Funding Rates Across Exchanges
Funding rates are quoted on different schedules: Hyperliquid charges hourly, Binance and Bybit charge every 8 hours. A raw rate of 0.01% therefore means eight times more on Hyperliquid than on the other two. Every number below is converted to an hourly equivalent and annualised, so the columns are genuinely comparable.
Binance and Bybit data are both unavailable right now — their columns show —. Hyperliquid rates below are unaffected.
Funding rate comparison
Sorted by widest spread| Coin ↕ | Hyperliquid APR ↕ | Binance APR ↕ | Bybit APR ↕ | Spread ↕ | Open Interest ↕ |
|---|---|---|---|---|---|
| GRIFFAIN | 140.51% | — | — | — | $1,712,618 |
| CHIP | 81.32% | — | — | — | $12,593,038 |
| ZRO | 67.49% | — | — | — | $97,879,522 |
| SKY | 58.60% | — | — | — | $8,809,949 |
| XMR | 47.51% | — | — | — | $73,480,335 |
| GRASS | 47.49% | — | — | — | $38,167,350 |
| IOTA | 46.84% | — | — | — | $1,304,666 |
| GMX | 44.99% | — | — | — | $1,073,792 |
| SYRUP | 44.93% | — | — | — | $9,872,202 |
| BRETT | 37.18% | — | — | — | $237,557 |
| FET | 31.43% | — | — | — | $14,056,007 |
| USELESS | 14.81% | — | — | — | $11,937,332 |
| PONS | 13.38% | — | — | — | $50,040,679 |
| LTC | 13.03% | — | — | — | $49,698,070 |
| GOAT | 11.78% | — | — | — | $1,489,369 |
| BTC | 10.95% | — | — | — | $3,240,000,482 |
| ETH | 10.95% | — | — | — | $3,285,212,090 |
| ATOM | 10.95% | — | — | — | $2,785,936 |
| DYDX | 10.95% | — | — | — | $2,592,358 |
| AVAX | 10.95% | — | — | — | $41,466,283 |
| BNB | 10.95% | — | — | — | $53,200,356 |
| APE | 10.95% | — | — | — | $1,819,214 |
| OP | 10.95% | — | — | — | $3,496,766 |
| DOGE | 10.95% | — | — | — | $103,614,232 |
| INJ | 10.95% | — | — | — | $8,402,374 |
| SUI | 10.95% | — | — | — | $94,220,063 |
| CRV | 10.95% | — | — | — | $26,049,454 |
| LDO | 10.95% | — | — | — | $12,529,336 |
| STX | 10.95% | — | — | — | $1,545,349 |
| CFX | 10.95% | — | — | — | $3,738,812 |
| SNX | 10.95% | — | — | — | $477,106 |
| XRP | 10.95% | — | — | — | $305,953,212 |
| BCH | 10.95% | — | — | — | $10,150,536 |
| APT | 10.95% | — | — | — | $5,111,407 |
| COMP | 10.95% | — | — | — | $986,742 |
| WLD | 10.95% | — | — | — | $91,357,732 |
| YGG | 10.95% | — | — | — | $214,231 |
| kSHIB | 10.95% | — | — | — | $3,281,359 |
| UNI | 10.95% | — | — | — | $89,487,915 |
| SEI | 10.95% | — | — | — | $5,200,289 |
| RUNE | 10.95% | — | — | — | $2,486,191 |
| DOT | 10.95% | — | — | — | $5,553,092 |
| BANANA | 10.95% | — | — | — | $179,478 |
| TRB | 10.95% | — | — | — | $447,473 |
| BIGTIME | 10.95% | — | — | — | $171,270 |
| KAS | 10.95% | — | — | — | $2,396,535 |
| BLUR | 10.95% | — | — | — | $1,365,361 |
| TIA | 10.95% | — | — | — | $7,590,502 |
| BSV | 10.95% | — | — | — | $1,274,864 |
| ADA | 10.95% | — | — | — | $40,546,182 |
| MINA | 10.95% | — | — | — | $3,301,844 |
| POLYX | 10.95% | — | — | — | $49,692 |
| GAS | 10.95% | — | — | — | $97,418 |
| PENDLE | 10.95% | — | — | — | $15,514,140 |
| NEAR | 10.95% | — | — | — | $340,777,797 |
| MEME | 10.95% | — | — | — | $474,267 |
| ORDI | 10.95% | — | — | — | $701,800 |
| NEO | 10.95% | — | — | — | $650,760 |
| ZEN | 10.95% | — | — | — | $1,623,967 |
| FIL | 10.95% | — | — | — | $8,234,316 |
| PYTH | 10.95% | — | — | — | $1,653,689 |
| SUSHI | 10.95% | — | — | — | $467,955 |
| IMX | 10.95% | — | — | — | $5,469,666 |
| kBONK | 10.95% | — | — | — | $14,794,749 |
| GMT | 10.95% | — | — | — | $124,367 |
| SUPER | 10.95% | — | — | — | $1,008,357 |
| JUP | 10.95% | — | — | — | $15,159,510 |
| kLUNC | 10.95% | — | — | — | $307,722 |
| RSR | 10.95% | — | — | — | $203,077 |
| GALA | 10.95% | — | — | — | $515,965 |
| JTO | 10.95% | — | — | — | $6,757,995 |
| ACE | 10.95% | — | — | — | $296,442 |
| WIF | 10.95% | — | — | — | $7,389,471 |
| CAKE | 10.95% | — | — | — | $2,742,337 |
| PEOPLE | 10.95% | — | — | — | $243,121 |
| ENS | 10.95% | — | — | — | $3,338,293 |
| ETC | 10.95% | — | — | — | $4,809,945 |
| XAI | 10.95% | — | — | — | $392,393 |
| MANTA | 10.95% | — | — | — | $469,900 |
| UMA | 10.95% | — | — | — | $196,816 |
| ALT | 10.95% | — | — | — | $852,787 |
| ZETA | 10.95% | — | — | — | $1,076,947 |
| DYM | 10.95% | — | — | — | $374,445 |
| W | 10.95% | — | — | — | $7,448,876 |
| STRK | 10.95% | — | — | — | $11,806,631 |
| TAO | 10.95% | — | — | — | $69,040,140 |
| AR | 10.95% | — | — | — | $3,847,481 |
| kFLOKI | 10.95% | — | — | — | $340,882 |
| BOME | 10.95% | — | — | — | $4,124,618 |
| ETHFI | 10.95% | — | — | — | $18,935,813 |
| ENA | 10.95% | — | — | — | $149,124,982 |
| MNT | 10.95% | — | — | — | $7,077,793 |
| TNSR | 10.95% | — | — | — | $218,798 |
| SAGA | 10.95% | — | — | — | $1,601,288 |
| MERL | 10.95% | — | — | — | $593,888 |
| HBAR | 10.95% | — | — | — | $13,726,937 |
| POPCAT | 10.95% | — | — | — | $2,480,194 |
| EIGEN | 10.95% | — | — | — | $4,040,734 |
| REZ | 10.95% | — | — | — | $1,724,618 |
| NOT | 10.95% | — | — | — | $104,801 |
| TURBO | 10.95% | — | — | — | $250,215 |
| IO | 10.95% | — | — | — | $1,047,184 |
| ZK | 10.95% | — | — | — | $957,716 |
| RENDER | 10.95% | — | — | — | $3,375,587 |
| POL | 10.95% | — | — | — | $6,942,979 |
| CELO | 10.95% | — | — | — | $528,393 |
| HMSTR | 10.95% | — | — | — | $1,543,085 |
| kNEIRO | 10.95% | — | — | — | $135,626 |
| MOODENG | 10.95% | — | — | — | $363,144 |
| PURR | 10.95% | — | — | — | $21,078,662 |
| PNUT | 10.95% | — | — | — | $1,494,386 |
| XLM | 10.95% | — | — | — | $19,304,516 |
| SAND | 10.95% | — | — | — | $8,774,253 |
| ALGO | 10.95% | — | — | — | $5,016,911 |
| HYPE | 10.95% | — | — | — | $1,840,738,268 |
| ME | 10.95% | — | — | — | $318,579 |
| MOVE | 10.95% | — | — | — | $487,049 |
| VIRTUAL | 10.95% | — | — | — | $8,860,931 |
| PENGU | 10.95% | — | — | — | $13,728,102 |
| USUAL | 10.95% | — | — | — | $419,093 |
| FARTCOIN | 10.95% | — | — | — | $36,125,375 |
| AIXBT | 10.95% | — | — | — | $301,131 |
| BIO | 10.95% | — | — | — | $1,286,050 |
| SPX | 10.95% | — | — | — | $8,266,466 |
| MORPHO | 10.95% | — | — | — | $8,886,900 |
| MELANIA | 10.95% | — | — | — | $1,715,725 |
| ANIME | 10.95% | — | — | — | $248,485 |
| VVV | 10.95% | — | — | — | $65,876,785 |
| BERA | 10.95% | — | — | — | $2,212,062 |
| LAYER | 10.95% | — | — | — | $507,053 |
| KAITO | 10.95% | — | — | — | $2,176,682 |
| NIL | 10.95% | — | — | — | $7,824,274 |
| PAXG | 10.95% | — | — | — | $23,697,103 |
| BABY | 10.95% | — | — | — | $133,347 |
| WCT | 10.95% | — | — | — | $92,046 |
| HYPER | 10.95% | — | — | — | $66,425 |
| ZORA | 10.95% | — | — | — | $1,292,725 |
| INIT | 10.95% | — | — | — | $322,722 |
| NXPC | 10.95% | — | — | — | $324,759 |
| SOPH | 10.95% | — | — | — | $230,137 |
| RESOLV | 10.95% | — | — | — | $1,406,693 |
| PUMP | 10.95% | — | — | — | $312,791,888 |
| PROVE | 10.95% | — | — | — | $155,408 |
| XPL | 10.95% | — | — | — | $92,660,149 |
| WLFI | 10.95% | — | — | — | $10,521,929 |
| LINEA | 10.95% | — | — | — | $3,173,577 |
| ASTER | 10.95% | — | — | — | $27,166,211 |
| AVNT | 10.95% | — | — | — | $998,153 |
| STBL | 10.95% | — | — | — | $1,879,693 |
| 0G | 10.95% | — | — | — | $3,907,089 |
| HEMI | 10.95% | — | — | — | $992,589 |
| APEX | 10.95% | — | — | — | $2,194,600 |
| ZEC | 10.95% | — | — | — | $612,515,947 |
| MON | 10.95% | — | — | — | $63,945,027 |
| MET | 10.95% | — | — | — | $4,472,313 |
| MEGA | 10.95% | — | — | — | $9,846,691 |
| CC | 10.95% | — | — | — | $7,036,185 |
| ICP | 10.95% | — | — | — | $4,236,694 |
| AERO | 10.95% | — | — | — | $35,166,043 |
| STABLE | 10.95% | — | — | — | $712,710 |
| FOGO | 10.95% | — | — | — | $571,748 |
| LIT | 10.95% | — | — | — | $181,065,945 |
| AXS | 10.95% | — | — | — | $596,005 |
| DASH | 10.95% | — | — | — | $3,638,261 |
| SKR | 10.95% | — | — | — | $626,192 |
| AZTEC | 10.95% | — | — | — | $1,720,212 |
| GRAM | 10.95% | — | — | — | $45,466,591 |
| CASHCAT | 10.95% | — | — | — | $36,431,405 |
| ONDO | 9.10% | — | — | — | $58,831,049 |
| kPEPE | 4.79% | — | — | — | $31,830,078 |
| LINK | 1.95% | — | — | — | $84,482,254 |
| MATIC | 0.00% | — | — | — | $0 |
| RNDR | 0.00% | — | — | — | $0 |
| FTM | 0.00% | — | — | — | $0 |
| MKR | 0.00% | — | — | — | $0 |
| FXS | 0.00% | — | — | — | $0 |
| HPOS | 0.00% | — | — | — | $0 |
| RLB | 0.00% | — | — | — | $0 |
| UNIBOT | 0.00% | — | — | — | $0 |
| OX | 0.00% | — | — | — | $0 |
| FRIEND | 0.00% | — | — | — | $0 |
| SHIA | 0.00% | — | — | — | $0 |
| CYBER | 0.00% | — | — | — | $0 |
| BLZ | 0.00% | — | — | — | $0 |
| FTT | 0.00% | — | — | — | $0 |
| LOOM | 0.00% | — | — | — | $0 |
| OGN | 0.00% | — | — | — | $0 |
| RDNT | 0.00% | — | — | — | $0 |
| ARK | 0.00% | — | — | — | $0 |
| BNT | 0.00% | — | — | — | $0 |
| CANTO | 0.00% | — | — | — | $0 |
| REQ | 0.00% | — | — | — | $0 |
| ORBS | 0.00% | — | — | — | $0 |
| TON | 0.00% | — | — | — | $0 |
| STG | 0.00% | — | — | — | $0 |
| STRAX | 0.00% | — | — | — | $0 |
| BADGER | 0.00% | — | — | — | $0 |
| ILV | 0.00% | — | — | — | $0 |
| USTC | 0.00% | — | — | — | $0 |
| NFTI | 0.00% | — | — | — | $0 |
| NTRN | 0.00% | — | — | — | $0 |
| MAV | 0.00% | — | — | — | $0 |
| MAVIA | 0.00% | — | — | — | $0 |
| PANDORA | 0.00% | — | — | — | $0 |
| PIXEL | 0.00% | — | — | — | $0 |
| AI | 0.00% | — | — | — | $0 |
| MYRO | 0.00% | — | — | — | $0 |
| OMNI | 0.00% | — | — | — | $0 |
| BLAST | 0.00% | — | — | — | $0 |
| LISTA | 0.00% | — | — | — | $0 |
| MEW | 0.00% | — | — | — | $0 |
| kDOGS | 0.00% | — | — | — | $0 |
| CATI | 0.00% | — | — | — | $0 |
| SCR | 0.00% | — | — | — | $0 |
| NEIROETH | 0.00% | — | — | — | $0 |
| CHILLGUY | 0.00% | — | — | — | $0 |
| AI16Z | 0.00% | — | — | — | $0 |
| ZEREBRO | 0.00% | — | — | — | $0 |
| VINE | 0.00% | — | — | — | $0 |
| JELLY | 0.00% | — | — | — | $0 |
| TST | 0.00% | — | — | — | $0 |
| IP | 0.00% | — | — | — | $0 |
| OM | 0.00% | — | — | — | $0 |
| PROMPT | 0.00% | — | — | — | $0 |
| DOOD | 0.00% | — | — | — | $0 |
| LAUNCHCOIN | 0.00% | — | — | — | $0 |
| YZY | 0.00% | — | — | — | $0 |
| S | -0.17% | — | — | — | $754,596 |
| AAVE | -1.43% | — | — | — | $86,026,970 |
| TRX | -1.49% | — | — | — | $13,843,483 |
| SOL | -3.01% | — | — | — | $665,291,697 |
| ARB | -4.55% | — | — | — | $23,775,596 |
| TRUMP | -24.36% | — | — | — | $11,712,727 |
| 2Z | -184.45% | — | — | — | $3,120,623 |
Reading this table
The spread column is the widest gap in annualised terms between any two venues quoting that coin. A large spread means the same asset is paying materially different funding depending on where you hold the position — which is the entire basis of a cross-exchange carry trade.
Rates differ between venues because funding is derived from each exchange's own perpetual premium over its own spot index. Different user bases position differently, liquidity varies, and index construction is not identical. A retail-heavy venue in a bull market will often show persistently higher positive funding than an institutional one, for the same asset at the same moment.
How the arbitrage works
Take the receiving side on the venue paying the most and the paying side on the venue paying the least, in equal size. The price exposure cancels between the two legs, and you collect the difference in funding. When the spread is 40% annualised, that is a genuinely large return on a position with no directional view.
The costs are what make it hard, and they are all real. You pay fees and slippage on four executions rather than two. You need capital sitting on both venues, so transfers and their delays matter. Spreads narrow as others notice them. And critically, each leg is independently margined — a sharp move can liquidate one side while the other sits untouched, turning a market-neutral book into a large directional loss at the worst possible moment.
If you are running this, size each leg with the liquidation calculator and model the income with the funding rate calculator before committing capital. Delta-neutral does not mean risk-free — see carry trade for the full picture.
A note on the numbers
Hyperliquid rates come from its live market data; Binance and Bybit rates come from their public endpoints and are cached for five minutes. Both CEX venues are converted from their 8-hour schedule to an hourly equivalent before annualising. Coins listed on Hyperliquid but not on a given CEX show an em-dash rather than a zero, because no quote is not the same as a zero rate.