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
96
OI > $1M filter
Short-perp profitable
61
positive funding + premium
Long-perp profitable
35
negative funding + discount
Top carry APR
CASHCAT
423.8% APR
if short-perp + long spot
Strongest short-perp carry
CASHCAT+423.8% APR8h funding
+38.7 bps
Premium
+48.96 bps
OI
$9.65M
Strongest long-perp carry
kBONK-60.2% APR8h funding
-5.5 bps
Premium
-10.84 bps
OI
$8.15M
| # | Asset | Funding APR | 8h funding | Premium | Open interest | Recommended side |
|---|---|---|---|---|---|---|
| 1 | CASHCAT | +423.8% | +38.7 bps | +48.96 bps | $9.65M | short perp + long spot |
| 2 | kBONK | -60.2% | -5.5 bps | -10.84 bps | $8.15M | long perp + short spot |
| 3 |  W | -13.8% | -1.3 bps | -10.80 bps | $1.37M | long perp + short spot |
| 4 |  VIRTUAL | -27.6% | -2.5 bps | -6.77 bps | $6.30M | long perp + short spot |
| 5 |  SPX | -10.1% | -0.9 bps | -9.71 bps | $2.33M | long perp + short spot |
| 6 |  HEMI | +11.0% | +1.0 bps | +9.10 bps | $1.18M | short perp + long spot |
| 7 |  VVV | +32.9% | +3.0 bps | +4.65 bps | $24.23M | short perp + long spot |
| 8 |  JTO | -13.0% | -1.2 bps | -7.85 bps | $9.76M | long perp + short spot |
| 9 |  STABLE | -18.1% | -1.7 bps | -6.73 bps | $2.57M | long perp + short spot |
| 10 |  PYTH | -22.6% | -2.1 bps | -5.59 bps | $1.78M | long perp + short spot |
| 11 |  FIL | -17.7% | -1.6 bps | -6.04 bps | $2.08M | long perp + short spot |
| 12 |  AERO | -37.8% | -3.5 bps | -2.30 bps | $8.27M | long perp + short spot |
| 13 |  TRX | -13.6% | -1.2 bps | -5.89 bps | $17.60M | long perp + short spot |
| 14 |  CRV | +11.0% | +1.0 bps | +6.12 bps | $6.08M | short perp + long spot |
| 15 |  WLD | -13.0% | -1.2 bps | -4.86 bps | $37.64M | long perp + short spot |
| 16 |  TIA | -3.6% | -0.3 bps | -6.45 bps | $1.93M | long perp + short spot |
| 17 |  GRASS | +11.0% | +1.0 bps | +4.87 bps | $7.53M | short perp + long spot |
| 18 |  ZRO | +11.0% | +1.0 bps | +4.47 bps | $23.50M | short perp + long spot |
| 19 |  TAO | +2.0% | +0.2 bps | -6.61 bps | $19.87M | long perp + short spot |
| 20 |  MET | +1.0% | +0.1 bps | -6.36 bps | $1.75M | long perp + short spot |
| 21 |  OP | -9.9% | -0.9 bps | -4.22 bps | $3.49M | long perp + short spot |
| 22 |  ZEC | +11.0% | +1.0 bps | +3.91 bps | $326.16M | short perp + long spot |
| 23 |  SKY | +11.0% | +1.0 bps | +3.41 bps | $2.39M | short perp + long spot |
| 24 |  MNT | +11.0% | +1.0 bps | +2.88 bps | $2.09M | short perp + long spot |
| 25 |  APEX | +26.5% | +2.4 bps | +0.00 bps | $1.37M | short perp + long spot |
| 26 |  ARB | +11.0% | +1.0 bps | -6.79 bps | $4.96M | long perp + short spot |
| 27 |  XMR | +11.0% | +1.0 bps | +2.76 bps | $52.35M | short perp + long spot |
| 28 |  SEI | +5.0% | +0.5 bps | -5.38 bps | $1.49M | long perp + short spot |
| 29 |  ASTER | +11.0% | +1.0 bps | +2.06 bps | $22.09M | short perp + long spot |
| 30 |  HYPE | +11.0% | +1.0 bps | +1.48 bps | $1.36B | short perp + long spot |
| 31 |  DOGE | +6.2% | +0.6 bps | -4.43 bps | $24.67M | long perp + short spot |
| 32 |  DOT | +11.0% | +1.0 bps | -5.29 bps | $4.47M | long perp + short spot |
| 33 |  ENA | +11.0% | +1.0 bps | -5.23 bps | $20.98M | long perp + short spot |
| 34 |  ADA | +7.6% | +0.7 bps | -4.19 bps | $23.38M | long perp + short spot |
| 35 |  RENDER | +8.8% | +0.8 bps | -4.22 bps | $1.19M | long perp + short spot |
| 36 |  SOL | +11.0% | +1.0 bps | -4.52 bps | $328.59M | long perp + short spot |
| 37 |  EIGEN | +11.0% | +1.0 bps | -4.43 bps | $5.25M | long perp + short spot |
| 38 |  ONDO | +11.0% | +1.0 bps | +0.00 bps | $13.82M | short perp + long spot |
| 39 |  FARTCOIN | +11.0% | +1.0 bps | +0.00 bps | $19.45M | short perp + long spot |
| 40 |  PUMP | +11.0% | +1.0 bps | +0.00 bps | $48.44M | 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.