Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.070%

Price spread now: Lighter against Phemex+0.267%7-day average −0.044% · you sell dearer than you buy

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

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now +0.267%, 7d avg −0.044%

Together, before fees−0.001%+ Points / potential airdropLighter: Season 3 · farm board$0 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: Lighter is 0.311% dearer against Phemex than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex USELESSUSDT	0.2959	0.0100	pay 0.0050% / 4h	2h 32m	$589K	$1.3M	20x
Short	Lighter USELESS	0.2967	0.0096	get 0.0012% / 1h	32m 36s	$1.4M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.267%Rate

Funding earned: −$0.84
Price spread: +0.267% → −0.044%: $31.14
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $18.3
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 5 min ago; Lighter: live order book, 4 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 Phemex live order book, 5 min ago	35.40 bp	72.3 bp −$72	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	4.78 bp	23.3 bp −$23	98.2 bp −$982	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	0.2967	+0.267%	$1.4M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2966	+0.220%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2965	+0.193%	$10.5M	$66.3M	10x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2929	−1.027%	$42K	$698K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2965	+0.186%	$29K	$137K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2964	+0.166%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2953	−0.210%	$20K	$378K	20x	as long as short
Phemex USELESSUSDTlong	+0.0100%	4h	0.2959	long leg	$589K	$1.3M	20x
KuCoin USELESSUSDTM	+0.0196%	4h	0.2964	+0.159%	$5.5M	$9.6M	12x	as long as short
Aevo USELESS-PERP	+0.0240%	1h	0.2968	+0.287%	$11K	—	3x	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	+0.0442%	4h	0.2963	+0.135%	$7.4M	$7.7M	50x	as long as short
Bitget USELESSUSDT	+0.0534%	4h	0.2966	+0.216%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0668%	4h	0.2954	−0.168%	$22K	$189K	10x	as long as short
Binance USELESSUSDT	+0.0679%	4h	0.2970	+0.353%	$25.6M	$109.1M	50x	as long as short
Extended USELESS-USD	+0.0680%	1h	0.2968	+0.302%	$311K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0682%	4h	0.2968	+0.297%	$10.5M	$5.8M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1152%	4h	0.2966	+0.237%	$22K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1232%	4h	0.2969	+0.307%	—	$4.9M	—	as long as short
Variational Omni USELESS	+0.1256%	4h	0.2936	−0.792%	$1.2M	$1.7M	—	as long as short
Bybit USELESSUSDT	+0.1366%	4h	0.2968	+0.284%	$29.8M	$42.5M	13x	as long as short
Aster USELESSUSDT	+0.1389%	4h	0.2959	+0.003%	$683K	$2.1M	10x	as long as short
Hyperliquid USELESS	+0.1564%	1h	0.2971	+0.385%	$15.2M	$19.6M	3x	as long as short
BloFin USELESS-USDT	+0.1730%	4h	0.2965	+0.182%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3123	+5.511%	$5K	$10K	5.5x	as long as short