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
103
OI > $1M filter
Short-perp profitable
69
positive funding + premium
Long-perp profitable
34
negative funding + discount
Top carry APR
VVV
138.4% APR
if short-perp + long spot
Strongest short-perp carry
VVV+138.4% APR8h funding
+12.6 bps
Premium
+26.05 bps
OI
$46.23M
Strongest long-perp carry
TRX-35.2% APR8h funding
-3.2 bps
Premium
-6.56 bps
OI
$13.74M
| # | Asset | Funding APR | 8h funding | Premium | Open interest | Recommended side |
|---|---|---|---|---|---|---|
| 1 | VVV | +138.4% | +12.6 bps | +26.05 bps | $46.23M | short perp + long spot |
| 2 |  APEX | +88.7% | +8.1 bps | +15.11 bps | $1.82M | short perp + long spot |
| 3 |  PURR | +11.0% | +1.0 bps | +17.55 bps | $11.38M | short perp + long spot |
| 4 |  XMR | +28.2% | +2.6 bps | +12.46 bps | $48.79M | short perp + long spot |
| 5 |  ZEC | +11.0% | +1.0 bps | +14.54 bps | $368.40M | short perp + long spot |
| 6 |  MANTA | +11.0% | +1.0 bps | +14.29 bps | $1.58M | short perp + long spot |
| 7 |  ZRO | +39.4% | +3.6 bps | +8.65 bps | $25.40M | short perp + long spot |
| 8 |  WLD | +41.1% | +3.8 bps | +7.61 bps | $41.57M | short perp + long spot |
| 9 | TRX | -35.2% | -3.2 bps | -6.56 bps | $13.74M | long perp + short spot |
| 10 |  BERA | +11.0% | +1.0 bps | -10.94 bps | $1.58M | long perp + short spot |
| 11 |  SUI | -10.2% | -0.9 bps | -6.75 bps | $32.04M | long perp + short spot |
| 12 |  TAO | +11.0% | +1.0 bps | -10.29 bps | $30.31M | long perp + short spot |
| 13 |  XLM | -4.3% | -0.4 bps | -7.47 bps | $14.97M | long perp + short spot |
| 14 |  XRP | +2.5% | +0.2 bps | -8.10 bps | $78.39M | long perp + short spot |
| 15 |  HEMI | +16.4% | +1.5 bps | +4.52 bps | $1.41M | short perp + long spot |
| 16 |  STRK | +3.3% | +0.3 bps | -8.08 bps | $3.45M | long perp + short spot |
| 17 |  FIL | +11.0% | +1.0 bps | +5.36 bps | $6.75M | short perp + long spot |
| 18 |  BNB | -3.6% | -0.3 bps | -5.55 bps | $37.32M | long perp + short spot |
| 19 |  APE | +11.0% | +1.0 bps | -7.38 bps | $1.27M | long perp + short spot |
| 20 |  HYPE | +11.0% | +1.0 bps | +3.21 bps | $1.59B | short perp + long spot |
| 21 |  APT | +11.0% | +1.0 bps | -7.03 bps | $5.07M | long perp + short spot |
| 22 |  PENGU | +11.0% | +1.0 bps | -6.93 bps | $4.16M | long perp + short spot |
| 23 |  ALGO | +11.0% | +1.0 bps | -6.80 bps | $3.89M | long perp + short spot |
| 24 |  RENDER | +11.0% | +1.0 bps | +2.67 bps | $5.69M | short perp + long spot |
| 25 |  ETH | +1.3% | +0.1 bps | -4.80 bps | $1.18B | long perp + short spot |
| 26 |  BIO | -24.5% | -2.2 bps | +0.00 bps | $2.28M | long perp + short spot |
| 27 |  AAVE | +11.0% | +1.0 bps | -6.40 bps | $44.29M | long perp + short spot |
| 28 |  ARB | +11.0% | +1.0 bps | -6.24 bps | $5.16M | long perp + short spot |
| 29 |  SOL | -0.6% | -0.1 bps | -4.09 bps | $281.25M | long perp + short spot |
| 30 |  TIA | +11.0% | +1.0 bps | -6.00 bps | $2.59M | long perp + short spot |
| 31 |  DOGE | +0.1% | +0.0 bps | -3.82 bps | $29.90M | long perp + short spot |
| 32 |  INJ | +11.0% | +1.0 bps | -5.73 bps | $6.97M | long perp + short spot |
| 33 |  DOT | +11.0% | +1.0 bps | -5.00 bps | $4.33M | long perp + short spot |
| 34 |  ASTER | +11.0% | +1.0 bps | -4.92 bps | $38.84M | long perp + short spot |
| 35 |  AZTEC | +11.0% | +1.0 bps | +0.86 bps | $2.48M | short perp + long spot |
| 36 |  LTC | +11.0% | +1.0 bps | -4.86 bps | $11.50M | long perp + short spot |
| 37 |  SEI | +11.0% | +1.0 bps | -4.39 bps | $2.10M | long perp + short spot |
| 38 |  FET | +11.0% | +1.0 bps | -4.12 bps | $11.50M | long perp + short spot |
| 39 |  HBAR | +11.0% | +1.0 bps | -4.10 bps | $5.19M | long perp + short spot |
| 40 |  PAXG | +8.8% | +0.8 bps | -3.60 bps | $25.93M | long perp + short 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.