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
52
positive funding + premium
Long-perp profitable
44
negative funding + discount
Top carry APR
CASHCAT
91.6% APR
if short-perp + long spot
Strongest short-perp carry
CASHCAT+91.6% APR8h funding
+8.4 bps
Premium
+6.11 bps
OI
$9.37M
Strongest long-perp carry
kBONK-140.0% APR8h funding
-12.8 bps
Premium
-20.69 bps
OI
$7.65M
| # | Asset | Funding APR | 8h funding | Premium | Open interest | Recommended side |
|---|---|---|---|---|---|---|
| 1 | kBONK | -140.0% | -12.8 bps | -20.69 bps | $7.65M | long perp + short spot |
| 2 |  STABLE | -65.6% | -6.0 bps | -13.48 bps | $2.49M | long perp + short spot |
| 3 |  AERO | -83.2% | -7.6 bps | -9.25 bps | $8.24M | long perp + short spot |
| 4 |  ATOM | -42.9% | -3.9 bps | -10.75 bps | $2.06M | long perp + short spot |
| 5 |  VIRTUAL | -37.9% | -3.5 bps | -9.88 bps | $6.31M | long perp + short spot |
| 6 |  WLD | -40.5% | -3.7 bps | -9.22 bps | $37.50M | long perp + short spot |
| 7 |  SPX | -31.8% | -2.9 bps | -9.71 bps | $2.47M | long perp + short spot |
| 8 |  POPCAT | -34.7% | -3.2 bps | -8.52 bps | $1.03M | long perp + short spot |
| 9 |  TRX | -30.9% | -2.8 bps | -9.17 bps | $17.68M | long perp + short spot |
| 10 |  STRK | -18.3% | -1.7 bps | -10.95 bps | $2.53M | long perp + short spot |
| 11 |  PYTH | -31.4% | -2.9 bps | -7.67 bps | $1.77M | long perp + short spot |
| 12 |  JTO | -16.8% | -1.5 bps | -8.51 bps | $9.88M | long perp + short spot |
| 13 |  OP | -20.9% | -1.9 bps | -7.40 bps | $3.48M | long perp + short spot |
| 14 |  SEI | -24.3% | -2.2 bps | -6.69 bps | $1.49M | long perp + short spot |
| 15 |  AR | -8.5% | -0.8 bps | -9.50 bps | $1.23M | long perp + short spot |
| 16 |  TIA | -1.4% | -0.1 bps | -7.79 bps | $1.96M | long perp + short spot |
| 17 |  PENGU | -12.0% | -1.1 bps | -5.02 bps | $4.34M | long perp + short spot |
| 18 |  SYRUP | +7.1% | +0.7 bps | -8.43 bps | $2.08M | long perp + short spot |
| 19 |  MET | +11.0% | +1.0 bps | -8.80 bps | $1.76M | long perp + short spot |
| 20 |  FIL | +1.0% | +0.1 bps | -5.52 bps | $2.06M | long perp + short spot |
| 21 |  JUP | -5.2% | -0.5 bps | -4.14 bps | $6.29M | long perp + short spot |
| 22 |  TAO | +1.4% | +0.1 bps | -5.31 bps | $19.98M | long perp + short spot |
| 23 |  APT | +11.0% | +1.0 bps | -6.62 bps | $3.93M | long perp + short spot |
| 24 |  XRP | +0.6% | +0.1 bps | -4.60 bps | $101.41M | long perp + short spot |
| 25 |  ALGO | +3.9% | +0.4 bps | -5.13 bps | $1.93M | long perp + short spot |
| 26 |  DOGE | +4.5% | +0.4 bps | -5.13 bps | $24.61M | long perp + short spot |
| 27 |  RUNE | +11.0% | +1.0 bps | -6.11 bps | $1.55M | long perp + short spot |
| 28 |  UNI | +5.3% | +0.5 bps | -5.05 bps | $15.01M | long perp + short spot |
| 29 |  SOL | +3.5% | +0.3 bps | -4.55 bps | $326.83M | long perp + short spot |
| 30 |  FARTCOIN | +1.0% | +0.1 bps | -3.87 bps | $19.63M | long perp + short spot |
| 31 |  ARB | +10.5% | +1.0 bps | -4.45 bps | $5.28M | long perp + short spot |
| 32 |  RENDER | +2.3% | +0.2 bps | -2.94 bps | $1.18M | long perp + short spot |
| 33 |  DOT | +11.0% | +1.0 bps | -3.83 bps | $4.44M | long perp + short spot |
| 34 |  AVAX | +11.0% | +1.0 bps | -3.21 bps | $13.97M | long perp + short spot |
| 35 |  BNB | +11.0% | +1.0 bps | -3.16 bps | $21.83M | long perp + short spot |
| 36 |  BCH | -4.7% | -0.4 bps | +0.00 bps | $6.23M | long perp + short spot |
| 37 |  LTC | +11.0% | +1.0 bps | -2.84 bps | $12.59M | long perp + short spot |
| 38 |  TRUMP | +7.1% | +0.6 bps | -2.12 bps | $9.48M | long perp + short spot |
| 39 |  PAXG | +11.0% | +1.0 bps | -2.70 bps | $20.65M | long perp + short spot |
| 40 |  LIT | +9.0% | +0.8 bps | -2.19 bps | $90.58M | 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.