Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1234%/8h= +135.1% APRpaid last 24h +0.262%

Price spread now: Orderly against Lighter+0.028%7-day average +0.015% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.799%+$80 on $10k

Price spread, last 3 days (all we have)−0.043%−$4 · spread now +0.028%, 7d avg +0.015%

Together, before fees+0.756%+ Points / potential airdropLighter: Season 3 · farm board+$76 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: +$37 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 0.799% in total (about 41.7% 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	0.2819	0.0096	pay 0.0012% / 1h	28m 36s	$1.3M	$1.1M	3x
Short	Orderly PERP_USELESS_USDC	0.2820	0.1330	get 0.0665% / 4h	28m 36s	$22K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.028%Rate

Funding earned: $259.13
Price spread: +0.028% → +0.015%: $1.36
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $254.49
Costs to cover: 0.060%
Break-even: 0.1 days

Slippage unknown: Lighter: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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	5.86 bp	24.1 bp −$24	62.5 bp −$625	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2819	long leg	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2822	+0.112%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2820	+0.025%	$9.9M	$66.5M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2815	−0.131%	$35K	$157K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2819	−0.004%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2811	−0.280%	$18K	$495K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2819	−0.004%	$571K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2820	+0.035%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0247%	1h	0.2817	−0.071%	$39K	$700K	25x	as long as short
KuCoin USELESSUSDTM	+0.0248%	4h	0.2819	+0.018%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0328%	4h	0.2820	+0.035%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0368%	4h	0.2816	−0.099%	$7.0M	$8.3M	50x	as long as short
edgeX USELESSUSDC	+0.0490%	4h	0.2816	−0.096%	$21K	$192K	10x	as long as short
MEXC USELESS_USDT	+0.0508%	4h	0.2823	+0.142%	$10.4M	$6.0M	50x	as long as short
Binance USELESSUSDT	+0.0509%	4h	0.2820	+0.050%	$23.7M	$116.1M	50x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2822	+0.102%	$297K	$966K	5x	as long as short
Bybit USELESSUSDT	+0.1001%	4h	0.2823	+0.124%	$27.8M	$45.7M	13x	as long as short
BingX USELESS-USDT	+0.1010%	4h	0.2821	+0.078%	—	$5.0M	—	as long as short
Aster USELESSUSDT	+0.1098%	4h	0.2818	−0.035%	$648K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1185%	4h	0.2823	+0.127%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1323%	4h	0.2824	+0.195%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDCshort	+0.1330%	4h	0.2820	+0.028%	$22K	$1.4M	10x
Hyperliquid USELESS	+0.1539%	1h	0.2827	+0.266%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2985	+5.874%	$5K	$9K	5.5x	as long as short