Discoveries: what volume actually costs
Every run on Hyperider measures something no exchange publishes about itself: the all-in cost of volume on a real account — venue fees, spread, and funding, per venue mix and asset. This page is those measurements, aggregated anonymously across riders and republished automatically as new runs land. Not modelled. Not marketed. Measured.
BTC on Lighter — earned $0.00 per $10,000 of volume across $300 measured.
| venue mix | asset | surface | runs | volume measured | net | per $10k | rests filled |
|---|---|---|---|---|---|---|---|
| Lighter | BTC | convoy | 1 | $300 | +$0.00 | ≈ $0 | — |
| Arcus × Lighter | BTC | convoy | 11 | $5,807 | −$1.56 | $2.69 | — |
The findings, in plain words
- BTC on Lighter (convoy) broke exactly even across $300 measured over 1 run — the volume cost ≈ $0 all-in.
- BTC on Arcus × Lighter (convoy) cost $2.69 per $10,000 of volume across $5,807 measured over 11 runs, all-in — fees, spread and funding included.
How these numbers are made
Every run is delta-neutral: long on one venue, short on another, so price moves cancel and what remains is the honest economics — prices + funding − fees and spread = net, computed per venue leg from venue-confirmed fills. Orders rest as makers first wherever maker orders are free (a filled rest costs ≈ $0), and the rest-fill rate is measured, never assumed. Only volume whose outcome was actually measured counts toward a cost figure; unknown outcomes are excluded rather than guessed. “Robinhood Lighter” and “Lighter Mainnet” are tracked as the different venues they are. Aggregates are anonymous by construction — no names, no wallets, only totals.
Questions these numbers answer
What does delta-neutral volume farming actually cost?
It depends entirely on the venue mix and asset. Measured on real runs, the cheapest mixes on Hyperider run in the low single-digit dollars per $10,000 of volume — and when the funding gap between the two venues is fat enough, the position earns more than it costs. The table on this page shows the live measured numbers per mix.
Is volume on a zero-fee venue really free?
No. Crossing any order book also pays the spread, which on a thin market is larger than most fees. A '0% fee' venue can still cost several basis points per order. That is why every number here is all-in: venue fees plus spread plus funding, measured on real fills — never just the fee schedule.
How can a delta-neutral position earn money?
A hedged pair is long on one venue and short on another, so price moves cancel. Perp venues continuously pay funding between longs and shorts, and the two venues' rates differ — the pair collects that difference around the clock. When the collected funding exceeds the entry, exit and recycle costs, the volume was better than free.
What is maker-first resting, and why does it matter?
Instead of crossing the book immediately (paying the taker fee and the spread), an order first rests at the best price for around 20 seconds. If the market comes to it, that fill costs approximately $0 on venues with free maker orders. Hyperider measures how often rests actually fill per mix — the rest-fill rates on this page are measured, not assumed.
Where do these numbers come from?
From real runs by Hyperider riders, aggregated anonymously — no names, no wallets, only totals per venue mix and asset. Net is computed as price moves plus funding minus fees and spread, per venue leg, and only volume whose outcome was actually measured counts toward the cost figures. The page republishes itself as new runs land.