Funding Rate Arbitrage: Hyperliquid x Lighter

Cross-Exchange Funding Rate Analysis

We built an open-source Jupyter notebook that compares BTC funding rates across Hyperliquid and Lighter using historical data from 0xArchive.

The notebook draws on the Hyperliquid data and Lighter data APIs.

Compare the rate definitions in Hyperliquid funding history and Lighter funding history when normalizing funding across venues.

Fetches funding rate snapshots from both exchanges via a single oxarchive Python SDK client
Auto-detects rate conventions (HL hourly vs Lighter 8h) and normalizes to comparable 8-hour rates
Generates 6 visualizations:

Side-by-side funding rate comparison - see how rates move across venues

Spread analysis with +/-2 sigma statistical threshold bands

Annualized carry (APR) with filled spread area

Arbitrage opportunity window detection with shaded regions

Cumulative hypothetical P&L from spread-harvesting

Distribution analysis with skew/kurtosis stats

9,925 HL + 38,040 Lighter snapshots, 110 aligned hours, 2 arb windows detected, 25 bps hypothetical P&L (13% annualized).

pip install -r requirements.txt
cp .env.example .env
jupyter notebook funding_rate_scanner.ipynb

Use a free API key from 0xarchive.io/dashboard to run the notebook against historical market data.