Lighter vs MEXC Funding Arbitrage
59 shared markets · net of estimated fees · updated every few minutesLighter and MEXC both quote 59 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 MEXC at 417.0% net APR — but the median across all shared markets is 7.9%, 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 12 markets go long on Lighter and 47 on MEXC. 41 markets clear 5% net APR, 24 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 133 markets; MEXC pays every 4h on 273 markets and every 8h on 126 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. Lighter quotes 133 perpetual markets in total and MEXC quotes 400; the 59 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and MEXC 7.4%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 59 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SOXL | Lighter | MEXC | 417.0% | 418.4% | -9.1% | $4.8M |
| CASHCAT | MEXC | Lighter | 244.8% | 248.3% | +4.3% | $294K |
| XPD | Lighter | MEXC | 81.1% | 83.0% | -7.0% | $25K |
| RAY | MEXC | Lighter | 61.6% | 67.7% | +45.8% | $37K |
| DATA | MEXC | Lighter | 58.3% | 61.8% | +6.7% | $108K |
| DRAM | Lighter | MEXC | 55.4% | 56.9% | -8.3% | $2.8M |
| PYTH | Lighter | MEXC | 47.6% | 49.9% | +6.3% | $117K |
| PAXG | Lighter | MEXC | 36.7% | 38.1% | +6.9% | $474K |
| MET | MEXC | Lighter | 36.4% | 38.8% | +27.6% | $40K |
| S | MEXC | Lighter | 27.4% | 32.0% | +17.0% | $14K |
| GRAM | MEXC | Lighter | 27.0% | 29.3% | +3.4% | $952K |
| CC | MEXC | Lighter | 21.9% | 23.4% | -2.9% | $137K |
| LIT | Lighter | MEXC | 20.7% | 21.5% | +8.8% | $6.8M |
| DOT | MEXC | Lighter | 18.9% | 21.4% | -0.9% | $97K |
| 1000BONK | MEXC | Lighter | 17.0% | 19.7% | +19.3% | $75K |
| ARB | MEXC | Lighter | 15.1% | 16.8% | -0.9% | $1.9M |
| PENDLE | MEXC | Lighter | 14.9% | 18.4% | +7.5% | $39K |
| SEI | MEXC | Lighter | 14.1% | 16.0% | +3.7% | $646K |
| XLM | MEXC | Lighter | 13.0% | 14.7% | +11.3% | $93K |
| SOL | MEXC | Lighter | 12.8% | 14.0% | +1.5% | $78.0M |
| ENA | MEXC | Lighter | 12.2% | 13.6% | -6.0% | $2.5M |
| JUP | MEXC | Lighter | 11.7% | 13.8% | -4.5% | $833K |
| MORPHO | MEXC | Lighter | 11.1% | 12.5% | +2.7% | $805K |
| PONS | Lighter | MEXC | 11.0% | 12.7% | +14.2% | $261K |
| BNB | MEXC | Lighter | 9.1% | 10.5% | +4.5% | $637K |
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.
Lighter vs MEXC — FAQ
How many markets can you arbitrage between Lighter and MEXC?
59 perpetual markets are quoted on both Lighter and MEXC right now. 41 of them show a net spread of at least 5% APR after estimated fees, and 18 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / MEXC funding spread right now?
SOXL: long Lighter and short MEXC for about 417.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 59 shared markets is 7.9%, so the top of the list is not typical.
Which side pays on the Lighter / MEXC pair?
It varies by market: Lighter is the long (funding-receiving) leg in 12 of the shared markets and MEXC in the other 47. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / MEXC 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: Lighter funding rates · MEXC funding rates; the full calculation is in the methodology.