Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1293%/8h= −141.6% APRpaid last 24h −0.133%

Price spread now: Lighter against Bybit+0.062%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$980.979% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 7 days−0.042%−$4 · spread now +0.062%, 7d avg +0.005%

Together, before fees−0.184%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.058% dearer against Bybit than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of +0.005%): +$6 on $10k if it goes back. Holding the pair costs −$39 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 7 days (−0.142% in total) that is about 2.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% 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	Bybit USELESSUSDT	0.2724	0.1389	pay 0.0694% / 4h	1h 19m	$27.2M	$44.7M	13x
Short	Lighter USELESS	0.2726	0.0096	get 0.0012% / 1h	19m 12s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$271.48
Price spread: +0.062% → +0.005%: $5.78
Slippage, 4 orders: −$86.93
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$363.63
Costs to cover: 0.979%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 2 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 Bybit live order book, 5 min ago	1.28 bp	17.2 bp −$17	65.3 bp −$653	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	6.78 bp	34.8 bp −$35	97.1 bp −$971	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	0.2726	+0.062%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2717	−0.282%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2726	+0.062%	$9.6M	$63.1M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2722	−0.073%	$26K	$146K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2728	+0.151%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2728	+0.125%	$18K	$489K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2707	−0.617%	$555K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2722	−0.068%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0277%	1h	0.2731	+0.250%	$38K	$700K	25x	as long as short
KuCoin USELESSUSDTM	+0.0322%	4h	0.2720	−0.162%	$5.1M	$9.9M	12x	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	+0.0340%	4h	0.2720	−0.169%	$6.8M	$8.1M	50x	as long as short
Extended USELESS-USD	+0.0488%	1h	0.2725	+0.046%	$285K	$965K	5x	as long as short
edgeX USELESSUSDC	+0.0489%	4h	0.2733	+0.340%	$20K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0490%	4h	0.2725	+0.033%	$9.9M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0491%	4h	0.2725	+0.033%	$23.0M	$113.9M	50x	as long as short
Bitget USELESSUSDT	+0.0500%	4h	0.2725	+0.026%	$5.2M	$9.1M	20x	as long as short
Hyperliquid USELESS	+0.0860%	1h	0.2729	+0.175%	$13.3M	$20.6M	3x	as long as short
Aster USELESSUSDT	+0.1117%	4h	0.2725	+0.020%	$639K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1261%	4h	0.2727	+0.110%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1294%	4h	0.2728	+0.151%	—	$5.0M	—	as long as short
Bybit USELESSUSDTlong	+0.1389%	4h	0.2724	long leg	$27.2M	$44.7M	13x
Variational Omni USELESS	+0.1483%	4h	0.2728	+0.155%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1793%	4h	0.2725	+0.044%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+6.248%	$5K	$9K	5.5x	as long as short