Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1325%/8h= +145.1% APRpaid last 24h +0.133%

Price spread now: Bybit against Lighter−0.007%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$1001.002% of the position

Long on Lighter Short on Bybit

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−0.012%−$1 · spread now −0.007%, 7d avg −0.005%

Together, before fees+0.130%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: +$40 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 0.142% 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	Lighter USELESS	0.2859	0.0096	pay 0.0012% / 1h	55m 28s	$1.3M	$1.1M	3x
Short	Bybit USELESSUSDT	0.2859	0.1421	get 0.0711% / 4h	1h 55m	$29.0M	$43.2M	13x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.007%Rate

Funding earned: $278.33
Price spread: −0.007% → −0.005%: −$0.2
Slippage, 4 orders: −$89.18
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $177.94
Costs to cover: 1.002%
Break-even: 2.5 days

Slippage from Lighter: live order book, 1 min ago; Bybit: 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 Lighter live order book, 1 min ago	6.47 bp	26.0 bp −$26	63.8 bp −$638	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.75 bp	24.2 bp −$24	77.7 bp −$777	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	−0.0024%	1h	0.2859	−0.014%	$41K	$699K	25x	as long as short
Lighter USELESSlong	+0.0096%	1h	0.2859	long leg	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2860	+0.024%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2856	−0.112%	$10.1M	$64.5M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2857	−0.101%	$28K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2865	+0.203%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2867	+0.262%	$20K	$389K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2844	−0.553%	$577K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2863	+0.128%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0294%	4h	0.2860	+0.021%	$5.3M	$9.7M	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	+0.0318%	4h	0.2855	−0.161%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2856	−0.133%	$5.5M	$8.9M	20x	as long as short
edgeX USELESSUSDC	+0.0571%	4h	0.2869	+0.332%	$21K	$189K	10x	as long as short
MEXC USELESS_USDT	+0.0590%	4h	0.2855	−0.154%	$10.1M	$5.7M	50x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.2860	+0.013%	$301K	$968K	5x	as long as short
Binance USELESSUSDT	+0.0596%	4h	0.2856	−0.107%	$24.3M	$111.1M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1225%	4h	0.2863	+0.108%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1242%	1h	0.2861	+0.050%	$14.7M	$19.8M	3x	as long as short
Aster USELESSUSDT	+0.1284%	4h	0.2859	−0.024%	$662K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1354%	4h	0.2857	−0.073%	—	$4.9M	—	as long as short
Bybit USELESSUSDTshort	+0.1421%	4h	0.2859	−0.007%	$29.0M	$43.2M	13x
Variational Omni USELESS	+0.1422%	4h	0.2857	−0.081%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1853%	4h	0.2861	+0.070%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3032	+6.040%	$5K	$9K	5.5x	as long as short