Data as ofOct 2, 2026 · 00:00 UTC

Markets

Perp venues compared

Hyperliquid, Lighter, Extended, Variational and Pacifica side by side. Updated hourly.

Snapshot 2026-10-02 00:00 UTC

Funding gaps, not trade signals. Costs include taker fees and estimated spread.

TodayCheapest BTC entry: Lighter, 0.01 bp taker fee + half the spread, next Variational 0.98 bpMost 24h volume: Hyperliquid, $5.60B 52% of the 5 venuesFunding stands out: HYPE on Pacifica, Longs pay 0.24% a day 89.3% a year

Perp venues · BTC

Snapshot 2026-10-02 00:00 UTC

Venue	24h volume	Open interestone side	Markets	Takerfee	Makerfee	Round tripin + out	Fundingper hour	Spread	Maxleverage	Chain
HyperliquidTaker 4.5 bp	$2.10BHighest volumeTop vol	$2.93B	178	4.5 bp	1.5 bp	9.12 bp	+0.027 bpLongs pay 0.006% a dayLongs pay 0.006%/day+2.3% a year/yr	0.12 bporder book	40x	Hyperliquid L1
LighterTaker 0 bpCheapest entryCheapest	$725M	$164M	211	0 bpCheapest entryCheapest entryStandard account	0 bp	0.01 bpLowestLowest	−0.060 bpLowest fundingLowestShorts pay 0.014% a dayShorts pay 0.014%/day−5.3% a year/yr	0.01 bporder book	50x	Ethereum L2 (zk)
VariationalTaker 0 bp	$481M	$211M	560	0 bpearns the spread	0 bp	1.95 bp	pendingunit unconfirmedunit TBC	1.95 bpRFQ quote	—n/a	Arbitrum
PacificaTaker 4 bp	$246M	$23.1M	77	4 bp	1.5 bp	8.12 bp	+0.125 bpLongs pay 0.030% a dayLongs pay 0.030%/day+10.9% a year/yr	0.12 bporder book	50x	Solana
ExtendedTaker 2.5 bp	$88.7M	$19.6M	326	2.5 bp	0 bp	5.12 bp	−0.040 bpShorts pay 0.010% a dayShorts pay 0.010%/day−3.5% a year/yr	0.12 bporder book	50x	Starknet

Data: Hyperliquid, Lighter, Extended, Variational, Pacifica public APIs, 2026-10-02 00:00 UTC. Fees: venue docs, base tier, checked 2026-10-02. OI one side, USD. 1 bp = 0.01%.

swanbluechip.com/venues

Cheapest entry = lowest taker fee plus half the BTC spread: one market order to open. Detail adds Round trip, the taker fee twice plus the full spread (open and close). Highest volume = highest BTC 24h volume, not order book depth. Lowest funding = lowest rate per hour, the cheapest side for a long; positive funding means longs pay shorts. Spread: the best bid and ask on the order book, except Variational, which has no order book and quotes each trade (RFQ); its spread is the public quote for a $1K order, an estimate that larger orders may not get. Lighter fees are its Standard account (taker orders wait 300 ms); Premium is 2.8 bp taker, 0.4 bp maker. Variational charges no fee and earns the spread; its funding unit is still being confirmed. "Low 24h volume" marks a venue whose BTC 24h volume is under 3% of these venues combined and under $50M: its spread is a real reading of a thin book, and larger orders cost more than the spread. "Nh ago" marks a venue that missed the latest hourly collection; its last figures are shown. Volume and OI here are the BTC market only; all markets per venue are in the table below.

Funding gaps between venues ↓Fee calculator: your volume, priced on each venue →

All markets, per venue

OI one side, USD

Venue	24h volume	Open interestOI	Markets	Taker fee
Hyperliquid ↗	$5.60B	$12.49B	178	0.045%
Variational ↗	$2.73B	$1.06B	560	0% + spread
Lighter ↗	$1.47B	$596M	211	0%
Extended ↗	$523M	$93.0M	326	0.025%
Pacifica ↗	$429M	$70.1M	77	0.04%

Fees are each venue's base tier from its docs, checked 2026-10-02. Lighter: Standard account. Detail adds TVL, maker fees, funding schedule and referral terms.

Funding gaps by 7-day historical net estimate

top 5 by 7-day historical net estimate

Long the venue that pays less funding, short the one that pays more. Ranked by a 7-day historical net estimate: what the last 7 days of the gap would have paid in the current direction, after today's cost (taker fees on both legs, in and out, plus one full spread per leg). Not realized PnL. Records only: nothing here places an order.

Costs

Asset	Long	Short	Gap now	7d avg gap	7d net est.	Lasting	BreakevenB/E	Public order API
PUMPLongLighterShortHyperliquid	Lighter	Hyperliquid	0.01 bp/h 0.4% a year	0.14 bp/h	+10.2 bp	6h	> 60 days	Both venuesYes
AVAXLongLighterShortHyperliquid	Lighter	Hyperliquid	0.14 bp/h 12.7% a year	0.13 bp/h	+9.6 bp	≥ 19h	~4 days	Both venuesYes
PUMPLongLighterShortExtended	Lighter	Extended	0.01 bp/h 0.9% a year	0.11 bp/h	+8.0 bp	6h	~42 days	Both venuesYes
ZECLongExtendedShortLighter	Extended	Lighter	0.09 bp/h 7.9% a year	0.04 bp/h	+0.2 bp	1h	~3 days	Both venuesYes
HYPELongExtendedShortLighter	Extended	Lighter	0.06 bp/h 5.3% a year	0.03 bp/h	−1.8 bp	2h	~5 days	Both venuesYes

7d net est. = 7-day historical net estimate: historical funding estimate in the current pair direction, using today's trading costs, in bp of position size (mean matched-hour gap × 168, minus today's cost). At least 160 of 168 matched hours are required; missing hours are extrapolated from the observed mean. Not realized PnL and not a forecast. Taker cost: entry and exit fees on both legs plus each leg's full spread. 30 of 67 pairs have at least 160 matched hours, 4 with a positive estimate; the rest say collecting and sort last. Lasting = hours the current direction has held (≥ when it reaches our first data). Breakeven assumes the current gap persists. Dimmed: breakeven is longer than that, or there is none (no gap or unknown cost). Public order API = both venues offer one; this site places no orders, and it does not mean a trade would fill or profit. Variational funding is not in the gaps yet: its unit is being confirmed. 2 pairs are left out because their asset is unverified (no matching CoinGecko coin, venue category or Variational name). Detail shows every pair and lets you turn the filters off.

One asset across venues

How we count

Funding is shown per hour. Hyperliquid and Extended publish an hourly rate. Lighter's funding-rates endpoint gives an 8-hour figure, divided by 8. Variational's unit is being confirmed, so its funding is shown as the raw value and kept out of the gaps. Pacifica publishes the estimated rate of the next hourly payment, used as is.
Open interest is one side, in USD. Hyperliquid and Lighter publish coins (times mark price). Extended's openInterest counts long and short together and is halved. Variational lists long and short per market; the site uses their sum per market, which is half its top-level total. Pacifica's open_interest is a coin amount (its docs say USD) counting long and short together, so it is halved; its 24h volume counts both sides of every fill and is halved too (measured against its trade feed, 2026-10-01).
Assets are matched by name after removing venue suffixes and 1000x prefixes (kPEPE, 1000PEPE). A listing whose mark sits more than 3% from the others is treated as a different asset and left out of the gaps.
Each asset is checked once: a CoinGecko coin with the same symbol and a DefiLlama price within 5%, or the venue's own category (Extended). Variational listings still unmatched are checked by their full name: a coin with that name and price, or wording that names a commodity, a fund or index, or a company. Anything left is unverified and stays out of the gaps; if only Variational lists it, it is marked Variational only. Every listing counts in its venue's volume and open interest.
Spread is the best bid and ask at snapshot time: order books for Hyperliquid, Lighter, Extended and Pacifica; Variational's public quote for a $1K order (an estimate). Spreads are looked up for the 40 assets with the biggest clean gaps, plus the 25 busiest markets on Pacifica.
Order book versus RFQ quote: an order book spread is what anyone can hit right now, with depth behind it; Variational has no order book and quotes each trade (RFQ), so its spread, marked RFQ quote, is one $1K quote and a larger order may be quoted wider.
Compare board: Cheapest entry is one market order to open (taker fee plus half the spread); Round trip, in Detail, is open and close (taker fee twice plus the full spread). Highest volume is the asset's 24h volume on that venue, not order book depth. A venue that missed the latest hourly collection keeps its last figures for up to 24 hours, marked "Nh ago".
7-day historical net estimate: the average gap over the matched hours of the last 168, in the pair's current direction, times 168, minus today's cost. It needs at least 160 of 168 hours with both venues' funding known; missing hours are extrapolated from the observed mean. Until then the pair says collecting and sorts last. It uses today's costs on past funding, so it is not realized PnL, a backtest of fills or a forecast.
Maker / maker (Detail): both legs posted as limit orders, in and out. Cost is each venue's maker fee on both legs, twice, with no spread crossed. It assumes every order fills at its price and ignores the time one leg is open without the other, so it is the best case. Simple always uses taker costs.
Lasting counts back hour by hour while the current direction holds. It stops at the first flip; a missing hour or the start of our data makes it a lower bound (≥).
Default filters: open interest of $1M or more on both venues and a spread of 20 bp or less for both legs together. Pairs whose spread was not looked up drop out with the filters on. Detail can turn the filters off.
Public order API means both venues offer one. This site places no orders, and the flag does not mean a trade would fill or profit. Variational has none yet, so any pair with Variational shows “Not both”. Breakeven assumes the current gap persists.
Token icons: only for assets the site has verified, copied from Hyperliquid's app (app.hyperliquid.xyz/coins/) and refreshed weekly. The venues' market APIs publish no icons. Anything else shows its first letter.
Fees are each venue's published base tier, checked 2026-10-02. Your own tier, referral or staking discount can be lower.