Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0862%/8h= −94.4% APRpaid last 24h −0.300%

Price spread now: Lighter against Orderly−0.013%7-day average −0.018% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.948%−$95 on $10k

Price spread, last 4 days (all we have)+0.873%+$87 · spread now −0.013%, 7d avg −0.018%

Together, before fees−0.074%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: −$26 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_USELESS_USDC	0.2968	0.0958	pay 0.0479% / 4h	3h 29m	$22K	$1.9M	10x
Short	Lighter USELESS	0.2968	0.0096	get 0.0012% / 1h	29m 38s	$1.3M	$1.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpFee LighterbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$181
Price spread: −0.013% → −0.018%: $0.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$186.53
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 7 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 7 min ago	16.47 bp	42.3 bp −$42	136.1 bp −$1,361	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.2968	−0.013%	$1.3M	$1.2M	3x
Pacifica USELESS	+0.0100%	1h	0.2964	−0.138%	$31K	$19K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2967	−0.027%	$10.8M	$77.9M	10x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2966	−0.088%	$7.5M	$9.0M	50x	as long as short
Bitget USELESSUSDT	+0.0100%	4h	0.2969	+0.017%	$5.7M	$11.4M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2965	−0.115%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2969	+0.030%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2967	−0.057%	$19K	$515K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2973	+0.158%	$677K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0130%	4h	0.2968	−0.003%	$5.5M	$11.0M	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo USELESS-PERP	+0.0208%	1h	0.2966	−0.085%	$11K	—	3x	as long as short
Aster USELESSUSDT	+0.0329%	4h	0.2966	−0.074%	$611K	$2.3M	10x	as long as short
edgeX USELESSUSDC	+0.0485%	4h	0.2985	+0.551%	$22K	$200K	10x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2968	−0.013%	$283K	$1.7M	5x	as long as short
MEXC USELESS_USDT	+0.0514%	4h	0.2968	−0.010%	$13.9M	$6.7M	50x	as long as short
Binance USELESSUSDT	+0.0520%	4h	0.2967	−0.027%	$25.5M	$133.6M	50x	as long as short
Variational Omni USELESS	+0.0891%	4h	0.2973	+0.167%	$1.2M	$1.9M	—	as long as short
Orderly PERP_USELESS_USDClong	+0.0958%	4h	0.2968	long leg	$22K	$1.9M	10x
Hyperliquid USELESS	+0.1075%	1h	0.2967	−0.051%	$13.3M	$24.4M	3x	as long as short
ApeX Omni USELESSUSDT	+0.1100%	1h	0.2978	+0.330%	$56K	$699K	25x	as long as short
BingX USELESS-USDT	+0.1368%	4h	0.2973	+0.155%	—	$5.5M	—	as long as short
Bybit USELESSUSDT	+0.1557%	4h	0.2969	+0.030%	$29.5M	$53.4M	13x	as long as short
BloFin USELESS-USDT	+0.1578%	4h	0.2974	+0.192%	$1.3M	$2.3M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3176	+6.991%	$5K	$11K	5.5x	as long as short