Bybit and Hyperliquid both quote 112 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 KORU — long Bybit / short Hyperliquid at 256.2% net APR — but the median across all shared markets is 18.1%, 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 68 markets go long on Bybit and 44 on Hyperliquid. 86 markets clear 5% net APR, 74 clear 10%.

Bybit pays funding every 8h on 245 markets and every 4h on 198 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. Bybit quotes 445 perpetual markets in total and Hyperliquid quotes 223; the 112 they share are what this page ranks. Across its own book Bybit 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.

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.