Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1340%/8h= −146.7% APRpaid last 24h −0.141%

Price spread now: Lighter against BingX−0.404%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$710.712% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 7 days+0.413%+$41 · spread now −0.404%, 7d avg −0.010%

Together, before fees+0.238%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$40 a day on $10k at the current rate, and Lighter is 0.394% cheaper against BingX than usual: you would sell low and buy high (−$39 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.176% in total (about -9.2% 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	BingX USELESS-USDT	0.2747	0.1436	pay 0.0718% / 4h	1h 28m	—	$5.0M	—
Short	Lighter USELESS	0.2736	0.0096	get 0.0012% / 1h	28m 15s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now −0.404%Rate

Funding earned: −$281.4
Price spread: −0.404% → −0.010%: −$39.39
Slippage, 4 orders: −$61.15
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$391.94
Costs to cover: 0.712%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Lighter: live order book, 3 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 BingX live order book, 7 min ago	3.38 bp	9.9 bp −$10	64.5 bp −$645	413.1 bp −$41.3K	doesn't fit
Sell Lighter live order book, 3 min ago	5.25 bp	19.0 bp −$19	102.8 bp −$1,028	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	0.2736	−0.404%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2758	+0.407%	$31K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2738	−0.342%	$9.6M	$63.0M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2751	+0.120%	$26K	$145K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2744	−0.120%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2738	−0.349%	$35K	$439K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2733	−0.528%	$564K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2743	−0.146%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0340%	4h	0.2735	−0.444%	$5.1M	$9.8M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0341%	1h	0.2789	+1.522%	$40K	$698K	25x	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	+0.0364%	4h	0.2744	−0.113%	$6.9M	$8.0M	50x	as long as short
Binance USELESSUSDT	+0.0517%	4h	0.2739	−0.317%	$23.1M	$113.1M	50x	as long as short
Extended USELESS-USD	+0.0520%	1h	0.2744	−0.129%	$289K	$965K	5x	as long as short
MEXC USELESS_USDT	+0.0520%	4h	0.2739	−0.302%	$9.9M	$5.9M	50x	as long as short
edgeX USELESSUSDC	+0.0537%	4h	0.2798	+1.866%	$21K	$191K	10x	as long as short
Bitget USELESSUSDT	+0.0540%	4h	0.2737	−0.360%	$5.3M	$9.1M	20x	as long as short
Hyperliquid USELESS	+0.1006%	1h	0.2747	+0.004%	$13.4M	$20.4M	3x	as long as short
Aster USELESSUSDT	+0.1165%	4h	0.2744	−0.111%	$635K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1245%	4h	0.2744	−0.124%	$21K	$1.4M	10x	as long as short
Bybit USELESSUSDT	+0.1394%	4h	0.2737	−0.364%	$27.3M	$44.4M	13x	as long as short
BingX USELESS-USDTlong	+0.1436%	4h	0.2747	long leg	—	$5.0M	—
Variational Omni USELESS	+0.1515%	4h	0.2775	+1.016%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1891%	4h	0.2765	+0.641%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2934	+6.800%	$5K	$9K	5.5x	as long as short