Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1091%/8h= +119.5% APRpaid last 24h +0.262%

Price spread now: Orderly against Lighter+0.137%7-day average +0.009% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.799%+$80 on $10k

Price spread, last 3 days (all we have)−0.505%−$50 · spread now +0.137%, 7d avg +0.009%

Together, before fees+0.295%+ Points / potential airdropLighter: Season 3 · farm board+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Orderly is 0.128% dearer against Lighter than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter USELESS	0.2846	0.0096	pay 0.0012% / 1h	8m 33s	$1.3M	$1.1M	3x
Short	Orderly PERP_USELESS_USDC	0.2850	0.1187	get 0.0594% / 4h	2h 08m	$21K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Lighter. 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 LighterbpFee OrderlybpOrdersPrice spread, now +0.137%Rate

Funding earned: $229.17
Price spread: +0.137% → +0.009%: $12.84
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $236.01
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 8 min ago; Orderly: no order-book sample. Net counts fees only.

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 Lighter live order book, 8 min ago	4.27 bp	15.1 bp −$15	59.6 bp −$596	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 USELESSlong	+0.0096%	1h	0.2846	long leg	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2846	−0.005%	$32K	$70K	3x	as long as short
OKX USELESS-USDT-SWAP	+0.0100%	4h	0.2837	−0.334%	$10.1M	$63.9M	10x	as long as short
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2850	+0.134%	$28K	$139K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2849	+0.091%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2844	−0.084%	$20K	$386K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2837	−0.316%	$568K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0232%	1h	0.2849	+0.079%	$10K	—	3x	as long as short
KuCoin USELESSUSDTM	+0.0242%	4h	0.2839	−0.260%	$5.3M	$9.7M	12x	as long as short
ApeX Omni USELESSUSDT	+0.0306%	1h	0.2856	+0.341%	$41K	$699K	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	+0.0394%	4h	0.2836	−0.355%	$7.1M	$7.9M	50x	as long as short
Bitget USELESSUSDT	+0.0526%	4h	0.2838	−0.292%	$5.4M	$8.8M	20x	as long as short
Binance USELESSUSDT	+0.0595%	4h	0.2837	−0.344%	$24.2M	$110.7M	50x	as long as short
MEXC USELESS_USDT	+0.0606%	4h	0.2842	−0.144%	$10.0M	$5.9M	50x	as long as short
edgeX USELESSUSDC	+0.0607%	4h	0.2863	+0.601%	$21K	$190K	10x	as long as short
Extended USELESS-USD	+0.0608%	1h	0.2838	−0.299%	$299K	$968K	5x	as long as short
BingX USELESS-USDT	+0.1166%	4h	0.2836	−0.369%	—	$4.9M	—	as long as short
Orderly PERP_USELESS_USDCshort	+0.1187%	4h	0.2850	+0.137%	$21K	$1.4M	10x
Bybit USELESSUSDT	+0.1254%	4h	0.2837	−0.327%	$28.8M	$43.1M	13x	as long as short
Aster USELESSUSDT	+0.1283%	4h	0.2843	−0.112%	$659K	$2.2M	10x	as long as short
Variational Omni USELESS	+0.1295%	4h	0.2859	+0.447%	$1.2M	$1.7M	—	as long as short
BloFin USELESS-USDT	+0.1525%	4h	0.2850	+0.137%	$1.2M	$1.9M	12x	as long as short
Hyperliquid USELESS	+0.1537%	1h	0.2852	+0.193%	$14.6M	$19.8M	3x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.3027	+6.352%	$5K	$10K	5.5x	as long as short