Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0404%/8h= −44.2% APRpaid last 24h −0.119%

Price spread now: Lighter against Binance+0.140%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$760.756% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.140%, 7d avg −0.029%

Together, before fees−0.276%+ Points / potential airdropLighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.169% dearer against Binance than usual: you sell high and buy low (spread +0.140% now, against its 7-day average of −0.029%): +$17 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 7 days (−0.118% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.118% 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	Binance USELESSUSDT	0.2804	0.0500	pay 0.0250% / 4h	24m 30s	$23.6M	$116.2M	50x
Short	Lighter USELESS	0.2807	0.0096	get 0.0012% / 1h	24m 30s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.140%Rate

Funding earned: −$84.77
Price spread: +0.140% → −0.029%: $16.93
Slippage, 4 orders: −$65.6
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$143.44
Costs to cover: 0.756%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Lighter: 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 Binance live order book, 3 min ago	0.53 bp	15.2 bp −$15	60.9 bp −$609	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	3.57 bp	19.6 bp −$20	87.4 bp −$874	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	0.2807	+0.140%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2805	+0.065%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2803	−0.035%	$9.9M	$66.2M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2803	−0.017%	$36K	$159K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2809	+0.208%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2806	+0.094%	$18K	$496K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2807	+0.108%	$569K	$1.2M	20x	as long as short
ApeX Omni USELESSUSDT	+0.0147%	1h	0.2815	+0.408%	$39K	$702K	25x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2806	+0.086%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0226%	4h	0.2804	+0.001%	$5.2M	$10.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0310%	4h	0.2804	+0.030%	$5.3M	$9.4M	20x	as long as short
Gate USELESS_USDT	+0.0352%	4h	0.2799	−0.167%	$7.0M	$8.3M	50x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2803	−0.032%	$295K	$966K	5x	as long as short
edgeX USELESSUSDC	+0.0497%	4h	0.2823	+0.679%	$21K	$191K	10x	as long as short
Binance USELESSUSDTlong	+0.0500%	4h	0.2804	long leg	$23.6M	$116.2M	50x
MEXC USELESS_USDT	+0.0504%	4h	0.2807	+0.133%	$10.3M	$6.0M	50x	as long as short
BingX USELESS-USDT	+0.0960%	4h	0.2803	−0.003%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.0967%	4h	0.2804	+0.026%	$27.6M	$45.7M	13x	as long as short
Aster USELESSUSDT	+0.1078%	4h	0.2805	+0.058%	$645K	$2.3M	10x	as long as short
Variational Omni USELESS	+0.1121%	4h	0.2811	+0.280%	$1.2M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1267%	4h	0.2810	+0.233%	$1.2M	$2.0M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1324%	4h	0.2811	+0.276%	$22K	$1.4M	10x	as long as short
Hyperliquid USELESS	+0.1553%	1h	0.2809	+0.206%	$14.0M	$21.0M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2972	+5.990%	$5K	$9K	5.5x	as long as short