Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.014%

Price spread now: Lighter against Gate+0.240%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$178as in the Price arb table

costs, in and out, $10k−$1941.938% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 7 days−0.220%−$22 · spread now +0.240%, 7d avg +0.078%

Together, before fees−0.189%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.161% dearer against Gate than usual: you sell high and buy low (spread +0.240% now, against its 7-day average of +0.078%): +$16 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 34 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.031% in total (about 1.6% 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	Gate USELESS_USDT	0.2839	0.0476	pay 0.0238% / 4h	49m 43s	$7.1M	$8.2M	50x
Short	Lighter USELESS	0.2846	0.0096	get 0.0012% / 1h	49m 43s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.240%Rate

Funding earned: −$79.8
Price spread: +0.240% → +0.078%: $16.12
Slippage, 4 orders: −$178.78
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$257.46
Costs to cover: 1.938%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Lighter: live order book, 1 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 Gate live order book, 4 min ago	6.74 bp	68.3 bp −$68	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 1 min ago	7.20 bp	28.7 bp −$29	86.0 bp −$860	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	0.2846	+0.240%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2845	+0.222%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2846	+0.261%	$9.9M	$66.7M	10x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2839	+0.004%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2838	−0.039%	$19K	$493K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2836	−0.092%	$570K	$1.2M	20x	as long as short
Polymarket Perps USELESS-USD	+0.0152%	1h	0.2838	−0.021%	$31K	$153K	3x	as long as short
Aevo USELESS-PERP	+0.0216%	1h	0.2839	+0.005%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0334%	4h	0.2840	+0.053%	$5.2M	$9.9M	12x	as long as short
Bitget USELESSUSDT	+0.0424%	4h	0.2841	+0.074%	$5.4M	$9.3M	20x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate USELESS_USDTlong	+0.0476%	4h	0.2839	long leg	$7.1M	$8.2M	50x
ApeX Omni USELESSUSDT	+0.0504%	1h	0.2822	−0.588%	$39K	$702K	25x	as long as short
edgeX USELESSUSDC	+0.0517%	4h	0.2810	−0.999%	$21K	$191K	10x	as long as short
MEXC USELESS_USDT	+0.0534%	4h	0.2845	+0.208%	$10.5M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0536%	4h	0.2847	+0.306%	$24.0M	$115.5M	50x	as long as short
Extended USELESS-USD	+0.0536%	1h	0.2845	+0.229%	$298K	$966K	5x	as long as short
Aster USELESSUSDT	+0.1156%	4h	0.2841	+0.070%	$653K	$2.3M	10x	as long as short
BingX USELESS-USDT	+0.1162%	4h	0.2848	+0.321%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1216%	4h	0.2845	+0.236%	$28.2M	$45.4M	13x	as long as short
Orderly PERP_USELESS_USDC	+0.1338%	4h	0.2840	+0.032%	$22K	$1.4M	10x	as long as short
Variational Omni USELESS	+0.1363%	4h	0.2833	−0.187%	$1.2M	$1.7M	—	as long as short
Hyperliquid USELESS	+0.1497%	1h	0.2850	+0.402%	$14.1M	$20.9M	3x	as long as short
BloFin USELESS-USDT	+0.1572%	4h	0.2842	+0.123%	$1.2M	$2.0M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2988	+5.266%	$5K	$9K	5.5x	as long as short