Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0418%/8h= +45.8% APRpaid last 24h +0.092%

Price spread now: Bitget against Lighter+0.007%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1001.000% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days+0.067%+$7 · spread now +0.007%, 7d avg +0.016%

Together, before fees+0.100%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% 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	Lighter USELESS	0.2733	0.0096	pay 0.0012% / 1h	21m 03s	$1.3M	$1.1M	3x
Short	Bitget USELESSUSDT	0.2733	0.0514	get 0.0257% / 4h	1h 21m	$5.2M	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.007%Rate

Funding earned: $87.78
Price spread: +0.007% → +0.016%: −$0.85
Slippage, 4 orders: −$87.99
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$13.06
Costs to cover: 1.000%
Break-even: 8.0 days

Slippage from Lighter: live order book, 5 min ago; Bitget: 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 Lighter live order book, 5 min ago	6.59 bp	19.6 bp −$20	60.0 bp −$600	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	3.85 bp	28.8 bp −$29	doesn't fit	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 USELESSlong	+0.0096%	1h	0.2733	long leg	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2738	+0.187%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2732	−0.044%	$9.6M	$63.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2727	−0.220%	$26K	$145K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2728	−0.183%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2737	+0.154%	$18K	$489K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2722	−0.428%	$558K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0198%	1h	0.2735	+0.066%	$38K	$699K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2730	−0.106%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0332%	4h	0.2733	0.000%	$5.1M	$9.9M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDT	+0.0372%	4h	0.2732	−0.062%	$6.9M	$8.0M	50x	as long as short
edgeX USELESSUSDC	+0.0492%	4h	0.2737	+0.154%	$20K	$191K	10x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2732	−0.061%	$287K	$965K	5x	as long as short
Binance USELESSUSDT	+0.0498%	4h	0.2732	−0.060%	$23.1M	$113.7M	50x	as long as short
MEXC USELESS_USDT	+0.0500%	4h	0.2732	−0.062%	$9.9M	$5.9M	50x	as long as short
Bitget USELESSUSDTshort	+0.0514%	4h	0.2733	+0.007%	$5.2M	$9.1M	20x
Hyperliquid USELESS	+0.0885%	1h	0.2732	−0.059%	$13.3M	$20.6M	3x	as long as short
Aster USELESSUSDT	+0.1136%	4h	0.2732	−0.055%	$641K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1260%	4h	0.2737	+0.128%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1294%	4h	0.2732	−0.048%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1388%	4h	0.2733	−0.022%	$27.3M	$44.6M	13x	as long as short
Variational Omni USELESS	+0.1473%	4h	0.2741	+0.297%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1790%	4h	0.2735	+0.051%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2934	+7.347%	$5K	$9K	5.5x	as long as short