HTX vs Hyperliquid Funding Arbitrage
41 shared markets · net of estimated fees · updated every few minutesHTX and Hyperliquid both quote 41 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 SNDK — long Hyperliquid / short HTX at 187.8% net APR — but the median across all shared markets is 29.2%, 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 12 markets go long on HTX and 29 on Hyperliquid. 35 markets clear 5% net APR, 31 clear 10%.
How this pair behaves
HTX pays funding every 8h on 63 markets and every 4h on 52 markets; Hyperliquid pays every 1h on 218 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. HTX quotes 118 perpetual markets in total and Hyperliquid quotes 218; the 41 they share are what this page ranks. Across its own book HTX 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 41 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| LITE | Hyperliquid | HTX | 325.0% | 328.5% | -7.1% | $10K |
| MU | Hyperliquid | HTX | 252.2% | 255.0% | -9.4% | $179K |
| SNDK | Hyperliquid | HTX | 187.8% | 190.6% | +6.1% | $9.4M |
| UNITREE | HTX | Hyperliquid | 183.1% | 197.6% | +49.9% | $292K |
| HYUNDAI | Hyperliquid | HTX | 177.3% | 188.7% | -19.8% | $42K |
| AMD | Hyperliquid | HTX | 162.1% | 164.6% | -3.8% | $81K |
| NVDA | Hyperliquid | HTX | 161.4% | 164.1% | -5.7% | $36K |
| CXMT | Hyperliquid | HTX | 153.1% | 163.6% | — | $68K |
| SPCX | Hyperliquid | HTX | 131.8% | 134.6% | -8.6% | $461K |
| XPD | Hyperliquid | HTX | 130.1% | 134.0% | +9.5% | $52K |
| XPT | Hyperliquid | HTX | 100.4% | 107.4% | +1.3% | $67K |
| MSFT | HTX | Hyperliquid | 83.8% | 86.9% | +5.1% | $118K |
| SMH | Hyperliquid | HTX | 78.6% | 91.1% | — | $62K |
| SUSHI | HTX | Hyperliquid | 77.5% | 85.4% | -5.6% | $39K |
| SKHY | HTX | Hyperliquid | 75.4% | 81.1% | -1.6% | $212K |
| META | Hyperliquid | HTX | 65.9% | 69.0% | — | $103K |
| GRAM | Hyperliquid | HTX | 60.5% | 63.5% | +28.6% | $25K |
| ZHIPU | HTX | Hyperliquid | 42.4% | 46.4% | -1.7% | $96K |
| AAPL | HTX | Hyperliquid | 39.8% | 42.9% | -0.9% | $103K |
| PUMP | Hyperliquid | HTX | 29.5% | 36.3% | +6.8% | $11K |
| NFLX | Hyperliquid | HTX | 29.2% | 37.1% | -7.4% | $50K |
| XAU | Hyperliquid | HTX | 28.8% | 31.1% | +5.6% | $2.0M |
| ETC | Hyperliquid | HTX | 27.5% | 34.9% | +17.9% | $186K |
| TRX | HTX | Hyperliquid | 23.0% | 25.5% | +3.6% | $185K |
| FIL | Hyperliquid | HTX | 20.7% | 24.5% | — | $1.1M |
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.
HTX vs Hyperliquid — FAQ
How many markets can you arbitrage between HTX and Hyperliquid?
41 perpetual markets are quoted on both HTX and Hyperliquid right now. 35 of them show a net spread of at least 5% APR after estimated fees, and 8 have at least $1M of 24h volume on the smaller leg.
What is the best HTX / Hyperliquid funding spread right now?
SNDK: long Hyperliquid and short HTX for about 187.8% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 41 shared markets is 29.2%, so the top of the list is not typical.
Which side pays on the HTX / Hyperliquid pair?
It varies by market: HTX is the long (funding-receiving) leg in 12 of the shared markets and Hyperliquid in the other 29. The direction is set per market by which venue currently prices funding lower.
Trading the HTX / 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: HTX funding rates · Hyperliquid funding rates; the full calculation is in the methodology.