USELESS

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1380%/8h= +151.1% APRnext payment +$1.72 per $10,000 · paid last 24h +0.261%

Price spread now: Hyperliquid against Lighter+0.465%7-day average +0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$760.760% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.754%+$75 on $10k

Price spread, last 7 days−0.381%−$38 · spread now +0.465%, 7d avg +0.088%

Together, before fees+0.372%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$41 a day on $10k at the current rate, and Hyperliquid is 0.377% dearer against Lighter than usual: you sell high and buy low: +$38 more if the spread goes back to its 7-day average of +0.088%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.754% in total (about 39.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.72 per $10,000. 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	0.2861	0.0096	pay 0.0012% / 1h	57m 00s	$1.3M	$1.1M	3x
Short	Hyperliquid USELESS	0.2875	0.1476	get 0.0184% / 1h	57m 00s	$14.7M	$19.8M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.465%Rate

Funding earned: $289.77
Price spread: +0.465% → +0.088%: $37.67
Slippage, 4 orders: −$67.02
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $251.41
Costs to cover: 0.760%
Break-even: 0.9 days

Slippage from Lighter: live order book, 4 min ago; Hyperliquid: live order book, 6 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, 4 min ago	4.37 bp	18.1 bp −$18	55.2 bp −$552	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	1.75 bp	19.2 bp −$19	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	0.2861	long leg	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2862	+0.028%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2870	+0.294%	$10.1M	$64.8M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2862	+0.007%	$28K	$140K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2861	−0.021%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2858	−0.136%	$20K	$388K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2847	−0.493%	$577K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2862	+0.034%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0270%	1h	0.2851	−0.363%	$41K	$698K	25x	as long as short
KuCoin USELESSUSDTM	+0.0298%	4h	0.2862	+0.024%	$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	+0.0340%	4h	0.2861	−0.028%	$7.1M	$7.8M	50x	as long as short
Bitget USELESSUSDT	+0.0520%	4h	0.2872	+0.381%	$5.5M	$8.8M	20x	as long as short
edgeX USELESSUSDC	+0.0571%	4h	0.2869	+0.262%	$21K	$189K	10x	as long as short
MEXC USELESS_USDT	+0.0590%	4h	0.2862	+0.024%	$10.0M	$5.7M	50x	as long as short
Binance USELESSUSDT	+0.0592%	4h	0.2871	+0.342%	$24.4M	$111.0M	50x	as long as short
Extended USELESS-USD	+0.0592%	1h	0.2862	+0.005%	$301K	$968K	5x	as long as short
Orderly PERP_USELESS_USDC	+0.1222%	4h	0.2863	+0.038%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1290%	4h	0.2863	+0.056%	$663K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1328%	4h	0.2874	+0.444%	—	$4.9M	—	as long as short
Variational Omni USELESS	+0.1422%	4h	0.2857	−0.151%	$1.2M	$1.8M	—	as long as short
Bybit USELESSUSDT	+0.1427%	4h	0.2872	+0.353%	$29.1M	$43.1M	13x	as long as short
Hyperliquid USELESSshort	+0.1476%	1h	0.2875	+0.465%	$14.7M	$19.8M	3x
BloFin USELESS-USDT	+0.1853%	4h	0.2861	0.000%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3032	+5.966%	$5K	$9K	5.5x	as long as short