资金费率对比：Hyperliquid、Lighter、Binance、Bybit

163 个市场同时在 Hyperliquid 和 Lighter 上线。所有费率均换算为年化；价差为最高费率与最低费率之差。

两个 DEX 共有的市场
163
Hyperliquid 和 Lighter
最大价差（年化）
407.6%
SNDK (xyz)：在 Hyperliquid 做空，在 Binance 做多
价差中位数（年化）
20.7%
两个 DEX 日成交量均在 $1M 以上的市场
BTC3.8%10.5%9.8%7.9%6.7%$3.39B / $162.48M
ETH7.9%4.4%4.6%-0.7%8.6%$2.48B / $75.83M
HYPE10.9%10.5%10.9%10.9%0.4%$1.57B / $14.99M
SOL10.9%-2.6%-1.7%10.9%13.6%$561.15M / $17.20M
ZEC10.9%10.5%6.6%10.9%4.4%$540.53M / $18.09M
SP500指数5.5%3.5%——2.0%$346.75M / $1.41M
NEAR-19.5%8.8%2.1%-8.6%28.2%$299.62M / $18.54M
GOLD商品5.5%3.5%0.0%39.9%39.9%$283.55M / $16.11M
XRP-3.8%-3.5%-4.5%-24.2%20.7%$223.77M / $2.62M
SKHY股票300.8%277.7%-19.6%278.1%320.4%$189.18M / $1.07M
BRENTOIL商品2.2%1.8%-3.9%—6.1%$184.61M / $2.16M
LIT10.9%-21.9%10.9%10.9%32.9%$130.82M / $33.65M
SILVER商品30.0%16.6%5.1%0.4%29.6%$159.89M / $4.31M
MU股票251.8%215.5%-36.1%114.6%287.9%$157.92M / $1.90M
PUMP10.9%10.5%8.2%-10.5%21.5%$155.84M / $2.87M
CL商品-17.9%-3.5%-7.3%-7.2%14.4%$149.05M / $4.69M
SPCX股票94.8%3.5%0.0%5.4%94.8%$125.83M / $3.23M
SNDK股票289.2%247.0%-118.4%132.7%407.6%$125.19M / $3.77M
NVDA股票23.0%11.4%0.0%0.0%23.0%$99.82M / $4.68M
GOOGL股票9.6%3.5%0.0%0.0%9.6%$94.09M / $4.60M
DOGE10.9%10.5%-0.0%6.7%11.0%$94.46M / $732.9K
ENA10.9%-21.9%10.9%5.5%32.9%$89.64M / $2.92M
META股票14.6%3.5%0.0%0.0%14.6%$84.47M / $5.00M
DRAM股票245.9%233.9%-13.0%202.5%258.9%$79.08M / $922.7K
CRCL股票83.9%67.5%0.0%70.6%83.9%$76.07M / $1.43M
TSLA股票65.1%42.0%0.0%1.3%65.1%$70.67M / $5.46M
ZRO10.9%10.5%10.9%10.9%0.4%$67.48M / $8.01M
XMR10.9%7.9%10.9%10.9%3.1%$70.64M / $2.41M
WLD5.3%2.6%-9.3%-6.8%14.6%$66.64M / $5.62M
UNI10.9%-15.8%-1.3%-8.1%26.7%$68.64M / $1.31M
INTC股票171.2%154.2%0.0%140.6%171.2%$63.86M / $1.44M
VVV10.9%10.5%10.9%10.9%0.4%$62.41M / $1.46M
AAVE10.9%10.5%8.3%10.9%2.6%$59.38M / $4.35M
XPL10.9%10.5%10.9%10.9%0.4%$57.79M / $5.67M
LINK10.9%-1.8%9.0%5.2%12.7%$57.88M / $1.48M
SUI10.9%10.5%1.6%1.1%9.8%$57.50M / $1.13M
AAPL股票-3.3%3.5%0.0%0.0%6.8%$49.54M / $4.39M
TAO10.9%-7.9%-11.9%-14.0%25.0%$49.68M / $606.8K
BNB0.8%10.5%3.5%4.0%9.7%$45.66M / $4.20M
MSTR股票108.5%88.5%13.0%185.7%172.7%$46.51M / $2.64M
STRK10.9%10.5%10.9%10.9%0.4%$40.64M / $318.2K
NBIS股票264.7%237.4%-29.4%101.0%294.1%$36.16M / $865.1K
ADA-26.0%-6.1%-3.1%-12.3%22.9%$33.48M / $1.93M
ONDO-20.7%9.6%-2.9%3.5%30.3%$34.22M / $551.5K
FARTCOIN10.9%10.5%10.9%10.9%0.4%$34.37M / $345.2K
MON10.9%10.5%-19.7%-27.3%38.2%$34.30M / $410.8K
SOXL股票331.4%295.2%-31.7%224.2%363.1%$32.60M / $1.78M
AERO10.9%10.5%3.1%-13.4%24.4%$32.64M / $1.19M
CBRS股票64.1%38.5%-94.3%0.0%158.4%$33.63M / $184.4K
GRASS10.9%10.5%10.9%10.9%0.4%$29.64M / $829.0K
GRAM4.0%10.5%10.9%10.9%7.0%$27.36M / $1.97M
AMZN股票5.5%3.5%0.0%0.0%5.5%$26.76M / $2.02M
CXMT股票161.0%21.0%18.9%56.4%142.0%$27.79M / $50.5K
PONS10.9%-48.2%10.9%4.8%59.1%$26.04M / $718.2K
LTC10.9%10.5%6.6%4.5%6.4%$25.44M / $978.5K
MSFT股票-20.3%3.5%0.0%-10.9%23.8%$22.66M / $3.14M
kPEPE8.1%10.5%-30.2%-0.4%40.8%$24.43M / $380.9K
ASTER10.9%10.5%10.9%-4.7%15.7%$23.76M / $729.2K
PAXG8.2%10.5%-0.0%10.9%11.0%$22.54M / $1.78M
CASHCAT10.9%53.4%—10.9%42.5%$22.24M / $477.1K
AVAX-22.9%-21.0%-3.2%-23.3%20.1%$21.48M / $1.10M
CRWV股票311.7%172.6%-80.7%135.5%392.3%$20.19M / $319.6K
HOOD股票77.7%60.4%0.0%33.4%77.7%$18.49M / $1.09M
CRV10.9%10.5%10.5%10.9%0.5%$18.59M / $351.0K
ORCL股票11.8%3.5%0.0%0.0%11.8%$18.17M / $344.0K
ARB10.9%4.4%1.0%10.9%9.9%$17.43M / $606.3K
AMD股票120.6%100.7%0.0%—120.6%$15.71M / $1.41M
UNITREE股票44.0%3.5%0.0%0.0%44.0%$16.25M / $114.6K
ZHIPU股票26.7%0.9%-48.9%0.0%75.6%$16.26M / $102.8K
COIN股票106.5%90.2%0.0%117.9%117.9%$14.89M / $667.9K
STRC股票5.5%0.0%0.0%—5.5%$14.54M / $803.1K
HBAR10.9%10.5%4.2%5.2%6.7%$13.69M / $480.2K
TIA10.9%10.5%2.7%2.3%8.6%$13.12M / $452.3K
TRX10.9%10.5%9.5%-11.2%22.1%$13.14M / $273.9K
COPPER商品5.5%3.5%0.0%—5.5%$12.88M / $486.6K
PLTR股票16.5%3.5%0.0%0.0%16.5%$12.69M / $357.0K
NATGAS商品-8.9%3.5%0.0%—12.4%$11.45M / $1.25M
XLM1.6%10.5%-4.4%10.9%15.3%$12.47M / $147.2K
BABA股票5.5%3.5%0.0%0.0%5.5%$11.93M / $334.9K
ETHFI10.9%10.5%10.9%-27.8%38.8%$11.13M / $906.1K
AVGO股票62.2%3.5%-2.3%0.0%64.5%$11.57M / $0
DELL股票64.7%7.9%-24.8%-68.5%133.3%$11.23M / $140.6K
FIL10.9%10.5%-3.0%-18.1%29.0%$11.21M / $69.9K
WLFI10.9%-40.3%10.9%10.9%51.2%$10.25M / $984.9K
LDO10.9%10.5%10.9%3.0%8.0%$10.07M / $877.0K
PENDLE10.9%10.5%0.9%10.9%10.1%$10.39M / $389.7K
PENGU-47.1%7.0%4.2%-8.2%54.1%$9.88M / $270.0K
JUP-12.3%10.5%-6.2%10.9%23.3%$9.59M / $506.0K
EWY股票144.9%81.5%0.0%89.3%144.9%$9.94M / $130.7K
TRUMP10.9%10.5%1.6%10.9%9.3%$9.15M / $380.1K
TSM股票33.4%3.5%0.0%41.2%41.2%$8.83M / $150.6K
USELESS10.9%10.5%10.9%10.9%0.4%$7.88M / $576.0K
BB股票154.1%62.2%10.9%10.9%143.2%$8.25M / $184.2K
BCH10.9%10.5%-4.0%-4.8%15.7%$7.71M / $481.5K
MRVL股票169.2%117.4%-16.2%42.1%185.4%$8.03M / $63.4K
CHIP-20.7%-54.3%-4.7%-3.7%50.7%$7.88M / $146.6K
MEGA10.9%10.5%5.5%10.9%5.5%$7.89M / $112.3K
LITE股票240.7%197.1%0.0%145.4%240.7%$7.61M / $308.9K
KORU股票511.7%3.5%-72.5%338.7%584.2%$7.83M / $0
kBONK10.9%10.5%-0.2%10.9%11.2%$7.63M / $171.8K
KIOXIA股票45.1%3.5%——41.6%$7.18M / $0
RKLB股票151.7%76.2%-18.4%57.9%170.2%$7.02M / $102.9K
SYRUP10.9%10.5%10.9%10.9%0.4%$6.86M / $206.0K
VIRTUAL10.9%7.9%3.6%10.9%7.3%$6.47M / $469.7K
MORPHO10.9%10.5%-11.3%-36.0%46.9%$6.26M / $426.2K
APT9.0%-24.5%-2.3%10.9%35.5%$5.93M / $613.5K
ZK10.9%10.5%-7.6%10.9%18.6%$6.40M / $85.4K
CC-0.4%-82.3%-26.9%-17.5%82.0%$6.19M / $208.1K
POL10.9%10.5%-17.1%-10.4%28.0%$6.10M / $215.3K
DOT-9.7%0.9%0.2%-43.3%44.2%$6.04M / $230.2K
SPX10.9%10.5%10.9%10.9%0.4%$5.57M / $171.3K
GME股票5.5%3.5%0.0%—5.5%$5.67M / $0
AAOI股票484.0%142.8%-107.7%184.0%591.6%$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%$5.05M / $72.6K
ARM股票132.3%3.5%-78.3%0.0%210.6%$4.93M / $0
PLATINUM商品9.9%3.5%0.0%—9.9%$4.58M / $335.2K
OP10.9%10.5%-9.7%-5.0%20.6%$4.44M / $158.6K
PYTH10.9%-39.4%-1.2%-34.9%50.4%$4.30M / $125.4K
EIGEN10.9%10.5%1.9%-42.2%53.1%$3.75M / $502.7K
SEI10.9%10.5%0.3%10.9%10.6%$4.05M / $172.9K
ICP10.9%10.5%7.4%6.7%4.2%$3.94M / $202.7K
WDC股票241.7%3.5%-19.7%56.4%261.4%$4.09M / $0
JTO10.9%10.5%3.5%-1.1%12.0%$3.89M / $152.3K
MET-55.7%3.5%-25.0%-45.1%59.2%$3.81M / $124.6K
SKY5.5%10.5%-0.1%-26.4%37.0%$3.43M / $360.1K
BE股票227.7%3.5%-87.2%44.5%314.9%$3.73M / $0
DASH10.9%10.5%7.9%10.9%3.0%$3.13M / $68.9K
PALLADIUM商品19.1%3.5%0.0%—19.1%$2.76M / $413.9K
ASML股票117.5%3.5%0.0%73.4%117.5%$3.11M / $43.5K
kSHIB-13.0%10.5%5.4%-1.3%23.5%$2.83M / $167.7K
MRNA股票-115.2%-67.5%0.0%-84.6%115.2%$2.74M / $120.3K
LINEA10.9%10.5%-4.3%10.9%15.2%$2.70M / $104.8K
QCOM股票85.7%3.5%0.0%0.0%85.7%$2.65M / $0
BMNR股票211.3%3.5%-71.4%77.1%282.6%$2.08M / $510.3K
MINIMAX股票52.3%3.5%0.0%41.4%52.3%$2.38M / $68.1K
BOT股票182.0%3.5%-34.2%0.0%216.2%$2.38M / $31.6K
AZTEC10.9%10.5%10.9%10.9%0.4%$2.23M / $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-111.2%-18.4%-25.5%10.9%122.1%$1.94M / $54.5K
APEX10.9%10.5%—10.9%0.4%$1.89M / $47.1K
DYDX10.9%-15.8%8.3%10.9%26.7%$1.87M / $36.5K
KAITO10.9%10.5%10.9%10.9%0.4%$1.81M / $65.8K
IBM股票9.1%3.5%0.0%-9.4%18.5%$1.59M / $196.7K
STBL10.9%10.5%10.9%10.9%0.4%$1.66M / $41.2K
NOW股票5.5%3.5%0.0%0.0%5.5%$1.49M / $7.7K
GMX10.9%10.5%0.4%4.5%10.5%$1.36M / $77.3K
S-1.0%10.5%-2.0%-0.7%12.5%$1.25M / $117.5K
NOK股票58.5%3.5%0.0%—58.5%$1.35M / $0
2Z-50.3%10.5%10.9%10.9%61.2%$1.13M / $20.9K
QNT股票65.0%-2.6%-6.1%-16.4%81.4%$939.4K / $109.3K
STABLE10.9%10.5%10.9%10.9%0.4%$866.8K / $99.4K
ZORA10.9%10.5%-1.6%10.9%12.6%$918.4K / $13.6K
OURA股票3.8%0.0%5.5%0.0%5.5%$791.8K / $92.6K
BIO10.9%10.5%10.9%10.9%0.4%$861.4K / $9.8K
SHEIN股票-16.0%3.5%—0.0%19.5%$834.4K / $7.0K
AVNT10.9%10.5%10.9%-8.7%19.7%$695.9K / $36.1K
AXS10.9%10.5%4.1%-10.8%21.8%$439.3K / $10.6K
SKR10.9%10.5%10.9%10.9%0.4%$410.8K / $7.0K
kFLOKI10.9%10.5%-4.7%10.9%15.6%$356.1K / $13.7K
GEV股票22.9%3.5%0.0%0.0%22.9%$241.4K / $3.7K
PROVE10.9%10.5%8.1%10.9%2.9%$212.5K / $18.1K

Hyperliquid 全部资金费率 →

资金费率对比：常见问题

为什么 Hyperliquid 和 Lighter 的资金费率不同？

每个交易所根据自己的溢价（合约价格偏离指数价格的程度）计算资金费率。没有溢价时，Hyperliquid 的基础费率约为年化 11%，Lighter 约为 10.5%；某个交易所多头或空头拥挤时，它的费率会独立于另一个交易所变动。

Hyperliquid 与 Lighter 之间的资金费率套利如何运作？

在费率最高的交易所开空，在费率最低的交易所开同等规模的多单：价格风险相互抵消，在价差存在期间赚取资金费率差。手续费、交易所之间的价格差和费率变化会侵蚀利润，而且每一边都需要单独的保证金，都可能被清算。

各交易所多久支付一次资金费？

Hyperliquid 和 Lighter 每小时支付一次；Binance 和 Bybit 视市场每 4 或 8 小时支付一次。为了便于比较，HyperScan 把每个费率都换算为每小时和年化。

目前哪些市场的资金费率价差最大？

在两个 DEX 日成交量均在 $1M 以上的市场中：SNDK (xyz) — 年化 407.6%（在 Hyperliquid 做空，在 Binance 做多）；SOXL (xyz) — 年化 363.1%（在 Hyperliquid 做空，在 Binance 做多）；SKHY (xyz) — 年化 320.4%（在 Hyperliquid 做空，在 Binance 做多）。上表每分钟更新。