Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0322%/8h= −35.3% APRpaid last 24h −0.075%

Price spread now: Lighter against Bitget−0.697%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$170as in the Price arb table

costs, in and out, $10k−$1011.014% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 7 days+0.642%+$64 · spread now −0.697%, 7d avg −0.014%

Together, before fees+0.601%+ Points / potential airdropLighter: Season 3 · farm board+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.683% cheaper against Bitget than usual: you would sell low and buy high (−$68 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.041% in total (about -2.1% 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	Bitget USELESSUSDT	0.2552	0.0418	pay 0.0209% / 4h	45m 22s	$4.9M	$10.4M	20x
Short	Lighter USELESS	0.2535	0.0096	get 0.0012% / 1h	45m 22s	$1.1M	$1.2M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now −0.697%Rate

Funding earned: −$67.62
Price spread: −0.697% → −0.014%: −$68.33
Slippage, 4 orders: −$89.39
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$237.33
Costs to cover: 1.014%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Lighter: live order book, 6 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 Bitget live order book, 3 min ago	4.13 bp	30.2 bp −$30	90.8 bp −$908	doesn't fit	doesn't fit
Sell Lighter live order book, 6 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	0.2535	−0.697%	$1.1M	$1.2M	3x
Hyperliquid USELESS	+0.0100%	1h	0.2546	−0.251%	$11.5M	$22.7M	3x	as long as short
Pacifica USELESS	+0.0100%	1h	0.2536	−0.638%	$28K	$70K	3x	as long as short
Gate USELESS_USDT	+0.0100%	4h	0.2553	+0.031%	$6.4M	$8.7M	50x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2546	−0.251%	$35K	$219K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2536	−0.646%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2533	−0.741%	$17K	$519K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2531	−0.815%	$558K	$1.1M	20x	as long as short
Aevo USELESS-PERP	+0.0208%	1h	0.2533	−0.759%	$9K	—	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0216%	4h	0.2553	+0.043%	$8.9M	$62.9M	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin USELESSUSDTM	+0.0240%	4h	0.2557	+0.188%	$4.6M	$10.6M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0411%	1h	0.2545	−0.286%	$32K	$699K	25x	as long as short
Bitget USELESSUSDTlong	+0.0418%	4h	0.2552	long leg	$4.9M	$10.4M	20x
Binance USELESSUSDT	+0.0502%	4h	0.2554	+0.063%	$21.3M	$123.4M	50x	as long as short
MEXC USELESS_USDT	+0.0510%	4h	0.2556	+0.165%	$10.2M	$6.2M	50x	as long as short
edgeX USELESSUSDC	+0.0511%	4h	0.2542	−0.417%	$19K	$197K	10x	as long as short
Extended USELESS-USD	+0.0512%	1h	0.2539	−0.503%	$112K	$1.2M	5x	as long as short
Aster USELESSUSDT	+0.0600%	4h	0.2537	−0.599%	$502K	$2.4M	10x	as long as short
BingX USELESS-USDT	+0.0646%	4h	0.2553	+0.043%	—	$5.3M	—	as long as short
Bybit USELESSUSDT	+0.0668%	4h	0.2553	+0.039%	$24.5M	$48.8M	13x	as long as short
Variational Omni USELESS	+0.0843%	4h	0.2536	−0.657%	$1.0M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.0903%	4h	0.2539	−0.529%	$1.1M	$1.9M	12x	as long as short
Orderly PERP_USELESS_USDC	+0.1327%	4h	0.2556	+0.129%	$19K	$1.3M	10x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2703	+5.916%	$5K	$11K	5.5x	as long as short