# BTC · Lighter · 2026-11-27: 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 2026-10-30 05:14 UTC · https://afterfees.xyz/fixed-floating/215

## BTC · Lighter · 2026-11-27

|   |   |
|---|---|
| Underlying funding | Lighter BTC |
| Maturity | 2026-11-27 · 27 days left |
| Settlement period | 1 h |
| Implied APR (mark) | 8.24% |
| Latest floating APR | 7.88% |
| Open interest | $184.6K |
| 24 h volume | $298.5K |
| 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) | 7.83% | 6.67% | 10.39% | 7.31% | +1.15% | 61% | $227.8K | Actionable |
| Lock a cost (long YU) | 8.61% | 6.67% | 10.39% | 7.31% | −1.94% | 35% | $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 2026-11-27?**

7.83% a year net of Boros fees at $10,000, against a term-matched floating benchmark of 6.67%; up to $227.8K 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._