Hyperliquid and Nado both quote 38 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 LIT — long Nado / short Hyperliquid at 38.1% net APR — but the median across all shared markets is 21.0%, 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 4 markets go long on Hyperliquid and 34 on Nado. 32 markets clear 5% net APR, 28 clear 10%.

Hyperliquid pays funding every 1h on 223 markets; Nado pays every 24h on 71 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. Hyperliquid quotes 223 perpetual markets in total and Nado quotes 71; the 38 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Nado -1.5% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.

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.