Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1421%/8h= +155.6% APRpaid last 24h +0.148%

Price spread now: Variational Omni against Lighter+0.116%7-day average +0.133% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.214%+$21 on $10k

Price spread, last 7 days−0.153%−$15 · spread now +0.116%, 7d avg +0.133%

Together, before fees+0.061%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.133%, so right now this pair is about funding alone: +$43 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.214% in total (about 24.0% 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	0.2831	0.0096	pay 0.0012% / 1h	40m 41s	$1.3M	$1.1M	3x
Short	Variational Omni USELESS	0.2835	0.1517	get 0.0759% / 4h	1h 40m	$1.2M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.116%Rate

Funding earned: $298.49
Price spread: +0.116% → +0.133%: −$1.72
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $296.76
Costs to cover: 0.000%
Break-even: 0.0 days

Slippage unknown: Lighter: live order book, 5 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 5 min ago	7.22 bp	16.6 bp −$17	69.8 bp −$698	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.51 bp	doesn't fit	49.1 bp −$491	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	0.2831	long leg	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2831	−0.018%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2833	+0.046%	$10.0M	$64.3M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2824	−0.254%	$27K	$142K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2831	−0.004%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2837	+0.187%	$30K	$418K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2817	−0.512%	$579K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0224%	1h	0.2827	−0.161%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0336%	4h	0.2828	−0.109%	$5.2M	$9.8M	12x	as long as short
Gate USELESS_USDT	+0.0392%	4h	0.2829	−0.092%	$7.1M	$7.9M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0538%	4h	0.2834	+0.078%	$5.5M	$8.9M	20x	as long as short
MEXC USELESS_USDT	+0.0564%	4h	0.2834	+0.106%	$10.0M	$5.7M	50x	as long as short
Extended USELESS-USD	+0.0568%	1h	0.2832	+0.031%	$298K	$965K	5x	as long as short
Binance USELESSUSDT	+0.0569%	4h	0.2832	+0.034%	$23.9M	$111.9M	50x	as long as short
edgeX USELESSUSDC	+0.0570%	4h	0.2837	+0.205%	$21K	$190K	10x	as long as short
ApeX Omni USELESSUSDT	+0.0635%	1h	0.2839	+0.268%	$40K	$700K	25x	as long as short
Hyperliquid USELESS	+0.1191%	1h	0.2836	+0.164%	$14.3M	$20.0M	3x	as long as short
Orderly PERP_USELESS_USDC	+0.1249%	4h	0.2827	−0.166%	$22K	$1.4M	10x	as long as short
Aster USELESSUSDT	+0.1252%	4h	0.2826	−0.184%	$653K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1418%	4h	0.2836	+0.166%	—	$4.9M	—	as long as short
Variational Omni USELESSshort	+0.1517%	4h	0.2835	+0.116%	$1.2M	$1.8M	—
Bybit USELESSUSDT	+0.1539%	4h	0.2833	+0.071%	$28.7M	$43.4M	13x	as long as short
BloFin USELESS-USDT	+0.1982%	4h	0.2825	−0.219%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3013	+6.417%	$5K	$9K	5.5x	as long as short