Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0747%/8h= −81.8% APRpaid last 24h −0.163%

Price spread now: Lighter against Variational Omni+0.113%7-day average −0.126% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.258%−$26 on $10k

Price spread, last 7 days−0.076%−$8 · spread now +0.113%, 7d avg −0.126%

Together, before fees−0.334%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.239% dearer against Variational Omni than usual: you sell high and buy low (spread +0.113% now, against its 7-day average of −0.126%): +$24 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 3 days (−0.258% in total) that is about 3.2 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.258% in total (about -27.1% 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	Variational Omni USELESS	0.2536	0.0843	pay 0.0421% / 4h	41m 36s	$1.0M	$1.8M	—
Short	Lighter USELESS	0.2538	0.0096	get 0.0012% / 1h	41m 36s	$1.1M	$1.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$156.8
Price spread: +0.113% → −0.126%: $23.92
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$132.89
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter: live order book, 9 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 Variational Omni RFQ quote, 3 min ago	5.87 bp	doesn't fit	45.0 bp −$450	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	4.32 bp	28.3 bp −$28	104.7 bp −$1,047	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	0.2538	+0.113%	$1.1M	$1.2M	3x
Hyperliquid USELESS	+0.0100%	1h	0.2542	+0.267%	$11.5M	$22.8M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2541	+0.203%	$28K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2539	+0.141%	$6.4M	$8.7M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0100%	1h	0.2554	+0.728%	$33K	$699K	25x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2540	+0.164%	$35K	$219K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2539	+0.129%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2538	+0.113%	$17K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2537	+0.062%	$561K	$1.1M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2540	+0.185%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX USELESS-USDT-SWAP	+0.0214%	4h	0.2539	+0.145%	$8.8M	$62.6M	10x	as long as short
KuCoin USELESSUSDTM	+0.0228%	4h	0.2540	+0.164%	$4.6M	$10.7M	12x	as long as short
Bitget USELESSUSDT	+0.0400%	4h	0.2537	+0.070%	$4.9M	$10.5M	20x	as long as short
Binance USELESSUSDT	+0.0486%	4h	0.2540	+0.176%	$21.2M	$123.5M	50x	as long as short
edgeX USELESSUSDC	+0.0492%	4h	0.2545	+0.389%	$19K	$195K	10x	as long as short
Extended USELESS-USD	+0.0496%	1h	0.2542	+0.241%	$112K	$1.2M	5x	as long as short
MEXC USELESS_USDT	+0.0496%	4h	0.2543	+0.279%	$10.2M	$6.2M	50x	as long as short
Aster USELESSUSDT	+0.0580%	4h	0.2541	+0.223%	$503K	$2.4M	10x	as long as short
Bybit USELESSUSDT	+0.0629%	4h	0.2539	+0.141%	$24.3M	$48.8M	13x	as long as short
BingX USELESS-USDT	+0.0632%	4h	0.2540	+0.172%	—	$5.3M	—	as long as short
Variational Omni USELESSlong	+0.0843%	4h	0.2536	long leg	$1.0M	$1.8M	—
BloFin USELESS-USDT	+0.0904%	4h	0.2548	+0.488%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1313%	4h	0.2539	+0.145%	$19K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2703	+6.617%	$5K	$11K	5.5x	as long as short