Lighter vs Nado Funding Arbitrage
41 shared markets · net of estimated fees · updated every few minutesLighter and Nado both quote 41 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 CASHCAT — long Nado / short Lighter at 244.7% net APR — but the median across all shared markets is 14.3%, 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 4 markets go long on Lighter and 37 on Nado. 31 markets clear 5% net APR, 26 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 133 markets; Nado pays every 24h on 71 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 Nado quotes 71; the 41 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Nado -1.8% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 41 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| CASHCAT | Nado | Lighter | 244.7% | 248.3% | +1.7% | $1.3M |
| ORCL | Nado | Lighter | 83.6% | 86.5% | -14.9% | $21K |
| TSLA | Nado | Lighter | 45.1% | 46.1% | +1.3% | $99K |
| PONS | Nado | Lighter | 43.4% | 44.7% | +30.7% | $191K |
| MRVL | Nado | Lighter | 42.5% | 45.0% | -17.7% | $35K |
| META | Nado | Lighter | 39.5% | 40.4% | +17.1% | $196K |
| CHIP | Nado | Lighter | 38.0% | 39.6% | -1.9% | $86K |
| MON | Nado | Lighter | 35.5% | 37.3% | +52.3% | $187K |
| AMZN | Nado | Lighter | 32.2% | 33.2% | +2.7% | $103K |
| INTC | Nado | Lighter | 30.7% | 32.0% | +8.1% | $92K |
| MSFT | Nado | Lighter | 30.0% | 31.1% | +2.9% | $147K |
| DELL | Nado | Lighter | 24.3% | 26.1% | +31.6% | $39K |
| WTI | Nado | Lighter | 23.5% | 24.4% | +16.1% | $849K |
| LINK | Nado | Lighter | 23.1% | 24.6% | +16.9% | $46K |
| AMD | Nado | Lighter | 22.9% | 23.9% | +5.6% | $115K |
| UNI | Nado | Lighter | 21.2% | 22.5% | +1.8% | $771K |
| LTC | Nado | Lighter | 20.1% | 22.1% | +6.5% | $104K |
| PENGU | Nado | Lighter | 19.9% | 21.8% | +13.0% | $99K |
| NVDA | Nado | Lighter | 18.7% | 19.7% | +18.3% | $305K |
| MEGA | Nado | Lighter | 17.3% | 21.0% | +22.3% | $58K |
| MSTR | Nado | Lighter | 14.3% | 15.7% | -6.4% | $86K |
| SPY | Nado | Lighter | 13.9% | 14.9% | +0.0% | $267K |
| SNDK | Nado | Lighter | 13.5% | 14.5% | +4.1% | $878K |
| BNB | Nado | Lighter | 13.0% | 14.6% | +5.5% | $637K |
| ONDO | Nado | Lighter | 11.7% | 13.5% | +3.1% | $360K |
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 Nado — FAQ
How many markets can you arbitrage between Lighter and Nado?
41 perpetual markets are quoted on both Lighter and Nado right now. 31 of them show a net spread of at least 5% APR after estimated fees, and 6 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / Nado funding spread right now?
CASHCAT: long Nado and short Lighter for about 244.7% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 41 shared markets is 14.3%, so the top of the list is not typical.
Which side pays on the Lighter / Nado pair?
It varies by market: Lighter is the long (funding-receiving) leg in 4 of the shared markets and Nado in the other 37. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / Nado 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 · Nado funding rates; the full calculation is in the methodology.