Fixed vs floating · BTC · Lighter · 2026-12-25
BTC · Lighter · 2026-12-25: fixed vs floating
Both sides at $10,000: lock an income (short YU) or lock a cost (long YU), priced from the order book, after the Boros taker and settlement fees.
Updated 2026-11-11 22:52 UTC
BTC · Lighter · 2026-12-25
| Underlying funding | Lighter BTC |
| Maturity | 2026-12-25 · 43 days left |
| Settlement period | 1 h |
| Implied APR (mark) | 8.47% |
| Latest floating APR | 10.51% |
| Open interest | $76.4K |
| 24 h volume | $112.3K |
| Taker + settlement fee | 0.05% + 0.10% |
Locked rate at $10,000, net of fees
| Side | Net locked | Floating, same term | Floating 7d | Floating 30d | Advantage | Win rate | Capacity | Status |
|---|---|---|---|---|---|---|---|---|
| Lock an income (short YU) | 7.99% | 6.59% | 10.51% | 9.68% | +1.40% | 67% | $654.7K | Actionable |
| Lock a cost (long YU) | 8.90% | 6.59% | 10.51% | 9.68% | −2.31% | 29% | $0 | Watch |
Advantage = net locked rate minus the term-matched floating benchmark (income side) or the reverse (cost side). Win rate = share of past windows of the same length in which locking would have won. Capacity = the largest size whose advantage stays above zero.
Questions
What fixed rate can I lock on BTC funding at Lighter until 2026-12-25?
7.99% a year net of Boros fees at $10,000, against a term-matched floating benchmark of 6.59%; up to $654.7K keeps an advantage.
The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you.