Extended vs Hyperliquid Funding Arbitrage
56 shared markets · net of estimated fees · updated every few minutesExtended and Hyperliquid both quote 56 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 Extended at 102.6% net APR — but the median across all shared markets is 10.3%, 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 40 markets go long on Extended and 16 on Hyperliquid. 41 markets clear 5% net APR, 29 clear 10%.
How this pair behaves
Extended pays funding every 1h on 153 markets; Hyperliquid pays every 1h on 223 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Extended quotes 153 perpetual markets in total and Hyperliquid quotes 223; the 56 they share are what this page ranks. Across its own book Extended runs a median funding rate of 5.3% 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 56 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SKHY | Extended | Hyperliquid | 134.1% | 136.3% | +2.3% | $25K |
| SOXL | Hyperliquid | Extended | 102.6% | 105.2% | +6.4% | $2.9M |
| KORU | Extended | Hyperliquid | 95.5% | 99.2% | -3.6% | $289K |
| QNT | Extended | Hyperliquid | 90.0% | 96.9% | +7.6% | $288K |
| BE | Hyperliquid | Extended | 74.3% | 77.5% | -1.1% | $1.0M |
| MRVL | Hyperliquid | Extended | 69.4% | 71.5% | -4.2% | $261K |
| ZEC | Extended | Hyperliquid | 41.5% | 43.4% | +0.5% | $4.3M |
| W | Extended | Hyperliquid | 40.3% | 45.1% | -4.4% | $688K |
| AVGO | Hyperliquid | Extended | 36.1% | 38.4% | -2.8% | $444K |
| ASML | Hyperliquid | Extended | 34.8% | 39.1% | +0.2% | $264K |
| NBIS | Extended | Hyperliquid | 32.6% | 35.6% | +3.6% | $1.1M |
| QCOM | Hyperliquid | Extended | 31.4% | 34.8% | -5.3% | $613K |
| ALGO | Extended | Hyperliquid | 26.0% | 29.3% | +4.8% | $237K |
| TRX | Hyperliquid | Extended | 23.9% | 25.7% | -2.4% | $1.6M |
| WTI | Extended | Hyperliquid | 21.8% | 23.6% | +24.4% | $15.9M |
| AAVE | Extended | Hyperliquid | 21.4% | 23.6% | +2.1% | $962K |
| XAU | Hyperliquid | Extended | 19.2% | 20.8% | +1.2% | $34.6M |
| AVAX | Extended | Hyperliquid | 17.3% | 19.7% | -0.4% | $164K |
| ARM | Hyperliquid | Extended | 15.8% | 19.2% | -7.8% | $271K |
| PENDLE | Extended | Hyperliquid | 15.6% | 18.8% | +8.1% | $627K |
| FET | Extended | Hyperliquid | 15.3% | 18.8% | +1.8% | $319K |
| SEI | Hyperliquid | Extended | 14.4% | 17.8% | +1.8% | $594K |
| XAG | Hyperliquid | Extended | 14.3% | 16.2% | +12.8% | $5.0M |
| AXS | Extended | Hyperliquid | 13.2% | 18.0% | +6.7% | $124K |
| FIL | Extended | Hyperliquid | 12.6% | 15.3% | +10.1% | $2.1M |
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.
Extended vs Hyperliquid — FAQ
How many markets can you arbitrage between Extended and Hyperliquid?
56 perpetual markets are quoted on both Extended and Hyperliquid right now. 41 of them show a net spread of at least 5% APR after estimated fees, and 24 have at least $1M of 24h volume on the smaller leg.
What is the best Extended / Hyperliquid funding spread right now?
SOXL: long Hyperliquid and short Extended for about 102.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 56 shared markets is 10.3%, so the top of the list is not typical.
Which side pays on the Extended / Hyperliquid pair?
It varies by market: Extended is the long (funding-receiving) leg in 40 of the shared markets and Hyperliquid in the other 16. The direction is set per market by which venue currently prices funding lower.
Trading the Extended / 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: Extended funding rates · Hyperliquid funding rates; the full calculation is in the methodology.