BULKvs
Lighter
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 6 liquid markets shared by BULK and Lighter, the best funding setup over the past 7 days is $HYPE (long Lighter, short BULK): it paid 5.3% APR, 1.7% after costs, and held 29% of the time.
6 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
| Coin | Long | Short | 7d avg | After costs | Holds | Pays back | |
|---|---|---|---|---|---|---|---|
| $HYPE | Lighter | BULK | 5.3% now 0.4% | 1.7% | 29% | 5 d | Backtest → |
| $XAU | Lighter | BULK | 5.2% now 7.5% | 1.5% | 63% | 5 d | Backtest → |
| $ZEC | Lighter | BULK | 2.9% now 0.4% | -0.8% | 16% | 9 d | Backtest → |
| $ETH | Lighter | BULK | 2.5% now -6.5% | -1.2% | 17% | 10 d | Backtest → |
| $BTC | Lighter | BULK | 0.6% now -17.4% | -3.0% | 2% | 41 d | Backtest → |
| $SOL | Lighter | BULK | 0.4% now -10.0% | -3.3% | 3% | 71 d | Backtest → |
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| BULK | Lighter | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.035% | 0%✓ |
| Maker fee | 0% | 0% |
| Open Interest | $13.9M | $507.1M✓ |
| 24h Volume | $24.6M | $1.72B✓ |
| Avg Funding APR | 5.26% | 6.64% |
| Markets | 11 | 182✓ |
| Airdrop / token | Pre-TGE | Listed |
BULK and Lighter are both perpetual-futures venues tracked on ORBIT. On fees, Lighter is cheaper (0% vs 0.035% taker). On liquidity, Lighter is deeper with $507.1M open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where BULK and Lighter diverge right now, then verify the pair in the backtester.
How this pair behaves
Of 6 setups between BULK and Lighter with 7 days of payouts, 2 stay positive after entry and exit costs. In a typical setup the spread keeps its sign and at least 5% APR 16% of the hours. Opening and closing both legs costs a median 0.07% of the position, paid back in about 10 days. The instantaneous rate is often higher than the weekly one: pick by the "7d avg" and "After costs" columns, not by the current APR.
Related venue pairs
Frequently asked questions
- Which funding setup between BULK and Lighter pays most?
- Across 6 liquid markets shared by BULK and Lighter, the best funding setup over the past 7 days is $HYPE (long Lighter, short BULK): it paid 5.3% APR, 1.7% after costs, and held 29% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is BULK or Lighter cheaper?
- BULK charges 0.035% taker / 0% maker; Lighter charges 0% taker / 0% maker. Lighter has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, BULK or Lighter?
- BULK has $13.9M open interest across 11 markets; Lighter has $507.1M across 182. Lighter is deeper, which means lower slippage at size.
- Can I run funding arbitrage between BULK and Lighter?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.