Lighter vs Vest Funding Arbitrage
15 shared markets · net of estimated fees · updated every few minutesLighter and Vest both quote 15 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 AAVE — long Lighter / short Vest at 12.2% net APR — but the median across all shared markets is 40.8%, 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 9 markets go long on Lighter and 6 on Vest. 13 markets clear 5% net APR, 13 clear 10%.
How this pair behaves
Lighter pays funding every 8h on 133 markets; Vest pays every 1h on 63 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 Vest quotes 63; the 15 they share are what this page ranks. Across its own book Lighter runs a median funding rate of 10.5% and Vest 5.0%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 15 of 15 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| AMD | Lighter | Vest | 142.3% | 157.3% | -6.7% | $831K |
| CRCL | Lighter | Vest | 118.0% | 130.7% | +0.2% | $53K |
| MRVL | Lighter | Vest | 102.6% | 105.9% | -1.2% | $37K |
| ORCL | Lighter | Vest | 53.5% | 64.1% | — | $84K |
| LITE | Lighter | Vest | 51.7% | 64.6% | -26.7% | $63K |
| AAPL | Lighter | Vest | 47.7% | 62.8% | +1.4% | $129K |
| ETH | Vest | Lighter | 41.0% | 41.9% | +19.1% | $965K |
| BTC | Vest | Lighter | 40.8% | 41.8% | +28.6% | $830K |
| DRAM | Vest | Lighter | 39.4% | 48.3% | +11.8% | $21K |
| ZK | Vest | Lighter | 39.0% | 43.6% | +40.8% | $43K |
| PAXG | Lighter | Vest | 29.0% | 30.2% | +12.7% | $472K |
| SOL | Vest | Lighter | 25.0% | 26.2% | +19.5% | $927K |
| AAVE | Lighter | Vest | 12.2% | 13.6% | +4.6% | $1.7M |
| CBRS | Vest | Lighter | 4.1% | 14.3% | +10.0% | $264K |
| AVAX | Lighter | Vest | 1.6% | 3.1% | +12.6% | $508K |
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 Vest share 15 markets, 1 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 Vest — FAQ
How many markets can you arbitrage between Lighter and Vest?
15 perpetual markets are quoted on both Lighter and Vest right now. 13 of them show a net spread of at least 5% APR after estimated fees, and 1 have at least $1M of 24h volume on the smaller leg.
What is the best Lighter / Vest funding spread right now?
AAVE: long Lighter and short Vest for about 12.2% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 15 shared markets is 40.8%, so the top of the list is not typical.
Which side pays on the Lighter / Vest pair?
It varies by market: Lighter is the long (funding-receiving) leg in 9 of the shared markets and Vest in the other 6. The direction is set per market by which venue currently prices funding lower.
Trading the Lighter / Vest 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 · Vest funding rates; the full calculation is in the methodology.