Lightervs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
| Lighter | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0 bps✓ | 4.5 bps |
| Maker fee | 0 bps✓ | 1.5 bps |
| Open Interest | $407.7M | $7.12B✓ |
| 24h Volume | $612.5M | $1.78B✓ |
| Avg Funding APR | 5.87% | 8.28% |
| Markets | 50 | 50 |
| Airdrop / token | Listed | Listed |
Lighter and Hyperliquid 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 $7.12B 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 Lighter and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Is Lighter or Hyperliquid cheaper?
- Lighter charges 0 bps taker / 0 bps maker; Hyperliquid charges 4.5 bps taker / 1.5 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, Lighter or Hyperliquid?
- Lighter has $407.7M open interest across 50 markets; Hyperliquid has $7.12B across 50. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Lighter and Hyperliquid?
- 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.