Coinbase Internationalvs
Lighter
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 35 liquid markets shared by Coinbase International and Lighter, the best funding setup over the past 7 days is $LIT (long Coinbase International, short Lighter): it paid 49.8% APR, 45.7% after costs, and held 90% of the time.
35 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
Coinbase InternationalLighterLighterCoinbase InternationalLighterCoinbase InternationalLighterCoinbase InternationalLighterCoinbase InternationalLighterCoinbase InternationalLighterCoinbase InternationalCoinbase InternationalLighterLighterCoinbase InternationalLighterCoinbase InternationalCoinbase InternationalLighterCoinbase InternationalLighterLighterCoinbase InternationalCoinbase InternationalLighterLighterCoinbase International“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.
| Coinbase International | Lighter | |
|---|---|---|
| Type | CEX | DEX |
| Taker fee | 0.04% | 0%✓ |
| Maker fee | 0.02% | 0%✓ |
| Open Interest | $206.9M | $624.8M✓ |
| 24h Volume | $2.98B✓ | $817.0M |
| Avg Funding APR | 24.33% | 14.27% |
| Markets | 128 | 183✓ |
| Airdrop / token | — | Listed |
Coinbase International and Lighter are both perpetual-futures venues tracked on ORBIT. On fees, Lighter is cheaper (0% vs 0.04% taker). On liquidity, Lighter is deeper with $624.8M 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 Coinbase International and Lighter diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Coinbase International and Lighter pays most?
- Across 35 liquid markets shared by Coinbase International and Lighter, the best funding setup over the past 7 days is $LIT (long Coinbase International, short Lighter): it paid 49.8% APR, 45.7% after costs, and held 90% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Coinbase International or Lighter cheaper?
- Coinbase International charges 0.04% taker / 0.02% 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, Coinbase International or Lighter?
- Coinbase International has $206.9M open interest across 128 markets; Lighter has $624.8M across 183. Lighter is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Coinbase International 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.