Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.038%

Price spread now: Phemex against Lighter+0.061%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1631.633% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 4 days (all we have)−0.271%−$27 · spread now +0.061%, 7d avg +0.028%

Together, before fees−0.196%+ Points / potential airdropLighter: Season 3 · farm board−$20 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: Phemex is 0.033% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USELESS	0.2624	0.0096	pay 0.0012% / 1h	11m 05s	$1.2M	$1.2M	3x
Short	Phemex USELESSUSDT	0.2626	0.0100	get 0.0050% / 4h	3h 11m	$609K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.061%Rate

Funding earned: $0.84
Price spread: +0.061% → +0.028%: $3.29
Slippage, 4 orders: −$151.27
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$159.14
Costs to cover: 1.633%
Break-even: 1333.2 days

Slippage from Lighter: live order book, 5 min ago; Phemex: 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	5.54 bp	17.8 bp −$18	71.0 bp −$710	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	17.65 bp	49.0 bp −$49	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	0.2624	long leg	$1.2M	$1.2M	3x
Pacifica USELESS	+0.0100%	1h	0.2628	+0.156%	$28K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2625	+0.027%	$25K	$237K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2625	+0.011%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2625	+0.027%	$18K	$519K	20x	as long as short
Phemex USELESSUSDTshort	+0.0100%	4h	0.2626	+0.061%	$609K	$1.1M	20x
Gate USELESS_USDT	+0.0102%	4h	0.2628	+0.152%	$6.6M	$8.6M	50x	as long as short
Aster USELESSUSDT	+0.0121%	4h	0.2625	+0.038%	$519K	$2.4M	10x	as long as short
Bitget USELESSUSDT	+0.0134%	4h	0.2624	−0.019%	$5.0M	$10.3M	20x	as long as short
Aevo USELESS-PERP	+0.0160%	1h	0.2621	−0.143%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX USELESS-USDT-SWAP	+0.0161%	4h	0.2626	+0.065%	$8.9M	$63.4M	10x	as long as short
KuCoin USELESSUSDTM	+0.0186%	4h	0.2629	+0.187%	$4.8M	$10.7M	12x	as long as short
Binance USELESSUSDT	+0.0303%	4h	0.2625	+0.034%	$21.9M	$121.5M	50x	as long as short
Extended USELESS-USD	+0.0304%	1h	0.2625	+0.027%	$112K	$1.1M	5x	as long as short
edgeX USELESSUSDC	+0.0305%	4h	0.2640	+0.597%	$20K	$196K	10x	as long as short
MEXC USELESS_USDT	+0.0306%	4h	0.2626	+0.076%	$10.6M	$6.1M	50x	as long as short
Hyperliquid USELESS	+0.0356%	1h	0.2625	+0.030%	$11.5M	$22.6M	3x	as long as short
ApeX Omni USELESSUSDT	+0.0369%	1h	0.2634	+0.366%	$36K	$695K	25x	as long as short
Bybit USELESSUSDT	+0.0545%	4h	0.2627	+0.091%	$24.8M	$48.4M	13x	as long as short
BingX USELESS-USDT	+0.0594%	4h	0.2626	+0.061%	—	$5.3M	—	as long as short
Variational Omni USELESS	+0.0603%	4h	0.2623	−0.061%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0794%	4h	0.2626	+0.072%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1272%	4h	0.2626	+0.065%	$20K	$1.2M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2792	+6.401%	$5K	$11K	5.5x	as long as short