XPL: Lighter → Hyperliquid

Long on the venue with the lower rate, short on the venue with the higher one. Income comes from the rate difference; price exposure cancels out.

Spread

-73%

APR right now

Price gap

+0.156%

between legs

Average spread

+306%

over 24h from our own samples

Over 7 days

+306%

samples: 120

LighterLONG

Bid / ask— / —

Mark price0.09616

Volume 24h$4.17M

Open interest$4.35M

Rate+0.0096%

APR+84%

Interval / next payout1h / 23m

Lighter

HyperliquidSHORT

Bid / ask0.09631 / 0.096392

Mark price0.096353

Volume 24h$48.17M

Open interest$60.49M

Rate+0.0013%

APR+11%

Interval / next payout1h / 23m

Hyperliquid

Spread from our samples

spread over the period: from -73% to 1062% APR, 120 samples

The rate can flip at any moment, and then the position starts costing money. Size is limited by the weaker leg, and entry and exit both pay fees on two venues. Not financial advice.