NEAR: Hyperliquid → Lighter

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

+277%

APR right now

Price gap

-0.010%

between legs

Average spread

+685%

over 24h from our own samples

Over 7 days

+685%

samples: 202

HyperliquidLONG

Bid / ask4.4087 / 4.4106

Mark price4.4102

Volume 24h$328.32M

Open interest$358.38M

Rate+0.0028%

APR+25%

Interval / next payout1h / 18m

Hyperliquid

LighterSHORT

Bid / ask— / —

Mark price4.4102

Volume 24h$27.75M

Open interest$18.37M

Rate+0.0344%

APR+301%

Interval / next payout1h / 18m

Lighter

Spread from our samples

spread over the period: from 0% to 1914% APR, 202 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.