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 |  HEMI | +16.4% | +1.5 bps | +4.52 bps | $1.41M | short perp + long spot |
| 10 |  FIL | +11.0% | +1.0 bps | +5.36 bps | $6.75M | short perp + long spot |
| 11 |  HYPE | +11.0% | +1.0 bps | +3.21 bps | $1.59B | short perp + long spot |
| 12 |  RENDER | +11.0% | +1.0 bps | +2.67 bps | $5.69M | short perp + long spot |
| 13 |  AZTEC | +11.0% | +1.0 bps | +0.86 bps | $2.48M | short perp + long spot |
| 14 |  NEAR | +11.0% | +1.0 bps | +0.00 bps | $160.95M | short perp + long spot |
| 15 |  TON | +11.0% | +1.0 bps | +0.00 bps | $87.48M | short perp + long spot |
| 16 |  ENA | +11.0% | +1.0 bps | +0.00 bps | $31.59M | short perp + long spot |
| 17 |  ONDO | +11.0% | +1.0 bps | +0.00 bps | $14.88M | short perp + long spot |
| 18 |  PUMP | +11.0% | +1.0 bps | +0.00 bps | $36.05M | short perp + long spot |
| 19 |  XPL | +11.0% | +1.0 bps | +0.00 bps | $17.05M | short perp + long spot |
| 20 |  ICP | +11.0% | +1.0 bps | +0.00 bps | $6.23M | short perp + long spot |
| 21 |  LINK | +11.0% | +1.0 bps | +0.00 bps | $35.15M | short perp + long spot |
| 22 |  JTO | +11.0% | +1.0 bps | +0.00 bps | $4.26M | short perp + long spot |
| 23 |  CRV | +11.0% | +1.0 bps | +0.00 bps | $6.50M | short perp + long spot |
| 24 |  MON | +11.0% | +1.0 bps | +0.00 bps | $26.84M | short perp + long spot |
| 25 |  CHIP | +11.0% | +1.0 bps | +0.00 bps | $5.08M | short perp + long spot |
| 26 |  VIRTUAL | +11.0% | +1.0 bps | +0.00 bps | $8.06M | short perp + long spot |
| 27 |  PENDLE | +11.0% | +1.0 bps | +0.00 bps | $8.84M | short perp + long spot |
| 28 |  JUP | +11.0% | +1.0 bps | +0.00 bps | $4.73M | short perp + long spot |
| 29 |  MEGA | +11.0% | +1.0 bps | +0.00 bps | $8.24M | short perp + long spot |
| 30 |  WLFI | +11.0% | +1.0 bps | +0.00 bps | $11.17M | short perp + long spot |
| 31 |  UNI | +11.0% | +1.0 bps | +0.00 bps | $6.55M | short perp + long spot |
| 32 |  SPX | +11.0% | +1.0 bps | +0.00 bps | $2.34M | short perp + long spot |
| 33 |  MORPHO | +11.0% | +1.0 bps | +0.00 bps | $4.04M | short perp + long spot |
| 34 |  AR | +11.0% | +1.0 bps | +0.00 bps | $2.02M | short perp + long spot |
| 35 |  GRASS | +11.0% | +1.0 bps | +0.00 bps | $8.99M | short perp + long spot |
| 36 |  OP | +11.0% | +1.0 bps | +0.00 bps | $4.00M | short perp + long spot |
| 37 |  WIF | +11.0% | +1.0 bps | +0.00 bps | $4.22M | short perp + long spot |
| 38 |  LDO | +11.0% | +1.0 bps | +0.00 bps | $8.24M | short perp + long spot |
| 39 |  EIGEN | +11.0% | +1.0 bps | +0.00 bps | $4.35M | short perp + long spot |
| 40 |  NIL | +11.0% | +1.0 bps | +0.00 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.