Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0434%/8h= −47.5% APRpaid last 24h −0.120%

Price spread now: Lighter against MEXC−0.064%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$86as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$740.738% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days+0.025%+$2 · spread now −0.064%, 7d avg −0.030%

Together, before fees−0.094%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Lighter is 0.033% cheaper against MEXC than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.119% in total (about -6.2% 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	MEXC USELESS_USDT	0.2824	0.0530	pay 0.0265% / 4h	53m 06s	$10.3M	$5.9M	50x
Short	Lighter USELESS	0.2822	0.0096	get 0.0012% / 1h	53m 06s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$91.14
Price spread: −0.064% → −0.030%: −$3.33
Slippage, 4 orders: −$65.78
Fee MEXC: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$168.25
Costs to cover: 0.738%
Break-even: never at this rate

Slippage from MEXC: live order book, 10 min ago; Lighter: live order book, 8 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 MEXC live order book, 10 min ago	0.55 bp	8.4 bp −$8	46.4 bp −$464	147.8 bp −$14.8K	541.8 bp −$270.9K
Sell Lighter live order book, 8 min ago	6.15 bp	21.8 bp −$22	109.9 bp −$1,099	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 USELESSshort	+0.0096%	1h	0.2822	−0.064%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2823	−0.032%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2818	−0.198%	$9.8M	$66.0M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2824	+0.011%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2824	+0.025%	$19K	$492K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2811	−0.467%	$565K	$1.2M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0169%	1h	0.2823	−0.014%	$30K	$152K	3x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2823	−0.018%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0330%	4h	0.2822	−0.064%	$5.2M	$9.9M	12x	as long as short
Bitget USELESSUSDT	+0.0434%	4h	0.2818	−0.198%	$5.3M	$9.3M	20x	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	+0.0448%	4h	0.2818	−0.202%	$7.0M	$8.2M	50x	as long as short
edgeX USELESSUSDC	+0.0517%	4h	0.2810	−0.476%	$21K	$191K	10x	as long as short
MEXC USELESS_USDTlong	+0.0530%	4h	0.2824	long leg	$10.3M	$5.9M	50x
Binance USELESSUSDT	+0.0541%	4h	0.2819	−0.176%	$23.7M	$115.3M	50x	as long as short
Extended USELESS-USD	+0.0544%	1h	0.2821	−0.094%	$297K	$966K	5x	as long as short
ApeX Omni USELESSUSDT	+0.0582%	1h	0.2789	−1.232%	$39K	$701K	25x	as long as short
Aster USELESSUSDT	+0.1160%	4h	0.2824	−0.004%	$650K	$2.2M	10x	as long as short
BingX USELESS-USDT	+0.1194%	4h	0.2820	−0.131%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1221%	4h	0.2820	−0.135%	$28.0M	$45.4M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1333%	4h	0.2823	−0.032%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1387%	4h	0.2793	−1.078%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1476%	1h	0.2823	−0.042%	$14.0M	$20.9M	3x	as long as short
BloFin USELESS-USDT	+0.1588%	4h	0.2819	−0.163%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2991	+5.918%	$5K	$9K	5.5x	as long as short