Aster vs Hyperliquid Funding Arbitrage
63 shared markets · net of estimated fees · updated every few minutesAster and Hyperliquid both quote 63 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is SOXL — long Hyperliquid / short Aster at 109.2% net APR — but the median across all shared markets is 9.9%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 37 markets go long on Aster and 26 on Hyperliquid. 43 markets clear 5% net APR, 31 clear 10%.
How this pair behaves
Aster pays funding every 4h on 136 markets and every 8h on 95 markets; Hyperliquid pays every 1h on 223 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Aster quotes 242 perpetual markets in total and Hyperliquid quotes 223; the 63 they share are what this page ranks. Across its own book Aster runs a median funding rate of 10.9% and Hyperliquid 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 63 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| CASHCAT | Hyperliquid | Aster | 193.3% | 200.3% | -6.4% | $438K |
| SKHY | Aster | Hyperliquid | 128.2% | 130.6% | +2.3% | $520K |
| SOXL | Hyperliquid | Aster | 109.2% | 112.0% | +6.2% | $3.3M |
| XPD | Hyperliquid | Aster | 95.3% | 98.4% | +4.5% | $152K |
| KORU | Aster | Hyperliquid | 89.2% | 92.9% | -0.8% | $371K |
| MRVL | Hyperliquid | Aster | 68.9% | 71.5% | -2.0% | $1.3M |
| RSR | Hyperliquid | Aster | 59.2% | 65.6% | -9.0% | $19K |
| MSFT | Hyperliquid | Aster | 48.4% | 51.1% | -3.2% | $532K |
| CXMT | Aster | Hyperliquid | 42.6% | 46.4% | +9.9% | $27K |
| S | Hyperliquid | Aster | 39.2% | 45.7% | +19.7% | $45K |
| MINIMAX | Aster | Hyperliquid | 32.7% | 45.8% | +16.1% | $12K |
| NBIS | Aster | Hyperliquid | 31.8% | 35.6% | +4.2% | $162K |
| MSTR | Aster | Hyperliquid | 30.6% | 33.1% | +3.0% | $3.0M |
| SEI | Hyperliquid | Aster | 30.6% | 34.0% | +8.4% | $140K |
| AVGO | Hyperliquid | Aster | 30.1% | 34.0% | -6.1% | $409K |
| TRX | Hyperliquid | Aster | 27.4% | 29.7% | -0.8% | $25K |
| REZ | Aster | Hyperliquid | 24.0% | 31.0% | +13.3% | $77K |
| CBRS | Hyperliquid | Aster | 22.1% | 25.2% | +5.9% | $325K |
| W | Aster | Hyperliquid | 20.2% | 26.9% | -26.5% | $26K |
| QCOM | Hyperliquid | Aster | 20.0% | 34.8% | -7.2% | $32K |
| NFLX | Hyperliquid | Aster | 19.5% | 25.0% | -9.0% | $337K |
| UNITREE | Hyperliquid | Aster | 17.9% | 21.3% | -1.3% | $560K |
| POL | Aster | Hyperliquid | 17.8% | 20.9% | +17.3% | $90K |
| DOT | Hyperliquid | Aster | 15.2% | 18.5% | +13.4% | $93K |
| IO | Hyperliquid | Aster | 14.8% | 23.6% | — | $58K |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Aster vs Hyperliquid — FAQ
How many markets can you arbitrage between Aster and Hyperliquid?
63 perpetual markets are quoted on both Aster and Hyperliquid right now. 43 of them show a net spread of at least 5% APR after estimated fees, and 16 have at least $1M of 24h volume on the smaller leg.
What is the best Aster / Hyperliquid funding spread right now?
SOXL: long Hyperliquid and short Aster for about 109.2% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 63 shared markets is 9.9%, so the top of the list is not typical.
Which side pays on the Aster / Hyperliquid pair?
It varies by market: Aster is the long (funding-receiving) leg in 37 of the shared markets and Hyperliquid in the other 26. The direction is set per market by which venue currently prices funding lower.
Trading the Aster / Hyperliquid spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Aster funding rates · Hyperliquid funding rates; the full calculation is in the methodology.