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
69
positive funding + premium
Long-perp profitable
27
negative funding + discount
Top carry APR
CASHCAT
330.6% APR
if short-perp + long spot
Strongest short-perp carry
CASHCAT+330.6% APR8h funding
+30.2 bps
Premium
+29.36 bps
OI
$15.20M
Strongest long-perp carry
WLD-19.4% APR8h funding
-1.8 bps
Premium
-8.92 bps
OI
$37.33M
| # | Asset | Funding APR | 8h funding | Premium | Open interest | Recommended side |
|---|---|---|---|---|---|---|
| 1 | CASHCAT | +330.6% | +30.2 bps | +29.36 bps | $15.20M | short perp + long spot |
| 2 |  XMR | +80.9% | +7.4 bps | +14.64 bps | $53.11M | short perp + long spot |
| 3 |  PUMP | +11.0% | +1.0 bps | +11.83 bps | $50.95M | short perp + long spot |
| 4 | WLD | -19.4% | -1.8 bps | -8.92 bps | $37.33M | long perp + short spot |
| 5 |  APEX | +11.0% | +1.0 bps | +10.34 bps | $1.38M | short perp + long spot |
| 6 |  VVV | +40.7% | +3.7 bps | +3.87 bps | $25.21M | short perp + long spot |
| 7 |  TIA | -11.1% | -1.0 bps | -8.14 bps | $1.96M | long perp + short spot |
| 8 |  VIRTUAL | -26.5% | -2.4 bps | -4.31 bps | $6.36M | long perp + short spot |
| 9 |  STBL | +11.0% | +1.0 bps | +7.11 bps | $1.95M | short perp + long spot |
| 10 |  PENGU | -15.2% | -1.4 bps | -4.93 bps | $3.93M | long perp + short spot |
| 11 |  POPCAT | +10.2% | +0.9 bps | -9.55 bps | $1.12M | long perp + short spot |
| 12 |  ZEC | +11.0% | +1.0 bps | +4.94 bps | $330.34M | short perp + long spot |
| 13 |  DOT | +1.1% | +0.1 bps | -5.99 bps | $4.49M | long perp + short spot |
| 14 |  ETC | +4.3% | +0.4 bps | -6.28 bps | $1.31M | long perp + short spot |
| 15 |  TRUMP | -1.0% | -0.1 bps | -4.59 bps | $9.50M | long perp + short spot |
| 16 |  W | -24.0% | -2.2 bps | +0.00 bps | $1.39M | long perp + short spot |
| 17 |  MNT | +11.0% | +1.0 bps | +2.13 bps | $2.13M | short perp + long spot |
| 18 |  LIT | +11.0% | +1.0 bps | +2.10 bps | $90.29M | short perp + long spot |
| 19 |  BNB | -2.7% | -0.3 bps | -3.41 bps | $21.94M | long perp + short spot |
| 20 |  ETH | +11.0% | +1.0 bps | +1.88 bps | $1.89B | short perp + long spot |
| 21 |  GRAM | -1.8% | -0.2 bps | -2.99 bps | $16.51M | long perp + short spot |
| 22 |  CFX | +11.0% | +1.0 bps | +1.30 bps | $3.11M | short perp + long spot |
| 23 |  FIL | +11.0% | +1.0 bps | -5.17 bps | $2.04M | long perp + short spot |
| 24 |  SYRUP | +11.0% | +1.0 bps | -5.11 bps | $2.15M | long perp + short spot |
| 25 |  TRX | +11.0% | +1.0 bps | -4.80 bps | $15.98M | long perp + short spot |
| 26 |  AERO | +4.5% | +0.4 bps | -3.49 bps | $7.83M | long perp + short spot |
| 27 |  XPL | +0.4% | +0.0 bps | -2.63 bps | $28.55M | long perp + short spot |
| 28 |  SKY | +11.0% | +1.0 bps | +0.32 bps | $2.45M | short perp + long spot |
| 29 |  PYTH | +11.0% | +1.0 bps | -4.32 bps | $1.88M | long perp + short spot |
| 30 |  AVAX | +11.0% | +1.0 bps | +0.31 bps | $17.61M | short perp + long spot |
| 31 |  OP | +11.0% | +1.0 bps | -4.27 bps | $3.80M | long perp + short spot |
| 32 |  UNI | +11.0% | +1.0 bps | -4.20 bps | $15.07M | long perp + short spot |
| 33 |  XRP | +8.4% | +0.8 bps | -3.66 bps | $104.17M | long perp + short spot |
| 34 |  ONDO | +11.0% | +1.0 bps | +0.00 bps | $13.78M | short perp + long spot |
| 35 |  kBONK | +11.0% | +1.0 bps | +0.00 bps | $8.63M | short perp + long spot |
| 36 |  NEAR | +11.0% | +1.0 bps | +0.00 bps | $79.47M | short perp + long spot |
| 37 |  KAITO | +11.0% | +1.0 bps | +0.00 bps | $6.59M | short perp + long spot |
| 38 |  FARTCOIN | +11.0% | +1.0 bps | +0.00 bps | $17.90M | short perp + long spot |
| 39 |  LTC | +11.0% | +1.0 bps | +0.00 bps | $15.84M | short perp + long spot |
| 40 |  SUI | +11.0% | +1.0 bps | +0.00 bps | $34.72M | 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.