Lightervs
Phemex
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 45 liquid markets shared by Lighter and Phemex, the best funding setup over the past 7 days is $BRENT (long Lighter, short Phemex): it paid 110.9% APR, 104.6% after costs, and held 60% of the time.
45 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs β not by the instantaneous APR.
| Coin | Long | Short | 7d avg | After costs | Holds | Pays back | |
|---|---|---|---|---|---|---|---|
| $BRENT | Lighter | Phemex | 110.9% now -3.5% | 104.6% | 60% | <1 d | Backtest β |
| $WTI | Lighter | Phemex | 64.9% now -3.5% | 58.7% | 64% | <1 d | Backtest β |
| $SMSN | Phemex | Lighter | 47.0% now 3.5% | 40.7% | 58% | <1 d | Backtest β |
| $NVDA | Phemex | Lighter | 27.1% now 3.5% | 20.9% | 71% | 2 d | Backtest β |
| $VVV | Lighter | Phemex | 20.8% now 68.8% | 14.5% | 43% | 2 d | Backtest β |
| $SKHYNIX | Phemex | Lighter | 20.7% now 3.5% | 14.4% | 51% | 2 d | Backtest β |
| $LTC | Lighter | Phemex | 20.1% now 41.8% | 13.8% | 80% | 2 d | Backtest β |
| $CRCL | Phemex | Lighter | 14.8% now 3.5% | 8.5% | 67% | 3 d | Backtest β |
| $MSTR | Phemex | Lighter | 14.3% now 36.8% | 8.1% | 67% | 3 d | Backtest β |
| $SNDK | Phemex | Lighter | 14.3% now 3.5% | 8.0% | 73% | 3 d | Backtest β |
| $AVAX | Lighter | Phemex | 13.9% now 27.3% | 7.6% | 61% | 3 d | Backtest β |
| $SUI | Phemex | Lighter | 11.2% now 31.9% | 4.9% | 63% | 4 d | Backtest β |
| $HOOD | Phemex | Lighter | 10.4% now 4.4% | 4.1% | 52% | 4 d | Backtest β |
| $LINK | Lighter | Phemex | 10.1% now 26.7% | 3.8% | 73% | 4 d | Backtest β |
| $WLD | Lighter | Phemex | 9.6% now 46.0% | 3.3% | 46% | 5 d | Backtest β |
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.
| Lighter | Phemex | |
|---|---|---|
| Type | DEX | CEX |
| Taker fee | 0%β | 0.06% |
| Maker fee | 0%β | 0.01% |
| Open Interest | $460.4M | $1.04Bβ |
| 24h Volume | $2.18Bβ | $667.0M |
| Avg Funding APR | 3.24% | -5.26% |
| Markets | 153β | 129 |
| Airdrop / token | Listed | Listed |
Lighter and Phemex are both perpetual-futures venues tracked on ORBIT. On fees, Lighter is cheaper (0% vs 0.06% taker). On liquidity, Phemex is deeper with $1.04B 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 Lighter and Phemex diverge right now, then verify the pair in the backtester.
How this pair behaves
Of 15 setups between Lighter and Phemex with 7 days of payouts, 15 stay positive after entry and exit costs. In a typical setup the spread keeps its sign and at least 5% APR 63% of the hours. Opening and closing both legs costs a median 0.12% of the position, paid back in about 3 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 Lighter and Phemex pays most?
- Across 45 liquid markets shared by Lighter and Phemex, the best funding setup over the past 7 days is $BRENT (long Lighter, short Phemex): it paid 110.9% APR, 104.6% after costs, and held 60% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Lighter or Phemex cheaper?
- Lighter charges 0% taker / 0% maker; Phemex charges 0.06% taker / 0.01% maker. Lighter has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Lighter or Phemex?
- Lighter has $460.4M open interest across 153 markets; Phemex has $1.04B across 129. Phemex is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Lighter and Phemex?
- 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.