Extended vs Lighter Funding Arbitrage
42 shared markets · net of estimated fees · updated every few minutesExtended and Lighter both quote 42 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 SOXL — long Lighter / short Extended at 420.0% net APR — but the median across all shared markets is 9.5%, 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 30 markets go long on Extended and 12 on Lighter. 33 markets clear 5% net APR, 20 clear 10%.
How this pair behaves
Extended pays funding every 1h on 153 markets; Lighter pays every 8h on 133 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. Extended quotes 153 perpetual markets in total and Lighter quotes 133; the 42 they share are what this page ranks. Across its own book Extended runs a median funding rate of 5.3% and Lighter 10.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 42 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SOXL | Lighter | Extended | 420.0% | 421.4% | -9.2% | $2.9M |
| CASHCAT | Extended | Lighter | 243.9% | 247.9% | -4.1% | $110K |
| NBIS | Lighter | Extended | 63.5% | 64.8% | -11.8% | $1.0M |
| BMNR | Extended | Lighter | 57.3% | 61.3% | -0.2% | $55K |
| DRAM | Lighter | Extended | 55.9% | 56.9% | -8.4% | $1.5M |
| ZEC | Extended | Lighter | 40.5% | 41.2% | -0.7% | $4.3M |
| PAXG | Lighter | Extended | 37.0% | 38.5% | +7.0% | $474K |
| S | Extended | Lighter | 26.9% | 32.4% | +17.0% | $14K |
| GRAM | Extended | Lighter | 26.7% | 28.9% | +3.0% | $56K |
| WTI | Extended | Lighter | 20.4% | 21.0% | +22.9% | $15.9M |
| LIT | Lighter | Extended | 19.4% | 20.1% | +4.1% | $2.2M |
| AAVE | Extended | Lighter | 18.4% | 19.3% | +4.5% | $961K |
| DOT | Extended | Lighter | 18.1% | 21.0% | -1.0% | $97K |
| 1000BONK | Extended | Lighter | 16.5% | 20.1% | +19.3% | $75K |
| PENDLE | Extended | Lighter | 14.7% | 18.4% | +7.5% | $39K |
| TIA | Lighter | Extended | 14.2% | 16.6% | -1.4% | $568K |
| SEI | Extended | Lighter | 14.0% | 15.8% | +3.6% | $599K |
| PONS | Lighter | Extended | 11.4% | 13.1% | +14.6% | $13K |
| FIL | Extended | Lighter | 10.7% | 14.0% | +10.3% | $45K |
| MORPHO | Extended | Lighter | 10.4% | 12.3% | +2.4% | $805K |
| SPCX | Extended | Lighter | 9.5% | 10.5% | -0.7% | $6.4M |
| AVAX | Extended | Lighter | 9.4% | 10.5% | -1.0% | $164K |
| ASTER | Extended | Lighter | 9.3% | 12.3% | +5.8% | $77K |
| XAU | Lighter | Extended | 9.1% | 10.5% | -1.2% | $33.8M |
| HYPE | Lighter | Extended | 9.0% | 9.6% | +4.6% | $29.8M |
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.
Extended vs Lighter — FAQ
How many markets can you arbitrage between Extended and Lighter?
42 perpetual markets are quoted on both Extended and Lighter right now. 33 of them show a net spread of at least 5% APR after estimated fees, and 13 have at least $1M of 24h volume on the smaller leg.
What is the best Extended / Lighter funding spread right now?
SOXL: long Lighter and short Extended for about 420.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 42 shared markets is 9.5%, so the top of the list is not typical.
Which side pays on the Extended / Lighter pair?
It varies by market: Extended is the long (funding-receiving) leg in 30 of the shared markets and Lighter in the other 12. The direction is set per market by which venue currently prices funding lower.
Trading the Extended / Lighter spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Extended funding rates · Lighter funding rates; the full calculation is in the methodology.