Lighter and Ostium both quote 20 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 COIN — long Ostium / short Lighter at 23.9% net APR — but the median across all shared markets is 8.5%, 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 4 markets go long on Lighter and 16 on Ostium. 15 markets clear 5% net APR, 9 clear 10%.

Lighter pays funding every 8h on 133 markets; Ostium pays every 1h on 55 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 Ostium quotes 55; the 20 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Ostium 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.

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.