Lighter and Variational both quote 61 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 Variational at 386.6% net APR — but the median across all shared markets is 6.7%, 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 16 markets go long on Lighter and 45 on Variational. 35 markets clear 5% net APR, 27 clear 10%.

Lighter pays funding every 8h on 134 markets; Variational pays every 8h on 136 markets and every 4h on 78 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 134 perpetual markets in total and Variational quotes 216; the 61 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Variational 5.8%, 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.