Lighter and Sodex 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 SOL — long Sodex / short Lighter at 12.5% net APR — but the median across all shared markets is 5.3%, 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 11 markets go long on Lighter and 6 on Sodex. 9 markets clear 5% net APR, 7 clear 10%.

Lighter pays funding every 8h on 134 markets; Sodex pays every 1h on 32 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 Sodex quotes 32; the 17 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Sodex 5.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.

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 Sodex share 17 markets, 4 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.