Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1401%/8h= −153.4% APRpaid last 24h −0.220%

Price spread now: Lighter against BloFin+0.264%90s7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$690.691% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.763%−$76 on $10k

Price spread, last 4 days (all we have)+0.349%+$35 · spread now +0.264%, 7d avg −0.021%

Together, before fees−0.415%+ Points / potential airdropLighter: Season 3 · farm board−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.285% dearer against BloFin than usual: you sell high and buy low (spread +0.264% now, against its 7-day average of −0.021%): +$28 on $10k if it goes back. Holding the pair costs −$42 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.763% in total) that is about 2.6 days. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.763% in total (about -39.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin USELESS-USDT	0.2956	0.1497	pay 0.0749% / 4h	1h 53m	$1.3M	$2.3M	12x
Short	Lighter USELESS	0.2964	0.0096	get 0.0012% / 1h	53m 30s	$1.4M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.264%Rate

Funding earned: −$294.28
Price spread: +0.264% → −0.021%: $28.48
Slippage, 4 orders: −$57.08
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$334.89
Costs to cover: 0.691%
Break-even: never at this rate

Slippage from BloFin: 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 BloFin live order book, 3 min ago	5.07 bp	18.5 bp −$18	29.3 bp −$293	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	6.78 bp	16.4 bp −$16	64.1 bp −$641	doesn't fit	doesn't fit

USELESS on 24 exchanges

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
Injective USELESS/USDC PERP	+0.0033%	1h	0.3187	+7.835%	$5K	$10K	5.5x	as long as short
Lighter USELESSshort	+0.0096%	1h	0.2964	+0.264%	$1.4M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2958	+0.070%	$31K	$18K	3x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2961	+0.179%	$29K	$284K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2962	+0.196%	—	$1.3M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2946	−0.318%	$38K	$546K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2948	−0.264%	$691K	$1.3M	20x	as long as short
KuCoin USELESSUSDTM	+0.0120%	4h	0.2961	+0.166%	$5.5M	$10.6M	12x	as long as short
OKX USELESS-USDT-SWAP	+0.0129%	4h	0.2966	+0.352%	$11.0M	$74.5M	10x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2955	−0.040%	$11K	—	3x	as long as short

Show all 24 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget USELESSUSDT	+0.0254%	4h	0.2968	+0.416%	$5.8M	$10.7M	20x	as long as short
Gate USELESS_USDT	+0.0412%	4h	0.2961	+0.166%	$7.4M	$8.4M	50x	as long as short
Aster USELESSUSDT	+0.0480%	4h	0.2967	+0.367%	$643K	$2.4M	10x	as long as short
edgeX USELESSUSDC	+0.0579%	4h	0.2957	+0.054%	$22K	$200K	10x	as long as short
Binance USELESSUSDT	+0.0604%	4h	0.2968	+0.409%	$25.5M	$131.5M	50x	as long as short
Extended USELESS-USD	+0.0608%	1h	0.2966	+0.344%	$281K	$1.7M	5x	as long as short
MEXC USELESS_USDT	+0.0608%	4h	0.2967	+0.362%	$15.7M	$7.0M	50x	as long as short
ApeX Omni USELESSUSDT	+0.0762%	1h	0.2950	−0.196%	$56K	$687K	25x	as long as short
Hyperliquid USELESS	+0.0933%	1h	0.2965	+0.318%	$13.7M	$22.9M	3x	as long as short
BingX USELESS-USDT	+0.1048%	4h	0.2968	+0.420%	—	$5.7M	—	as long as short
Orderly PERP_USELESS_USDC	+0.1118%	4h	0.2963	+0.237%	$24K	$1.9M	10x	as long as short
Bybit USELESSUSDT	+0.1135%	4h	0.2965	+0.301%	$29.1M	$52.3M	13x	as long as short
Variational Omni USELESS	+0.1163%	4h	0.2963	+0.257%	$1.2M	$1.9M	—	as long as short
BloFin USELESS-USDTlong	+0.1497%	4h	0.2956	long leg	$1.3M	$2.3M	12x