover: 0.656%
Break-even: 4.1 days

Slippage from Lighter: live order book, 3 min ago; Binance: live order book, 5 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 Lighter live order book, 3 min ago	4.46 bp	16.0 bp −$16	61.1 bp −$611	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.35 bp	21.0 bp −$21	77.0 bp −$770	doesn't fit	doesn't fit

USELESS on 23 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 USELESSlong	+0.0096%	1h	0.2803	long leg	$1.3M	$1.2M	3x
Pacifica USELESS	+0.0100%	1h	0.2802	−0.060%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2807	+0.128%	$9.9M	$66.0M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2800	−0.114%	$7.0M	$8.4M	50x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2808	+0.157%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2808	+0.171%	$18K	$502K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2797	−0.203%	$605K	$1.1M	20x	as long as short
KuCoin USELESSUSDTM	+0.0132%	4h	0.2802	−0.061%	$5.2M	$10.4M	12x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2806	+0.096%	$10K	—	3x	as long as short
Polymarket Perps USELESS-USD	+0.0404%	1h	0.2806	+0.096%	$27K	$202K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX USELESSUSDC	+0.0543%	4h	0.2813	+0.359%	$21K	$194K	10x	as long as short
Extended USELESS-USD	+0.0544%	1h	0.2807	+0.138%	$298K	$1.1M	5x	as long as short
Binance USELESSUSDTshort	+0.0548%	4h	0.2807	+0.128%	$23.8M	$117.0M	50x
MEXC USELESS_USDT	+0.0552%	4h	0.2806	+0.089%	$11.0M	$6.0M	50x	as long as short
Bitget USELESSUSDT	+0.0582%	4h	0.2808	+0.157%	$5.4M	$9.8M	20x	as long as short
BingX USELESS-USDT	+0.0738%	4h	0.2807	+0.125%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0739%	4h	0.2805	+0.075%	$27.3M	$46.3M	13x	as long as short
ApeX Omni USELESSUSDT	+0.0776%	1h	0.2814	+0.385%	$39K	$699K	25x	as long as short
Variational Omni USELESS	+0.0901%	4h	0.2816	+0.455%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1068%	4h	0.2801	−0.088%	$624K	$2.3M	10x	as long as short
Hyperliquid USELESS	+0.1272%	1h	0.2809	+0.193%	$14.0M	$20.7M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1309%	4h	0.2805	+0.064%	$22K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2989	+6.610%	$5K	$9K	5.5x	as long as short