Hyperliquidvs
Lighter
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
| Hyperliquid | Lighter | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 4.5 bps | 0 bps✓ |
| Maker fee | 1.5 bps | 0 bps✓ |
| Open Interest | $7.15B✓ | $367.9M |
| 24h Volume | $5.12B✓ | $1.37B |
| Avg Funding APR | 11.96% | 26.93% |
| Markets | 50 | 50 |
| Airdrop / token | Listed | Listed |
Hyperliquid and Lighter are both perpetual-futures venues tracked on ORBIT. On fees, Lighter is cheaper (0 vs 4.5 bps taker). On liquidity, Hyperliquid is deeper with $7.15B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Hyperliquid and Lighter diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Is Hyperliquid or Lighter cheaper?
- Hyperliquid charges 4.5 bps taker / 1.5 bps maker; Lighter charges 0 bps taker / 0 bps maker. Lighter has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Hyperliquid or Lighter?
- Hyperliquid has $7.15B open interest across 50 markets; Lighter has $367.9M across 50. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and Lighter?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.