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 | CASHCAT | +91.6% | +8.4 bps | +6.11 bps | $9.37M | short perp + long spot |
| 2 |  ZEC | +11.0% | +1.0 bps | +6.98 bps | $320.16M | short perp + long spot |
| 3 |  XMR | +11.0% | +1.0 bps | +5.38 bps | $52.00M | short perp + long spot |
| 4 |  VVV | +11.0% | +1.0 bps | +3.93 bps | $24.45M | short perp + long spot |
| 5 |  APEX | +20.3% | +1.9 bps | +1.26 bps | $1.38M | short perp + long spot |
| 6 |  MNT | +11.0% | +1.0 bps | +2.89 bps | $2.08M | short perp + long spot |
| 7 |  ZRO | +11.0% | +1.0 bps | +0.51 bps | $23.49M | short perp + long spot |
| 8 |  XPL | +11.0% | +1.0 bps | +0.49 bps | $29.72M | short perp + long spot |
| 9 |  CFX | +11.0% | +1.0 bps | +0.22 bps | $3.05M | short perp + long spot |
| 10 |  ASTER | +11.0% | +1.0 bps | +0.03 bps | $22.09M | short perp + long spot |
| 11 |  ETH | +11.0% | +1.0 bps | +0.00 bps | $1.77B | short perp + long spot |
| 12 |  HYPE | +11.0% | +1.0 bps | +0.00 bps | $1.34B | short perp + long spot |
| 13 |  ONDO | +11.0% | +1.0 bps | +0.00 bps | $13.75M | short perp + long spot |
| 14 |  PUMP | +11.0% | +1.0 bps | +0.00 bps | $48.27M | short perp + long spot |
| 15 |  NEAR | +11.0% | +1.0 bps | +0.00 bps | $79.68M | short perp + long spot |
| 16 |  AAVE | +11.0% | +1.0 bps | +0.00 bps | $76.21M | short perp + long spot |
| 17 |  ETHFI | +11.0% | +1.0 bps | +0.00 bps | $9.78M | short perp + long spot |
| 18 |  kPEPE | +11.0% | +1.0 bps | +0.00 bps | $18.44M | short perp + long spot |
| 19 |  LDO | +11.0% | +1.0 bps | +0.00 bps | $10.46M | short perp + long spot |
| 20 |  CRV | +11.0% | +1.0 bps | +0.00 bps | $6.09M | short perp + long spot |
| 21 |  ENS | +11.0% | +1.0 bps | +0.00 bps | $2.00M | short perp + long spot |
| 22 |  EIGEN | +11.0% | +1.0 bps | +0.00 bps | $5.36M | short perp + long spot |
| 23 |  GRAM | +11.0% | +1.0 bps | +0.00 bps | $17.03M | short perp + long spot |
| 24 |  WLFI | +11.0% | +1.0 bps | +0.00 bps | $11.33M | short perp + long spot |
| 25 |  MON | +11.0% | +1.0 bps | +0.00 bps | $25.80M | short perp + long spot |
| 26 |  GRASS | +11.0% | +1.0 bps | +0.00 bps | $7.57M | short perp + long spot |
| 27 |  MEGA | +11.0% | +1.0 bps | +0.00 bps | $5.26M | short perp + long spot |
| 28 |  MORPHO | +11.0% | +1.0 bps | +0.00 bps | $4.23M | short perp + long spot |
| 29 |  PENDLE | +11.0% | +1.0 bps | +0.00 bps | $6.39M | short perp + long spot |
| 30 |  CHIP | +11.0% | +1.0 bps | +0.00 bps | $3.28M | short perp + long spot |
| 31 |  FET | +11.0% | +1.0 bps | +0.00 bps | $6.45M | short perp + long spot |
| 32 |  POL | +11.0% | +1.0 bps | +0.00 bps | $3.10M | short perp + long spot |
| 33 |  BERA | +11.0% | +1.0 bps | +0.00 bps | $1.69M | short perp + long spot |
| 34 |  SKY | +11.0% | +1.0 bps | +0.00 bps | $2.32M | short perp + long spot |
| 35 |  HEMI | +11.0% | +1.0 bps | +0.00 bps | $1.19M | short perp + long spot |
| 36 |  PURR | +11.0% | +1.0 bps | +0.00 bps | $6.10M | short perp + long spot |
| 37 |  STBL | +11.0% | +1.0 bps | +0.00 bps | $1.82M | short perp + long spot |
| 38 |  DYDX | +11.0% | +1.0 bps | +0.00 bps | $2.43M | short perp + long spot |
| 39 |  LINEA | +11.0% | +1.0 bps | +0.00 bps | $1.66M | short perp + long spot |
| 40 |  ICP | +11.0% | +1.0 bps | -0.37 bps | $1.71M | 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.