Arbitrage radar
Where carry pays.
Funding + basis carry signal across Hyperliquid perps. Positive carry = short the perp + long the underlying to collect funding. Negative carry = the reverse. Cross-DEX arb (HL vs edgeX / Aster) is now live — see /arbitrage/cross-dex.
Ranks based on combined funding APR + premium signal. Real carry execution depends on spot venue cost, gas, and rebalance frequency.
Carries scanned
104
OI > $1M filter
Short-perp profitable
81
positive funding + premium
Long-perp profitable
23
negative funding + discount
Top carry APR
VVV
180.2% APR
if short-perp + long spot
Strongest short-perp carry
VVV+180.2% APR8h funding
+16.5 bps
Premium
+24.52 bps
OI
$48.80M
Strongest long-perp carry
TRX-32.7% APR8h funding
-3.0 bps
Premium
-6.59 bps
OI
$13.73M
| # | Asset | Funding APR | 8h funding | Premium | Open interest | Recommended side |
|---|---|---|---|---|---|---|
| 1 | VVV | +180.2% | +16.5 bps | +24.52 bps | $48.80M | short perp + long spot |
| 2 |  ZRO | +102.0% | +9.3 bps | +19.32 bps | $25.76M | short perp + long spot |
| 3 |  HEMI | +16.4% | +1.5 bps | +19.61 bps | $1.41M | short perp + long spot |
| 4 |  APEX | +75.5% | +6.9 bps | +8.56 bps | $1.86M | short perp + long spot |
| 5 |  WLD | +12.3% | +1.1 bps | +19.45 bps | $41.60M | short perp + long spot |
| 6 |  XMR | +42.4% | +3.9 bps | +13.83 bps | $47.25M | short perp + long spot |
| 7 |  STBL | +11.0% | +1.0 bps | +10.99 bps | $3.05M | short perp + long spot |
| 8 |  AR | +11.0% | +1.0 bps | +10.66 bps | $2.16M | short perp + long spot |
| 9 |  NEAR | +11.0% | +1.0 bps | +10.61 bps | $156.46M | short perp + long spot |
| 10 | TRX | -32.7% | -3.0 bps | -6.59 bps | $13.73M | long perp + short spot |
| 11 |  XLM | -29.2% | -2.7 bps | -7.14 bps | $14.84M | long perp + short spot |
| 12 |  BIO | -32.2% | -2.9 bps | -6.11 bps | $2.20M | long perp + short spot |
| 13 |  ICP | +11.0% | +1.0 bps | +6.96 bps | $6.12M | short perp + long spot |
| 14 |  ENA | +11.0% | +1.0 bps | +6.79 bps | $31.53M | short perp + long spot |
| 15 |  JTO | -42.3% | -3.9 bps | +0.00 bps | $3.99M | long perp + short spot |
| 16 |  ETHFI | +11.0% | +1.0 bps | +5.71 bps | $3.89M | short perp + long spot |
| 17 |  TON | +11.0% | +1.0 bps | +5.26 bps | $87.72M | short perp + long spot |
| 18 |  EIGEN | +11.0% | +1.0 bps | +4.73 bps | $4.28M | short perp + long spot |
| 19 |  RENDER | +11.0% | +1.0 bps | +4.64 bps | $5.62M | short perp + long spot |
| 20 |  ZEC | +19.3% | +1.8 bps | +2.53 bps | $351.37M | short perp + long spot |
| 21 |  DYDX | +11.0% | +1.0 bps | +3.87 bps | $6.05M | short perp + long spot |
| 22 |  GRASS | +11.0% | +1.0 bps | +3.24 bps | $8.74M | short perp + long spot |
| 23 |  DOGE | +1.9% | +0.2 bps | -4.88 bps | $29.90M | long perp + short spot |
| 24 |  SUI | -4.1% | -0.4 bps | -3.60 bps | $31.61M | long perp + short spot |
| 25 |  BNB | +1.9% | +0.2 bps | -4.34 bps | $37.58M | long perp + short spot |
| 26 |  XRP | +0.4% | +0.0 bps | -4.03 bps | $79.17M | long perp + short spot |
| 27 |  LINK | +11.0% | +1.0 bps | +1.17 bps | $35.33M | short perp + long spot |
| 28 |  ENS | +11.0% | +1.0 bps | +1.07 bps | $2.12M | short perp + long spot |
| 29 |  LDO | +11.0% | +1.0 bps | +0.96 bps | $8.25M | short perp + long spot |
| 30 |  SKY | +11.0% | +1.0 bps | +0.88 bps | $2.08M | short perp + long spot |
| 31 |  STRK | -0.4% | -0.0 bps | -2.71 bps | $3.43M | long perp + short spot |
| 32 |  ETC | +6.5% | +0.6 bps | -3.94 bps | $1.72M | long perp + short spot |
| 33 |  DOT | +11.0% | +1.0 bps | -4.63 bps | $4.33M | long perp + short spot |
| 34 |  CFX | +11.0% | +1.0 bps | +0.19 bps | $2.71M | short perp + long spot |
| 35 |  POL | +11.0% | +1.0 bps | +0.11 bps | $2.81M | short perp + long spot |
| 36 |  HYPE | +11.0% | +1.0 bps | +0.00 bps | $1.56B | short perp + long spot |
| 37 |  LIT | +11.0% | +1.0 bps | +0.00 bps | $103.74M | short perp + long spot |
| 38 |  ONDO | +11.0% | +1.0 bps | +0.00 bps | $14.70M | short perp + long spot |
| 39 |  PUMP | +11.0% | +1.0 bps | +0.00 bps | $36.12M | short perp + long spot |
| 40 |  FARTCOIN | +11.0% | +1.0 bps | +0.00 bps | $21.57M | short perp + long spot |
Caveats
Carry trades look free until they aren't. Funding can flip in hours during squeezes. Premium can collapse with a single liquidity event. Always size for the worst-case unwind, not the steady-state APR. For cross-DEX carry across HL + edgeX + Aster — different funding rates on the same asset — see /arbitrage/cross-dex.