Funding rate comparison: Hyperliquid, Lighter, Binance and Bybit

163 markets listed on both Hyperliquid and Lighter. Every rate is converted to APR; the spread is the gap between the highest and the lowest rate.

Markets on both DEXs
163
Hyperliquid and Lighter
Biggest spread, APR
411.5%
SNDK (xyz): short on Hyperliquid, long on Binance
Median spread, APR
20.1%
Markets with $1M+ daily volume on both DEXs
BTC2.3%10.5%9.6%8.9%8.2%$3.39B / $162.48M
ETH4.7%4.4%4.8%-0.5%5.3%$2.48B / $75.83M
HYPE10.9%10.5%10.9%10.9%0.4%$1.57B / $14.99M
SOL10.9%-2.6%-2.0%10.9%13.6%$561.58M / $17.20M
ZEC10.9%10.5%6.5%10.9%4.5%$541.37M / $18.09M
SP500index5.5%3.5%——2.0%$346.72M / $1.41M
NEAR-6.5%8.8%2.3%-5.8%15.3%$299.99M / $18.54M
GOLDcommodity5.5%3.5%0.0%39.9%39.9%$283.55M / $16.11M
XRP-3.6%-3.5%-4.4%-24.3%20.8%$223.93M / $2.62M
SKHYstock312.9%277.7%-19.6%278.1%332.5%$189.38M / $1.07M
BRENTOILcommodity0.5%1.8%-3.9%—5.6%$184.59M / $2.16M
LIT10.9%-21.9%10.9%10.9%32.9%$131.04M / $33.65M
SILVERcommodity30.2%16.6%5.1%0.4%29.8%$159.89M / $4.31M
MUstock253.7%215.5%-36.1%114.6%289.8%$158.08M / $1.90M
PUMP10.9%10.5%8.3%-10.5%21.5%$156.19M / $2.87M
CLcommodity-19.2%-3.5%-7.3%-7.2%15.7%$149.01M / $4.69M
SPCXstock95.6%3.5%0.0%5.4%95.6%$125.92M / $3.23M
SNDKstock293.1%247.0%-118.4%132.7%411.5%$125.28M / $3.77M
NVDAstock24.5%11.4%0.0%0.0%24.5%$99.83M / $4.68M
GOOGLstock10.0%3.5%0.0%0.0%10.0%$94.10M / $4.60M
DOGE10.9%10.5%-0.2%6.9%11.2%$94.53M / $732.9K
ENA10.9%-21.9%10.9%1.4%32.9%$89.79M / $2.92M
METAstock14.4%3.5%0.0%0.0%14.4%$84.46M / $5.00M
DRAMstock251.8%233.9%-13.0%202.5%264.8%$79.18M / $922.7K
CRCLstock83.3%67.5%0.0%70.6%83.3%$76.10M / $1.43M
TSLAstock64.2%42.0%0.0%1.3%64.2%$70.66M / $5.46M
ZRO10.9%10.5%10.9%10.9%0.4%$67.55M / $8.01M
XMR10.9%7.9%10.9%10.9%3.1%$70.26M / $2.41M
WLD10.9%2.6%-9.2%-5.2%20.1%$66.66M / $5.62M
UNI10.9%-15.8%-1.3%-9.7%26.7%$68.71M / $1.31M
INTCstock176.0%154.2%0.0%140.6%176.0%$63.90M / $1.44M
VVV10.9%10.5%10.9%10.9%0.4%$62.48M / $1.46M
AAVE10.9%10.5%8.2%10.9%2.7%$59.41M / $4.35M
XPL10.9%10.5%10.9%10.9%0.4%$57.82M / $5.67M
LINK9.8%-1.8%8.7%4.9%11.5%$57.92M / $1.48M
SUI10.9%10.5%2.1%0.6%10.3%$57.58M / $1.13M
AAPLstock-2.9%3.5%0.0%0.0%6.4%$49.54M / $4.39M
TAO10.9%-7.9%-11.6%-13.3%24.2%$49.72M / $606.8K
BNB0.8%10.5%3.2%4.2%9.7%$45.68M / $4.20M
MSTRstock109.1%88.5%13.0%185.7%172.7%$46.48M / $2.64M
STRK10.9%10.5%10.9%10.9%0.4%$40.67M / $318.2K
NBISstock272.0%237.4%-29.4%101.0%301.4%$36.19M / $865.1K
ADA-27.9%-6.1%-3.2%-15.1%24.7%$33.51M / $1.93M
ONDO-19.4%9.6%-4.4%8.9%29.0%$34.26M / $551.5K
FARTCOIN10.9%10.5%10.9%10.9%0.4%$34.40M / $345.2K
MON-25.2%10.5%-21.7%-35.0%45.5%$34.29M / $410.8K
SOXLstock343.6%295.2%-31.7%224.2%375.3%$32.69M / $1.78M
AERO10.9%10.5%1.8%-14.1%25.1%$32.67M / $1.19M
CBRSstock65.7%38.5%-94.3%0.0%160.1%$33.67M / $184.4K
GRASS10.9%10.5%10.9%10.9%0.4%$29.70M / $829.0K
GRAM-12.7%10.5%10.9%10.9%23.7%$27.38M / $1.97M
AMZNstock5.5%3.5%0.0%0.0%5.5%$26.77M / $2.02M
CXMTstock168.2%21.0%18.9%56.4%149.3%$27.81M / $50.5K
PONS10.9%-48.2%10.9%-8.4%59.1%$26.05M / $718.2K
LTC10.9%10.5%6.4%4.8%6.2%$25.43M / $978.5K
MSFTstock-20.6%3.5%0.0%-10.9%24.1%$22.66M / $3.14M
kPEPE8.1%10.5%-30.7%-4.3%41.2%$24.46M / $380.9K
ASTER10.9%10.5%10.7%-5.2%16.2%$23.77M / $729.2K
PAXG8.3%10.5%-0.2%10.9%11.1%$22.54M / $1.78M
CASHCAT10.9%53.4%—10.9%42.5%$22.28M / $477.1K
AVAX-20.7%-21.0%-3.2%-24.7%21.5%$21.54M / $1.10M
CRWVstock315.3%172.6%-80.7%135.5%396.0%$20.21M / $319.6K
HOODstock79.8%60.4%0.0%33.4%79.8%$18.50M / $1.09M
CRV10.9%10.5%10.4%10.9%0.6%$18.61M / $351.0K
ORCLstock8.8%3.5%0.0%0.0%8.8%$18.17M / $344.0K
ARB10.9%4.4%0.9%10.9%10.1%$17.43M / $606.3K
AMDstock125.0%100.7%0.0%—125.0%$15.72M / $1.41M
ZHIPUstock28.5%0.9%-48.9%0.0%77.4%$16.27M / $102.8K
UNITREEstock42.9%3.5%0.0%0.0%42.9%$16.25M / $114.6K
COINstock107.1%90.2%0.0%117.9%117.9%$14.90M / $667.9K
STRCstock5.5%0.0%0.0%—5.5%$14.54M / $803.1K
HBAR10.9%10.5%3.9%1.8%9.1%$13.75M / $480.2K
TIA10.9%10.5%3.0%2.5%8.4%$13.13M / $452.3K
TRX10.9%10.5%9.3%-9.3%20.3%$13.14M / $273.9K
COPPERcommodity5.5%3.5%0.0%—5.5%$12.88M / $486.6K
PLTRstock16.4%3.5%0.0%0.0%16.4%$12.69M / $357.0K
NATGAScommodity-8.9%3.5%0.0%—12.4%$11.45M / $1.25M
XLM1.0%10.5%-5.0%9.9%15.5%$12.48M / $147.2K
BABAstock5.5%3.5%0.0%0.0%5.5%$11.93M / $334.9K
ETHFI10.9%10.5%10.9%-26.2%37.2%$11.15M / $906.1K
AVGOstock64.2%3.5%-2.3%0.0%66.4%$11.58M / $0
DELLstock68.9%7.9%-24.8%-68.5%137.5%$11.24M / $140.6K
FIL10.9%10.5%-3.0%-19.1%30.0%$11.22M / $69.9K
WLFI10.9%-40.3%10.9%10.9%51.2%$10.25M / $984.9K
LDO10.9%10.5%10.9%7.0%4.0%$10.09M / $877.0K
PENDLE10.9%10.5%1.1%10.9%9.9%$10.40M / $389.7K
PENGU-47.7%7.0%3.9%-11.0%54.7%$9.89M / $270.0K
JUP-4.7%10.5%-6.2%10.9%17.2%$9.60M / $506.0K
EWYstock147.8%81.5%0.0%89.3%147.8%$9.94M / $130.7K
TRUMP10.9%10.5%1.5%10.9%9.5%$9.16M / $380.1K
TSMstock34.3%3.5%0.0%41.2%41.2%$8.83M / $150.6K
USELESS10.9%10.5%10.9%10.9%0.4%$7.90M / $576.0K
BBstock148.5%62.2%10.9%10.9%137.6%$8.25M / $184.2K
BCH10.9%10.5%-3.7%-1.3%14.6%$7.71M / $481.5K
MRVLstock175.5%117.4%-16.2%42.1%191.7%$8.03M / $63.4K
CHIP-19.3%-54.3%-4.7%2.8%57.2%$7.89M / $146.6K
MEGA10.9%10.5%6.4%10.9%4.6%$7.88M / $112.3K
LITEstock246.7%197.1%0.0%145.4%246.7%$7.62M / $308.9K
KORUstock515.3%3.5%-72.5%338.7%587.8%$7.85M / $0
kBONK10.9%10.5%-3.2%10.9%14.2%$7.63M / $171.8K
KIOXIAstock44.0%3.5%——40.5%$7.18M / $0
RKLBstock148.4%76.2%-18.4%57.9%166.8%$7.02M / $102.9K
SYRUP10.9%10.5%10.9%10.9%0.4%$6.87M / $206.0K
VIRTUAL10.9%7.9%2.7%10.9%8.3%$6.47M / $469.7K
MORPHO10.9%10.5%-8.9%-37.2%48.1%$6.27M / $426.2K
APT6.1%-24.5%-2.2%10.9%35.5%$5.95M / $613.5K
ZK10.9%10.5%-6.8%10.9%17.7%$6.38M / $85.4K
CC-1.3%-82.3%-26.8%-19.2%81.0%$6.19M / $208.1K
POL10.9%10.5%-18.4%-17.9%29.3%$6.11M / $215.3K
DOT-6.0%0.9%-0.5%-46.1%47.0%$6.05M / $230.2K
SPX10.9%10.5%10.9%10.9%0.4%$5.57M / $171.3K
GMEstock5.5%3.5%0.0%—5.5%$5.67M / $0
AAOIstock480.4%142.8%-107.7%184.0%588.0%$5.29M / $0
MNT10.9%10.5%—10.9%0.4%$5.16M / $93.3K
WIF10.9%10.5%10.9%10.9%0.4%$5.06M / $72.6K
ARMstock140.0%3.5%-78.3%0.0%218.3%$4.93M / $0
PLATINUMcommodity9.5%3.5%0.0%—9.5%$4.58M / $335.2K
OP10.9%10.5%-9.8%-3.8%20.8%$4.45M / $158.6K
PYTH10.9%-39.4%-1.1%-32.3%50.4%$4.30M / $125.4K
EIGEN10.9%10.5%2.8%-37.2%48.1%$3.75M / $502.7K
SEI10.9%10.5%0.1%10.9%10.9%$4.04M / $172.9K
ICP10.9%10.5%7.5%3.2%7.8%$3.94M / $202.7K
WDCstock245.0%3.5%-19.7%56.4%264.7%$4.09M / $0
JTO10.9%10.5%3.9%-7.7%18.7%$3.90M / $152.3K
MET-47.6%3.5%-24.1%-35.5%51.1%$3.82M / $124.6K
SKY7.6%10.5%1.0%-23.3%33.8%$3.43M / $360.1K
BEstock234.0%3.5%-87.2%44.5%321.2%$3.73M / $0
DASH10.9%10.5%7.7%10.9%3.2%$3.13M / $68.9K
PALLADIUMcommodity19.3%3.5%0.0%—19.3%$2.76M / $413.9K
ASMLstock114.9%3.5%0.0%73.4%114.9%$3.11M / $43.5K
kSHIB-4.0%10.5%4.7%-1.3%14.5%$2.83M / $167.7K
MRNAstock-106.6%-67.5%0.0%-84.6%106.6%$2.75M / $120.3K
LINEA10.9%10.5%-4.2%10.9%15.1%$2.70M / $104.8K
QCOMstock87.7%3.5%0.0%0.0%87.7%$2.65M / $0
BMNRstock206.7%3.5%-71.4%77.1%278.1%$2.08M / $510.3K
MINIMAXstock54.7%3.5%0.0%41.4%54.7%$2.38M / $68.1K
BOTstock184.5%3.5%-34.2%0.0%218.8%$2.38M / $31.6K
AZTEC10.9%10.5%10.9%10.9%0.4%$2.24M / $54.5K
0G10.9%10.5%10.9%10.9%0.4%$2.13M / $13.4K
POPCAT10.9%10.5%10.9%10.9%0.4%$1.97M / $40.2K
BERA-108.2%-18.4%-23.8%10.9%119.2%$1.94M / $54.5K
APEX10.9%10.5%—10.9%0.4%$1.89M / $47.1K
DYDX10.9%-15.8%7.6%10.9%26.7%$1.87M / $36.5K
KAITO10.9%10.5%10.9%10.9%0.4%$1.82M / $65.8K
IBMstock7.6%3.5%0.0%-9.4%17.0%$1.59M / $196.7K
STBL19.4%10.5%10.9%10.9%8.8%$1.66M / $41.2K
NOWstock5.5%3.5%0.0%0.0%5.5%$1.49M / $7.7K
GMX10.9%10.5%-0.7%-1.9%12.9%$1.36M / $77.3K
S0.6%10.5%-1.0%6.7%11.5%$1.25M / $117.5K
NOKstock58.7%3.5%0.0%—58.7%$1.35M / $0
2Z-41.8%10.5%10.9%10.9%52.8%$1.13M / $20.9K
QNTstock64.2%-2.6%-6.1%-16.4%80.6%$939.4K / $109.3K
STABLE10.9%10.5%10.9%10.9%0.4%$866.2K / $99.4K
ZORA10.9%10.5%-2.9%10.9%13.9%$919.0K / $13.6K
OURAstock3.8%0.0%5.5%0.0%5.5%$791.8K / $92.6K
BIO10.9%10.5%10.9%10.9%0.4%$863.6K / $9.8K
SHEINstock-16.1%3.5%—0.0%19.6%$834.4K / $7.0K
AVNT10.9%10.5%10.9%-16.5%27.4%$695.9K / $36.1K
AXS10.9%10.5%2.5%-15.1%26.1%$439.8K / $10.6K
SKR10.9%10.5%10.9%10.9%0.4%$411.9K / $7.0K
kFLOKI10.9%10.5%-5.4%10.9%16.4%$356.4K / $13.7K
GEVstock19.0%3.5%0.0%0.0%19.0%$241.4K / $3.7K
PROVE10.9%10.5%6.2%10.9%4.7%$212.7K / $18.1K

All Hyperliquid funding rates →

Funding rate comparison: questions and answers

Why are funding rates different on Hyperliquid and Lighter?

Each exchange calculates funding from its own premium — how far its contract trades from the index price. When there is no premium, both pay a baseline of about 11% APR on Hyperliquid and about 10.5% on Lighter; crowded longs or shorts on one exchange push its rate up or down independently of the other.

How does funding rate arbitrage between Hyperliquid and Lighter work?

Open a short on the exchange with the highest rate and a long of the same size on the one with the lowest: the price risk cancels out, and you collect the difference in funding while it lasts. Fees, the price gap between exchanges and a change of the rates eat into the profit, and each side needs its own margin and can be liquidated.

How often is funding paid on each exchange?

Hyperliquid and Lighter pay funding every hour; Binance and Bybit — every 4 or 8 hours depending on the market. To compare them, HyperScan converts every rate to per hour and to APR.

Which markets have the biggest funding spread right now?

Among markets with $1M+ daily volume on both DEXs: SNDK (xyz) — 411.5% APR (short on Hyperliquid, long on Binance); SOXL (xyz) — 375.3% APR (short on Hyperliquid, long on Binance); SKHY (xyz) — 332.5% APR (short on Hyperliquid, long on Binance). The table above updates every minute.