GMTrade and Hyperliquid both quote 34 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 GOOGL — long Hyperliquid / short GMTrade at 165.7% net APR — but the median across all shared markets is 5.5%, 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 31 markets go long on GMTrade and 3 on Hyperliquid. 20 markets clear 5% net APR, 3 clear 10%.

GMTrade pays funding every 1h on 48 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. GMTrade quotes 48 perpetual markets in total and Hyperliquid quotes 223; the 34 they share are what this page ranks. Across its own book GMTrade runs a median funding rate of 0.1% 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.