Hyperliquidvs
Lighter
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 43 liquid markets shared by Hyperliquid and Lighter, the best funding setup over the past 7 days is $XPL (long Lighter, short Hyperliquid): it paid 21.4% APR, 16.7% after costs, and held 70% of the time.
43 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs β not by the instantaneous APR.
β7d avgβ is the funding spread the pair actually paid over the last 7 days. βAfter costsβ subtracts taker fees for opening and closing both legs over a 7-day hold. βHoldsβ is the share of hours the spread kept the same sign and at least 5% APR.
| Hyperliquid | Lighter | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.045% | 0%β |
| Maker fee | 0.015% | 0%β |
| Open Interest | $11.76Bβ | $521.6M |
| 24h Volume | $9.08Bβ | $2.09B |
| Avg Funding APR | 7.62% | 11.23% |
| Markets | 175 | 184β |
| Airdrop / token | Listed | Listed |
Hyperliquid and Lighter are both perpetual-futures venues tracked on ORBIT. On fees, Lighter is cheaper (0% vs 0.045% taker). On liquidity, Hyperliquid is deeper with $11.76B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely βone or the otherβ β 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 Hyperliquid and Lighter diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Hyperliquid and Lighter pays most?
- Across 43 liquid markets shared by Hyperliquid and Lighter, the best funding setup over the past 7 days is $XPL (long Lighter, short Hyperliquid): it paid 21.4% APR, 16.7% after costs, and held 70% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Hyperliquid or Lighter cheaper?
- Hyperliquid charges 0.045% taker / 0.015% 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, Hyperliquid or Lighter?
- Hyperliquid has $11.76B open interest across 175 markets; Lighter has $521.6M across 184. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and Lighter?
- Yes β 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.