Hyperliquid and Ondo Perps both quote 20 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 Ondo Perps / short Hyperliquid at 22.2% net APR — but the median across all shared markets is 15.5%, 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 10 markets go long on Hyperliquid and 10 on Ondo Perps. 17 markets clear 5% net APR, 13 clear 10%.

Hyperliquid pays funding every 1h on 229 markets; Ondo Perps pays every 1h on 65 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. Hyperliquid quotes 229 perpetual markets in total and Ondo Perps quotes 65; the 20 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Ondo Perps 5.5%, 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.