Arcus and Lighter both quote 22 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is DRAM — long Arcus / short Lighter at 81.6% net APR — but the median across all shared markets is 24.2%, which is the number worth planning around.

The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 5 markets go long on Arcus and 17 on Lighter. 21 markets clear 5% net APR, 20 clear 10%.

Arcus pays funding every 1h on 59 markets; Lighter pays every 8h on 132 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Arcus quotes 59 perpetual markets in total and Lighter quotes 132; the 22 they share are what this page ranks. Across its own book Arcus runs a median funding rate of 10.9% and Lighter 10.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.

Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.