Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.013%

Price spread now: Gate against Lighter−0.356%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1151.154% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 7 days+0.277%+$28 · spread now −0.356%, 7d avg −0.080%

Together, before fees+0.257%+ Points / potential airdropLighter: Season 3 · farm board+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Gate is 0.277% cheaper against Lighter than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USELESS	0.2750	0.0096	pay 0.0012% / 1h	44m 44s	$1.2M	$1.2M	3x
Short	Gate USELESS_USDT	0.2740	0.0100	get 0.0050% / 4h	1h 44m	$6.8M	$8.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.356%Rate

Funding earned: $0.84
Price spread: −0.356% → −0.080%: −$27.68
Slippage, 4 orders: −$100.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$142.19
Costs to cover: 1.154%
Break-even: 1191.9 days

Slippage from Lighter: live order book, 11 min ago; Gate: live order book, 4 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, 11 min ago	5.65 bp	16.2 bp −$16	63.1 bp −$631	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	7.47 bp	47.0 bp −$47	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	0.2750	long leg	$1.2M	$1.2M	3x
Pacifica USELESS	+0.0100%	1h	0.2735	−0.522%	$30K	$70K	3x	as long as short
Gate USELESS_USDTshort	+0.0100%	4h	0.2740	−0.356%	$6.8M	$8.5M	50x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2740	−0.345%	$32K	$209K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2742	−0.298%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2742	−0.280%	$18K	$506K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2737	−0.465%	$601K	$1.1M	20x	as long as short
OKX USELESS-USDT-SWAP	+0.0137%	4h	0.2748	−0.051%	$9.7M	$64.6M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0197%	1h	0.2758	+0.298%	$38K	$693K	25x	as long as short
KuCoin USELESSUSDTM	+0.0200%	4h	0.2745	−0.185%	$5.1M	$10.4M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0224%	1h	0.2739	−0.385%	$10K	—	3x	as long as short
Bitget USELESSUSDT	+0.0524%	4h	0.2751	+0.040%	$5.3M	$9.9M	20x	as long as short
edgeX USELESSUSDC	+0.0570%	4h	0.2746	−0.134%	$21K	$195K	10x	as long as short
MEXC USELESS_USDT	+0.0580%	4h	0.2752	+0.069%	$10.7M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0584%	4h	0.2751	+0.044%	$23.3M	$117.9M	50x	as long as short
Extended USELESS-USD	+0.0584%	1h	0.2750	+0.007%	$292K	$1.1M	5x	as long as short
Hyperliquid USELESS	+0.0773%	1h	0.2751	+0.025%	$13.5M	$20.9M	3x	as long as short
BingX USELESS-USDT	+0.0898%	4h	0.2751	+0.055%	—	$5.1M	—	as long as short
Bybit USELESSUSDT	+0.0905%	4h	0.2749	−0.022%	$26.6M	$46.4M	13x	as long as short
Variational Omni USELESS	+0.0956%	4h	0.2742	−0.277%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1037%	4h	0.2748	−0.083%	$586K	$2.3M	10x	as long as short
BloFin USELESS-USDT	+0.1177%	4h	0.2742	−0.265%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1342%	4h	0.2742	−0.302%	$21K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2902	+5.546%	$5K	$9K	5.5x	as long as short