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Guide

How to compare stock perp funding on Lighter and Hyperliquid

Add the Robinhood perps widget, switch it to Funding and pick Stocks. Each row then shows one market's annualized funding on Lighter's Robinhood Chain exchange, on Hyperliquid and on Binance where it has a rate, ranked by the gap between Lighter and Hyperliquid. All three rates come from one Lighter feed that quotes every venue per 8 hours, so the columns compare like for like.

Step by step

  1. 1

    Open Robinhood Desk

    Under New from template in the Boards panel, pick Robinhood Desk. Its Stock perp funding widget, on the right of the middle row, is already set to Funding and Stocks.

  2. 2

    Or set it up yourself

    Open the Robinhood group in the Add panel, which starts folded, and click Perps. In the widget header choose Funding, then Stocks in the switch that appears beside it. All covers every market and Crypto only the coins.

  3. 3

    Read a row

    Lighter, Hyperliquid and Binance are APRs colored by sign, and a positive rate means longs pay. Spread is Lighter minus Hyperliquid, so a positive spread means longs on Lighter pay more than on Hyperliquid. Hover the spread and the widget says it in words.

  4. 4

    Know what drops out

    A market needs both a Lighter and a Hyperliquid rate to be ranked. Binance reads n/a wherever it has no rate, because the feed prints zero for a market a venue does not list.

  5. 5

    Check the market behind the rate

    Switch the view to Stocks for the same market's mark, 24 hour range, volume and open interest. A wide gap on a market with a few thousand dollars of open interest moves far less money than it looks.

Tips

  • The APR is the 8-hour rate times 1,095, with no compounding. Both venues settle every hour and reset the rate each time, so one reading is a snapshot.
  • Gold, silver and pre-IPO perps count as stocks in this filter, but they only rank when Hyperliquid has a rate for them too.
  • The Tokenized stocks widget on the same desk shows the Hyperliquid perp's own funding APR beside its basis to the cash price, a second read on the Hyperliquid side.

Widgets used

Terms in this guide

Frequently asked questions

Why does Binance show n/a on some rows?

Lighter's feed prints a zero for any market a venue does not list, and the widget reads a zero from Hyperliquid or Binance as no quote, not as a 0% rate. Where Binance quotes the market, its rate shows.

Is a funding spread between Lighter and Hyperliquid free money?

No. Collecting it means a long on one venue and a short on the other, with fees on the Hyperliquid leg, rates that reset every hour and two markets that can price the stock differently, most of all at weekends. Treat the spread as the start of the math, not the answer.

Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.