Lighter vs OKX Funding Arbitrage
72 shared markets · net of estimated fees · updated every few minutesLighter and OKX both quote 72 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 OKX at 479.6% net APR — but the median across all shared markets is 12.2%, 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 20 markets go long on Lighter and 52 on OKX. 50 markets clear 5% net APR, 41 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 133 markets; OKX pays every 8h on 204 markets and every 4h on 136 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Lighter quotes 133 perpetual markets in total and OKX quotes 341; the 72 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and OKX 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 72 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SOXL | Lighter | OKX | 479.6% | 481.8% | -13.0% | $4.8M |
| CASHCAT | OKX | Lighter | 243.9% | 248.3% | -2.5% | $10.2M |
| MU | Lighter | OKX | 95.3% | 97.2% | -2.3% | $8.8M |
| AAPL | Lighter | OKX | 75.1% | 77.1% | -2.7% | $10.3M |
| PYTH | Lighter | OKX | 63.1% | 66.1% | +8.4% | $117K |
| AMD | Lighter | OKX | 63.1% | 65.1% | -4.7% | $4.2M |
| LITE | Lighter | OKX | 63.0% | 65.7% | -22.8% | $63K |
| RAY | OKX | Lighter | 62.9% | 69.8% | +28.1% | $37K |
| NBIS | Lighter | OKX | 62.8% | 64.8% | -13.2% | $2.6M |
| BMNR | OKX | Lighter | 61.3% | 65.7% | +3.2% | $55K |
| QQQ | Lighter | OKX | 59.3% | 61.3% | +1.7% | $21.1M |
| DATA | OKX | Lighter | 56.8% | 61.1% | +6.7% | $108K |
| DRAM | Lighter | OKX | 54.7% | 56.9% | -8.8% | $2.8M |
| XPD | Lighter | OKX | 52.5% | 55.2% | -4.9% | $25K |
| INTC | Lighter | OKX | 44.4% | 46.4% | -4.0% | $3.1M |
| EIGEN | OKX | Lighter | 32.8% | 36.0% | +6.6% | $13K |
| CBRS | Lighter | OKX | 29.6% | 32.4% | -9.7% | $1.3M |
| STRK | OKX | Lighter | 29.2% | 32.6% | +10.2% | $609K |
| XLM | OKX | Lighter | 28.6% | 31.1% | +7.0% | $93K |
| S | OKX | Lighter | 26.7% | 32.0% | +21.5% | $14K |
| GRAM | OKX | Lighter | 26.3% | 29.3% | -0.1% | $952K |
| ZRO | OKX | Lighter | 25.5% | 28.2% | +8.4% | $907K |
| MORPHO | OKX | Lighter | 25.3% | 27.4% | +4.3% | $805K |
| SEI | OKX | Lighter | 21.4% | 24.2% | +1.3% | $646K |
| ZK | OKX | Lighter | 20.9% | 25.2% | +16.9% | $43K |
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 OKX — FAQ
How many markets can you arbitrage between Lighter and OKX?
72 perpetual markets are quoted on both Lighter and OKX right now. 50 of them show a net spread of at least 5% APR after estimated fees, and 31 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / OKX funding spread right now?
SOXL: long Lighter and short OKX for about 479.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 72 shared markets is 12.2%, so the top of the list is not typical.
Which side pays on the Lighter / OKX pair?
It varies by market: Lighter is the long (funding-receiving) leg in 20 of the shared markets and OKX in the other 52. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / OKX 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 · OKX funding rates; the full calculation is in the methodology.