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 −0.001%

Price spread now: Lighter against SunX−0.177%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$169as in the Funding arb table

Net, price: spread back to 7d avg − costs−$189as in the Price arb table

costs, in and out, $10k−$1771.772% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.084%+$8 on $10k

Price spread, last 3 days (all we have)+1.400%+$140 · spread now −0.177%, 7d avg −0.056%

Together, before fees+1.484%+ Points / potential airdropLighter: Season 3 · farm board+$148 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 0.120% cheaper against SunX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX USELESS-USDT	0.2946	0.0100	pay 0.0050% / 4h	2h 55m	—	$1.4M	10x
Short	Lighter USELESS	0.2940	0.0096	get 0.0012% / 1h	55m 17s	$1.4M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$0.84
Price spread: −0.177% → −0.056%: −$12.01
Slippage, 4 orders: −$169.2
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$190.05
Costs to cover: 1.772%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; Lighter: live order book, 1 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 SunX live order book, 9 min ago	44.70 bp	63.2 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	7.46 bp	24.3 bp −$24	108.3 bp −$1,083	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	0.2940	−0.177%	$1.4M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2942	−0.112%	$33K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2939	−0.207%	$10.5M	$65.6M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2948	+0.088%	$28K	$130K	3x	as long as short
SunX USELESS-USDTlong	+0.0100%	4h	0.2946	long leg	—	$1.4M	10x
HTX USELESS-USDT	+0.0100%	4h	0.2942	−0.115%	$20K	$375K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2937	−0.306%	$584K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0140%	4h	0.2941	−0.153%	$5.4M	$9.5M	12x	as long as short
Aevo USELESS-PERP	+0.0256%	1h	0.2949	+0.110%	$11K	—	3x	as long as short
Gate USELESS_USDT	+0.0292%	4h	0.2939	−0.214%	$7.3M	$7.6M	50x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni USELESSUSDT	+0.0328%	1h	0.2971	+0.862%	$42K	$698K	25x	as long as short
Bitget USELESSUSDT	+0.0576%	4h	0.2936	−0.336%	$5.6M	$8.7M	20x	as long as short
edgeX USELESSUSDC	+0.0690%	4h	0.2980	+1.183%	$22K	$188K	10x	as long as short
Binance USELESSUSDT	+0.0693%	4h	0.2944	−0.068%	$25.6M	$108.4M	50x	as long as short
Extended USELESS-USD	+0.0696%	1h	0.2944	−0.048%	$310K	$967K	5x	as long as short
MEXC USELESS_USDT	+0.0698%	4h	0.2942	−0.109%	$21.7M	$5.7M	50x	as long as short
Orderly PERP_USELESS_USDC	+0.1116%	4h	0.2946	+0.024%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1195%	4h	0.2985	+1.351%	$1.2M	$1.7M	—	as long as short
Aster USELESSUSDT	+0.1377%	4h	0.2946	+0.020%	$685K	$2.1M	10x	as long as short
BingX USELESS-USDT	+0.1486%	4h	0.2938	−0.258%	—	$4.9M	—	as long as short
Bybit USELESSUSDT	+0.1495%	4h	0.2943	−0.085%	$29.7M	$42.3M	13x	as long as short
Hyperliquid USELESS	+0.1666%	1h	0.2952	+0.204%	$15.1M	$19.7M	3x	as long as short
BloFin USELESS-USDT	+0.2076%	4h	0.2945	−0.024%	$1.3M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3116	+5.775%	$5K	$10K	5.5x	as long as short