Lighter vs trade.xyz Funding Arbitrage
21 shared markets · net of estimated fees · updated every few minutesLighter and trade.xyz both quote 21 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 trade.xyz at 312.6% net APR — but the median across all shared markets is 15.7%, 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 7 markets go long on Lighter and 14 on trade.xyz. 18 markets clear 5% net APR, 14 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 133 markets; trade.xyz pays every 1h on 92 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 trade.xyz quotes 92; the 21 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and trade.xyz 1.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 21 of 21 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SOXL | Lighter | trade.xyz | 312.6% | 316.3% | -16.4% | $4.8M |
| MU | Lighter | trade.xyz | 86.9% | 89.9% | +0.8% | $8.8M |
| NBIS | Lighter | trade.xyz | 66.8% | 70.3% | -9.3% | $2.6M |
| DRAM | Lighter | trade.xyz | 59.3% | 62.4% | -5.3% | $2.8M |
| AMD | Lighter | trade.xyz | 56.2% | 59.5% | — | $4.2M |
| BABA | trade.xyz | Lighter | 26.1% | 29.9% | -2.6% | $110K |
| ORCL | trade.xyz | Lighter | 21.7% | 26.4% | -2.3% | $105K |
| MRNA | trade.xyz | Lighter | 20.6% | 24.4% | +4.5% | $1.1M |
| MSFT | trade.xyz | Lighter | 19.1% | 22.3% | +1.6% | $6.4M |
| PLTR | trade.xyz | Lighter | 19.0% | 22.4% | +3.2% | $1.4M |
| TSM | trade.xyz | Lighter | 15.7% | 20.0% | -2.4% | $54K |
| AMZN | trade.xyz | Lighter | 13.7% | 16.7% | +2.6% | $7.2M |
| IBM | trade.xyz | Lighter | 13.4% | 17.3% | +10.2% | $152K |
| BRENT | trade.xyz | Lighter | 10.8% | 14.0% | -0.5% | $9.9M |
| XAG | trade.xyz | Lighter | 7.4% | 10.2% | +8.2% | $17.3M |
| XAU | trade.xyz | Lighter | 7.3% | 10.3% | +2.2% | $33.8M |
| SPCX | Lighter | trade.xyz | 6.4% | 9.4% | -2.4% | $64.0M |
| XPD | trade.xyz | Lighter | 5.7% | 10.1% | +10.0% | $25K |
| BMNR | trade.xyz | Lighter | 4.7% | 13.5% | -11.4% | $55K |
| META | trade.xyz | Lighter | 3.9% | 7.0% | +3.3% | $13.4M |
| STRC | Lighter | trade.xyz | 2.0% | 5.5% | -7.6% | $483K |
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 trade.xyz — FAQ
How many markets can you arbitrage between Lighter and trade.xyz?
21 perpetual markets are quoted on both Lighter and trade.xyz right now. 18 of them show a net spread of at least 5% APR after estimated fees, and 14 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / trade.xyz funding spread right now?
SOXL: long Lighter and short trade.xyz for about 312.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 21 shared markets is 15.7%, so the top of the list is not typical.
Which side pays on the Lighter / trade.xyz pair?
It varies by market: Lighter is the long (funding-receiving) leg in 7 of the shared markets and trade.xyz in the other 14. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / trade.xyz 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 · trade.xyz funding rates; the full calculation is in the methodology.