Lighter vs Pacifica Funding Arbitrage
17 shared markets · net of estimated fees · updated every few minutesLighter and Pacifica both quote 17 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 HYPE — long Lighter / short Pacifica at 5.4% net APR — but the median across all shared markets is 5.7%, 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 14 markets go long on Lighter and 3 on Pacifica. 13 markets clear 5% net APR, 5 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 134 markets; Pacifica pays every 1h on 51 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 134 perpetual markets in total and Pacifica quotes 51; the 17 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Pacifica 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 17 of 17 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| MU | Lighter | Pacifica | 88.1% | 89.8% | +8.0% | $73K |
| DRAM | Lighter | Pacifica | 63.8% | 66.1% | — | $37K |
| MSTR | Pacifica | Lighter | 63.0% | 65.3% | — | $79K |
| PAXG | Lighter | Pacifica | 29.0% | 30.6% | +8.8% | $209K |
| LIT | Lighter | Pacifica | 18.8% | 20.6% | +10.3% | $134K |
| JUP | Pacifica | Lighter | 6.8% | 9.7% | -10.9% | $245K |
| AAVE | Lighter | Pacifica | 6.8% | 9.2% | +3.6% | $158K |
| SNDK | Lighter | Pacifica | 5.8% | 7.4% | -1.6% | $272K |
| SPCX | Lighter | Pacifica | 5.7% | 7.4% | +11.1% | $206K |
| TSLA | Lighter | Pacifica | 5.7% | 7.4% | +4.7% | $12K |
| NVDA | Lighter | Pacifica | 5.4% | 7.4% | +5.1% | $15K |
| HYPE | Lighter | Pacifica | 5.4% | 6.6% | +4.2% | $2.5M |
| HOOD | Lighter | Pacifica | 5.0% | 7.4% | +5.6% | $25K |
| XAU | Pacifica | Lighter | 4.3% | 5.7% | +5.3% | $118K |
| META | Lighter | Pacifica | 4.0% | 7.4% | -2.5% | $50K |
| CRCL | Lighter | Pacifica | 3.6% | 7.4% | -0.5% | $11K |
| SOL | Lighter | Pacifica | 0.8% | 2.2% | +6.0% | $14.9M |
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.
Coverage note: Lighter and Pacifica share 17 markets, 2 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
Lighter vs Pacifica — FAQ
How many markets can you arbitrage between Lighter and Pacifica?
17 perpetual markets are quoted on both Lighter and Pacifica right now. 13 of them show a net spread of at least 5% APR after estimated fees, and 2 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / Pacifica funding spread right now?
HYPE: long Lighter and short Pacifica for about 5.4% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 17 shared markets is 5.7%, so the top of the list is not typical.
Which side pays on the Lighter / Pacifica pair?
It varies by market: Lighter is the long (funding-receiving) leg in 14 of the shared markets and Pacifica in the other 3. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / Pacifica 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 · Pacifica funding rates; the full calculation is in the methodology.