Funding arb · Price arb /

USELESS

all USELESS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.022%

Price spread now: Lighter against OKX−0.267%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$970.975% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

Price spread, last 7 days+0.301%+$30 · spread now −0.267%, 7d avg +0.043%

Together, before fees+0.355%+ Points / potential airdropLighter: Season 3 · farm board+$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.310% cheaper against OKX than usual: you would sell low and buy high, −$31 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX USELESS-USDT-SWAP	0.2736	0.0100	pay 0.0050% / 4h	1h 14m	$9.6M	$63.3M	10x
Short	Lighter USELESS	0.2728	0.0096	get 0.0012% / 1h	14m 52s	$1.3M	$1.1M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.267%Rate

Funding earned: −$0.84
Price spread: −0.267% → +0.043%: −$31.01
Slippage, 4 orders: −$87.5
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$129.35
Costs to cover: 0.975%
Break-even: never at this rate

Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago	1.83 bp	19.8 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 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	0.2728	−0.267%	$1.3M	$1.1M	3x
Pacifica USELESS	+0.0100%	1h	0.2728	−0.285%	$30K	$70K	3x	as long as short
OKX USELESS-USDT-SWAPlong	+0.0100%	4h	0.2736	long leg	$9.6M	$63.3M	10x
Polymarket Perps USELESS-USD	+0.0100%	1h	0.2726	−0.351%	$26K	$147K	3x	as long as short
SunX USELESS-USDT	+0.0100%	4h	0.2728	−0.285%	—	$1.4M	10x	as long as short
HTX USELESS-USDT	+0.0100%	4h	0.2727	−0.325%	$18K	$489K	20x	as long as short
Phemex USELESSUSDT	+0.0100%	4h	0.2723	−0.472%	$558K	$1.2M	20x	as long as short
Aevo USELESS-PERP	+0.0200%	1h	0.2726	−0.360%	$10K	—	3x	as long as short
ApeX Omni USELESSUSDT	+0.0228%	1h	0.2725	−0.387%	$38K	$699K	25x	as long as short
KuCoin USELESSUSDTM	+0.0318%	4h	0.2727	−0.325%	$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	0.2727	−0.314%	$6.8M	$8.1M	50x	as long as short
edgeX USELESSUSDC	+0.0463%	4h	0.2727	−0.308%	$20K	$192K	10x	as long as short
Extended USELESS-USD	+0.0480%	1h	0.2730	−0.204%	$287K	$965K	5x	as long as short
Bitget USELESSUSDT	+0.0480%	4h	0.2730	−0.190%	$5.2M	$9.1M	20x	as long as short
MEXC USELESS_USDT	+0.0482%	4h	0.2731	−0.164%	$9.9M	$5.9M	50x	as long as short
Binance USELESSUSDT	+0.0483%	4h	0.2732	−0.139%	$23.1M	$114.0M	50x	as long as short
Hyperliquid USELESS	+0.0822%	1h	0.2731	−0.179%	$13.3M	$20.6M	3x	as long as short
Aster USELESSUSDT	+0.1110%	4h	0.2728	−0.263%	$639K	$2.2M	10x	as long as short
Orderly PERP_USELESS_USDC	+0.1275%	4h	0.2727	−0.296%	$21K	$1.4M	10x	as long as short
BingX USELESS-USDT	+0.1320%	4h	0.2733	−0.091%	—	$5.0M	—	as long as short
Bybit USELESSUSDT	+0.1352%	4h	0.2734	−0.066%	$27.4M	$44.7M	13x	as long as short
Variational Omni USELESS	+0.1492%	4h	0.2726	−0.369%	$1.1M	$1.8M	—	as long as short
BloFin USELESS-USDT	+0.1769%	4h	0.2732	−0.150%	$1.2M	$1.9M	12x	as long as short
Injective USELESS/USDC PERP	+0.5000%	1h	0.2894	+5.805%	$5K	$9K	5.5x	as long as short