Lighter Funding Carry

Thesis

Earn positive funding by owning spot coins and holding matching short positions on Lighter.

Strategy

• Select: Each hour, select the highest positive funding rate across five liquid Lighter names: BTC, ETH, HYPE, LIT and ENA. • Pair and size: Half the cash buys spot and half backs a matching Lighter short; BTC uses wrapped BTC, and short size follows the purchased coin amount. • Rotate: Close both legs when another eligible coin leads or funding stops being positive, then buy and hedge the new leader.

Exposure

• Holds: One matched pair — USDC plus spot and a matching short in BTC, ETH, HYPE, LIT or ENA; wrapped BTC supplies BTC spot exposure. • Venue: Lighter and onchain — Start with 20 USDC on Lighter; half transfers out to buy spot on Ethereum or HyperEVM. • Leverage: No multiplier — Half the cash buys spot and half backs an equal-quantity short. • Costs: Trading and transfers — Spot swaps, bridges, network gas, Lighter account-tier trading fees and funding payments. • Data: Circuit — Prices, trading volume, funding rates and settled trade amounts. • On unwind: USDC plus spot coins — Shorts close into Lighter USDC; spot coins remain in your wallet.