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Hyperliquid Funding Arbitrage

Funding spreads with a Hyperliquid leg. The first table pairs each coin's native Hyperliquid perp with the centralised exchange (CEX) market that pays the most different funding. The second lists HIP-3 legs: the same stock, index or commodity deployed by different builders, and HIP-3 markets against native or CEX perps. Rates are per 8 hours (Hyperliquid pays hourly, × 8) with the APR and how the spread has held over the last 7 days.

50 coins with at least $1M open interest on both legs. Widest right now: XMR, short on Hyperliquid against HTX, a spread of 0.6918% per 8h (≈ 757.5% APR before fees). Hyperliquid is the cheaper (long) leg on 6 of them and the dearer (short) leg on 44.

Funding normalised to 8h≥ $1M OI per leg (HIP-3: ≥ $500K)Persistence: last 7 daysAs of 02:56 UTC

HL vs CEX pairs ≥ $1M OI / leg
50
coins on Hyperliquid and a CEX
Widest HL vs CEX
0.6918% XMR
≈ 757.5% APRlong HTX · short HL
HIP-3 builder pairs ≥ $500K OI / leg
4
same asset, two builders
HIP-3 vs native / CEX
25
prices checked to match

Hyperliquid vs CEX funding spreads

One leg on Hyperliquid (native perp), the other on a centralised exchange
Coin Long leg Short leg Spread / 8h APR 24h avg 7d avg Held Streak
XMR HTX 0.0100% ↗ HL 0.7018% ↗ 0.6918% 757.5% 0.0833% 0.0197% 21.5% 54% of 167h 8h APR calc
INJ HL -0.0781% ↗ KuCoin 0.0100% ↗ 0.0881% 96.4% 0.0256% 0.0157% 17.2% 82% of 167h 9h APR calc
XPL KuCoin -0.0674% ↗ HL 0.0100% ↗ 0.0774% 84.8% 0.0066% 0.0011% 1.2% 33% of 167h 3h APR calc
BONK Bybit -0.0662% ↗ HL 0.0013% ↗ 0.0675% 74.0% 0.0051% 0.0102% 11.2% 54% of 167h 3h APR calc
SPX KuCoin -0.0516% ↗ HL 0.0100% ↗ 0.0616% 67.5% 0.0169% 0.0137% 15.0% 75% of 167h 2h APR calc
MET Bybit -0.0867% ↗ HL -0.0352% ↗ 0.0515% 56.4% 0.0131% 0.0021% 2.3% 62% of 167h 1h APR calc
PONS Gate -0.0414% ↗ HL 0.0100% ↗ 0.0514% 56.3% 0.0237% 0.0228% 25.0% 50% of 167h 0h APR calc
VVV Lighter -0.0408% ↗ HL 0.0100% ↗ 0.0508% 55.6% 0.0261% 0.0117% 12.8% 93% of 167h 11h APR calc
DOT Bybit -0.0588% ↗ HL -0.0121% ↗ 0.0467% 51.2% 0.0062% 0.0027% 3.0% 41% of 167h 1h APR calc
AVAX Lighter -0.0576% ↗ HL -0.0111% ↗ 0.0465% 51.0% 0.0461% 0.0074% 8.1% 56% of 167h 15h APR calc
POL Gate -0.0338% ↗ HL 0.0100% ↗ 0.0438% 48.0% 0.0225% 0.0094% 10.3% 69% of 167h 16h APR calc
ATOM Bybit -0.0308% ↗ HL 0.0100% ↗ 0.0408% 44.6% 0.0041% -0.0244% -26.7% 24% of 167h 7h APR calc
AERO KuCoin -0.0290% ↗ HL 0.0100% ↗ 0.0390% 42.7% -0.0006% 0.0072% 7.9% 38% of 167h 1h APR calc
TAO KuCoin -0.0272% ↗ HL 0.0100% ↗ 0.0372% 40.7% 0.0078% 0.0018% 2.0% 31% of 167h 10h APR calc
DASH Gate -0.0265% ↗ HL 0.0100% ↗ 0.0365% 40.0% 0.0477% 0.0121% 13.3% 62% of 167h 60h APR calc
NEAR Bybit -0.0264% ↗ HL 0.0100% ↗ 0.0364% 39.9% 0.0070% 0.0025% 2.7% 58% of 167h 7h APR calc
OP Gate -0.0251% ↗ HL 0.0100% ↗ 0.0351% 38.4% 0.0230% 0.0110% 12.0% 83% of 167h 33h APR calc
CC HL -0.0232% ↗ Binance 0.0100% ↗ 0.0332% 36.4% 0.0359% 0.0202% 22.2% 46% of 167h 0h APR calc
RENDER KuCoin -0.0220% ↗ HL 0.0100% ↗ 0.0320% 35.0% 0.0303% 0.0079% 8.6% 34% of 167h 18h APR calc
XLM Gate -0.0219% ↗ HL 0.0100% ↗ 0.0319% 34.9% 0.0091% 0.0081% 8.8% 80% of 167h 18h APR calc
SUI Gate -0.0254% ↗ HL 0.0059% ↗ 0.0313% 34.3% 0.0041% 0.0034% 3.7% 70% of 167h 1h APR calc
LIT HL -0.0197% ↗ Binance 0.0100% ↗ 0.0297% 32.5% 0.0034% 0.0086% 9.4% 60% of 167h 0h APR calc
WLD Bitget -0.0216% ↗ HL 0.0072% ↗ 0.0288% 31.5% 0.0092% -0.0057% -6.2% 49% of 167h 9h APR calc
ETC HL -0.0181% ↗ Bybit 0.0100% ↗ 0.0281% 30.7% -0.0079% -0.0100% -10.9% 2% of 167h 2h APR calc
ICP Bybit -0.0175% ↗ HL 0.0100% ↗ 0.0275% 30.2% 0.0026% -0.0031% -3.4% 31% of 167h 1h APR calc
PENDLE Bybit -0.0175% ↗ HL 0.0100% ↗ 0.0275% 30.1% 0.0027% 0.0094% 10.2% 62% of 167h 3h APR calc
FIL Gate -0.0160% ↗ HL 0.0100% ↗ 0.0260% 28.5% 0.0073% 0.0054% 5.9% 63% of 167h 9h APR calc
ONDO Gate -0.0154% ↗ HL 0.0100% ↗ 0.0254% 27.8% 0.0108% 0.0048% 5.3% 60% of 167h 9h APR calc
USELESS KuCoin -0.0150% ↗ HL 0.0100% ↗ 0.0250% 27.4% 0.0050% -0.0145% -15.9% 41% of 167h 2h APR calc
FARTCOIN KuCoin -0.0150% ↗ HL 0.0100% ↗ 0.0250% 27.4% 0.0000% -0.0041% -4.5% 3% of 167h 1h APR calc
TRUMP Bybit -0.0148% ↗ HL 0.0100% ↗ 0.0248% 27.1% 0.0024% -0.0089% -9.7% 38% of 167h 1h APR calc
PEPE HL -0.0151% ↗ Bitget 0.0095% ↗ 0.0246% 26.9% -0.0005% 0.0059% 6.5% 47% of 167h 6h APR calc
PENGU KuCoin -0.0144% ↗ HL 0.0100% ↗ 0.0244% 26.7% 0.0086% 0.0118% 12.9% 74% of 167h 8h APR calc
SEI Bitget -0.0142% ↗ HL 0.0100% ↗ 0.0242% 26.5% 0.0032% 0.0037% 4.1% 45% of 167h 13h APR calc
TRX Bitget -0.0141% ↗ HL 0.0100% ↗ 0.0241% 26.4% 0.0127% 0.0043% 4.7% 68% of 167h 1h APR calc
CRV Gate -0.0136% ↗ HL 0.0100% ↗ 0.0236% 25.8% 0.0056% 0.0055% 6.0% 49% of 167h 6h APR calc
SHIB Bitget -0.0136% ↗ HL 0.0100% ↗ 0.0236% 25.8% 0.0010% 0.0003% 0.4% 63% of 167h 3h APR calc
JUP Binance -0.0131% ↗ HL 0.0100% ↗ 0.0231% 25.3% -0.0202% -0.0024% -2.6% 59% of 167h 4h APR calc
ZEC Gate -0.0129% ↗ HL 0.0100% ↗ 0.0229% 25.1% 0.0215% -0.0077% -8.4% 55% of 167h 38h APR calc
ARB KuCoin -0.0203% ↗ HL 0.0009% ↗ 0.0212% 23.2% 0.0034% 0.0030% 3.3% 57% of 167h 1h APR calc
TIA Bybit -0.0110% ↗ HL 0.0100% ↗ 0.0210% 23.0% 0.0119% 0.0026% 2.8% 43% of 167h 1h APR calc
VIRTUAL Gate -0.0108% ↗ HL 0.0100% ↗ 0.0208% 22.8% 0.0038% 0.0077% 8.5% 76% of 167h 5h APR calc
HBAR Bybit -0.0096% ↗ HL 0.0100% ↗ 0.0196% 21.5% 0.0137% 0.0130% 14.3% 85% of 167h 33h APR calc
WLFI Bybit -0.0092% ↗ HL 0.0100% ↗ 0.0192% 21.0% 0.0169% 0.0049% 5.4% 43% of 167h 2h APR calc
ADA KuCoin -0.0140% ↗ HL 0.0042% ↗ 0.0182% 19.9% 0.0055% 0.0000% 0.0% 56% of 167h 0h APR calc
UNI Bitget -0.0116% ↗ HL 0.0063% ↗ 0.0179% 19.6% 0.0061% 0.0067% 7.3% 75% of 167h 0h APR calc
DOGE HL -0.0072% ↗ Binance 0.0100% ↗ 0.0172% 18.8% 0.0115% 0.0087% 9.5% 81% of 167h 76h APR calc
LTC Bybit -0.0055% ↗ HL 0.0100% ↗ 0.0155% 17.0% 0.0041% 0.0042% 4.6% 69% of 167h 9h APR calc
BCH KuCoin -0.0055% ↗ HL 0.0100% ↗ 0.0155% 17.0% -0.0014% -0.0035% -3.9% 34% of 167h 10h APR calc
ASTER Bybit -0.0039% ↗ HL 0.0100% ↗ 0.0139% 15.2% 0.0094% 0.0070% 7.7% 74% of 167h 26h APR calc

HIP-3 legs: the same asset on two builders

Both legs HIP-3 markets on different deployers
Coin Long leg Short leg Spread / 8h APR 24h avg 7d avg Held Streak
UNITREE HL xyz:UNITREE -1.0557% ↗ HL para:UNITREE -0.8655% ↗ 0.1902% 208.3% -0.0179% -0.0339% -37.1% 46% of 167h 0h APR calc
NBIS HL xyz:NBIS 0.0182% ↗ HL io:NBIS 0.0434% ↗ 0.0252% 27.6% 0.0146% 0.0114% 12.5% 71% of 167h 10h APR calc
NVDA HL xyz:NVDA 0.0504% ↗ HL io:NVDA 0.0656% ↗ 0.0152% 16.6% 0.0251% 0.0153% 16.7% 63% of 167h 2h APR calc
SNDK HL xyz:SNDK 0.0075% ↗ HL io:SNDK 0.0129% ↗ 0.0054% 5.9% -0.0030% 0.0090% 9.8% 68% of 167h 0h APR calc

HIP-3 legs against native Hyperliquid or a CEX

One HIP-3 leg, one native Hyperliquid or CEX perp at the same price
Coin Long leg Short leg Spread / 8h APR 24h avg 7d avg Held Streak
TTWO Bybit 0.0005% ↗ HL para:TTWO 0.2044% ↗ 0.2039% 223.2% 0.1163% 0.0782% 85.7% 87% of 167h 22h APR calc
UNITREE Bybit -0.9999% ↗ HL para:UNITREE -0.8655% ↗ 0.1344% 147.2% 0.1025% 0.0170% 18.6% 63% of 167h 1h APR calc
NATGAS KuCoin 0.1944% ↗ HL xyz:NATGAS 0.2996% ↗ 0.1052% 115.1% -0.0221% 0.0163% 17.8% 64% of 167h 1h APR calc
IBM Bybit 0.0000% ↗ HL xyz:IBM 0.0761% ↗ 0.0761% 83.3% 0.0143% 0.0037% 4.1% 67% of 167h 11h APR calc
NVDA HL xyz:NVDA 0.0504% ↗ HTX 0.1014% ↗ 0.0510% 55.9% 0.0192% 0.0118% 12.9% 67% of 167h 1h APR calc
IREN Bybit 0.0057% ↗ HL xyz:IREN 0.0548% ↗ 0.0491% 53.8% 0.0193% 0.0087% 9.5% 81% of 167h 25h APR calc
SNDK HL xyz:SNDK 0.0075% ↗ HTX 0.0528% ↗ 0.0453% 49.7% -0.0049% -0.0154% -16.9% 61% of 167h 1h APR calc
SNXX Bybit 0.0000% ↗ HL xyz:SNXX 0.0417% ↗ 0.0417% 45.7% 0.0195% 0.0230% 25.2% 84% of 167h 72h APR calc
LLY Bybit 0.0000% ↗ HL xyz:LLY 0.0316% ↗ 0.0316% 34.6% 0.0084% 0.0083% 9.1% 93% of 167h 38h APR calc
NBIS Bybit 0.0138% ↗ HL io:NBIS 0.0434% ↗ 0.0296% 32.5% 0.0201% 0.0039% 4.2% 58% of 167h 10h APR calc
SPCX HL xyz:SPCX 0.0088% ↗ HTX 0.0347% ↗ 0.0258% 28.3% 0.0171% 0.0142% 15.5% 70% of 167h 15h APR calc
CL KuCoin -0.0630% ↗ HL xyz:CL -0.0372% ↗ 0.0258% 28.3% -0.0022% -0.0023% -2.5% 38% of 167h 8h APR calc
MSTR Bybit 0.0006% ↗ HL xyz:MSTR 0.0232% ↗ 0.0226% 24.8% 0.0028% 0.0093% 10.2% 73% of 167h 0h APR calc
AAPL Bybit -0.0270% ↗ HL xyz:AAPL -0.0062% ↗ 0.0208% 22.8% 0.0106% 0.0092% 10.0% 85% of 167h 10h APR calc
LITE HL xyz:LITE 0.0050% ↗ Bybit 0.0201% ↗ 0.0151% 16.5% -0.0033% -0.0040% -4.4% 28% of 167h 1h APR calc
ORCL Bybit 0.0000% ↗ HL xyz:ORCL 0.0116% ↗ 0.0116% 12.7% 0.0059% -0.0041% -4.5% 51% of 167h 23h APR calc
CRCL HL xyz:CRCL 0.0050% ↗ Bybit 0.0129% ↗ 0.0079% 8.6% -0.0029% -0.0067% -7.4% 23% of 167h 0h APR calc
BABA HL xyz:BABA 0.0103% ↗ Bybit 0.0162% ↗ 0.0059% 6.4% -0.0027% -0.0068% -7.5% 23% of 167h 0h APR calc
SOXL Bybit 0.0000% ↗ HL xyz:SOXL 0.0050% ↗ 0.0050% 5.5% 0.0022% -0.0053% -5.8% 68% of 167h 0h APR calc
MU Bybit 0.0000% ↗ HL xyz:MU 0.0050% ↗ 0.0050% 5.5% 0.0056% -0.0023% -2.5% 69% of 167h 24h APR calc
SILVER MEXC 0.0000% ↗ HL xyz:SILVER 0.0050% ↗ 0.0050% 5.5% 0.0005% 0.0016% 1.8% 81% of 167h 2h APR calc
KORU Bybit 0.0000% ↗ HL xyz:KORU 0.0050% ↗ 0.0050% 5.5% 0.0058% -0.0018% -2.0% 72% of 167h 54h APR calc
DRAM Bybit 0.0000% ↗ HL xyz:DRAM 0.0050% ↗ 0.0050% 5.5% 0.0081% 0.0001% 0.2% 75% of 167h 68h APR calc
SKHY Bybit 0.0000% ↗ HL xyz:SKHY 0.0050% ↗ 0.0050% 5.5% 0.0037% -0.0089% -9.7% 52% of 167h 6h APR calc
GOOGL Bybit 0.0000% ↗ HL xyz:GOOGL 0.0050% ↗ 0.0050% 5.5% 0.0018% 0.0054% 5.9% 85% of 167h 6h APR calc

How to read it. Go long the leg with lower funding and short the leg with higher funding; price moves roughly cancel and you collect the spread. Rates are per 8 hours: Hyperliquid and HIP-3 markets pay every hour, so their hourly rate is shown × 8. Held is the share of hours over the last 7 days in which the same two markets had the spread in today's direction, from the hourly rates this site records; streak is how many of the most recent hours it held without a break.

A HIP-3 ticker can mean a different asset than a CEX ticker of the same name (para:STX is Seagate, STX on Binance is Stacks), so pairs are only listed when the two prices agree within 25%. Check each leg's order book, fees and open interest cap before trading. Work out the return after fees with the arbitrage APR calculator.

Hyperliquid funding arbitrage FAQ

Why arbitrage Hyperliquid against a CEX?

Hyperliquid funding is set by its own perp premium and paid every hour, so it often drifts away from Binance or Bybit for the same coin, especially on altcoins and when Hyperliquid traders crowd one side. Going long where funding is lower and short where it is higher collects the gap while the price exposure roughly cancels.

What are HIP-3 legs?

HIP-3 lets builders deploy their own perps on Hyperliquid, for stocks, indices and commodities such as TSLA, NVDA or gold. Several builders can list the same asset, each with its own funding. A HIP-3 leg is one side of a spread on such a market. Pairs are only shown when the two prices agree, since the same ticker can mean different assets. See Hyperliquid stock perps.

What should I check before taking a HIP-3 spread?

HIP-3 markets are often thin, may be isolated-margin only, have open interest caps and can behave differently outside US stock market hours, when the oracle price stops moving. Check each leg's open interest and depth, the builder's fees and the settlement schedule.

Is this risk-free?

No. Funding can flip at the next hourly settlement, the two prices can diverge, each leg can be liquidated separately and you take exchange risk on both sides. The arbitrage calculator shows the return after fees. Nothing here is financial advice.