Funding rate arbitrage: gaps between perp DEXs, net of fees

Snapshot Fri, 16 Oct 2026 22:39:13 UTC · 50 tokens on 2+ DEXs · 16 net positive on a $10k 7-day hold · 20 7d-stable

Long the venue with the lowest funding, short the one with the highest. Ranked by net on a $10,000 position held 7 days after four taker fills; break-even is how long the gap must hold to cover fees.

Taker fees at base tier: Hyperliquid 0.045%, Lighter 0%, Aster 0.04%. Net = notional × gap × hours − notional × 2 × (taker long + taker short); same formulas as the calculator. Slippage, margin, basis and rate changes not included. JSON.

What the gap costs to capture

• Entry and exit fees on two venues. Base-tier taker fees: Hyperliquid 0.045%, Lighter 0% (Standard account), Aster 0.04%. Four taker fills (open and close both legs) on Hyperliquid alone cost 0.18% of notional, which at a 0.01%/8h gap takes 18 funding intervals, six days, just to break even.
• Rates reset. Hyperliquid and Lighter recompute funding every hour from their own order-book premium. A gap visible now is a one-hour reading, not a yield.
• Interval mismatch. Aster settles once per 1/2/4/8 hours. The 8h-equivalent makes rates comparable, but cash flows land at different times on each leg.
• Margin and liquidation. Both legs need collateral; a sharp move can liquidate one leg before the other can be closed. Lighter standard accounts and Hyperliquid both use isolated or cross margin per their own rules.
• Basis. Mark prices differ slightly between venues; the price difference at entry is a cost or gain separate from funding.

The arbitrage calculator takes both legs' rates and fees and returns the net result and break-even time for your own notional and holding period.

Hyperliquid vs Binance funding

Largest absolute differences between Hyperliquid's hourly funding and Binance's (reference from Hyperliquid's predictedFundings; Binance intervals converted). Positive = Hyperliquid higher.

This page lists arithmetic on published rates. It is not a recommendation to open any position. Perpetual futures can lose more than the margin posted; several venues restrict access by jurisdiction.