Hyperliquid vs Ostium Funding Arbitrage
25 shared markets · net of estimated fees · updated every few minutesHyperliquid and Ostium both quote 25 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 MRVL — long Hyperliquid / short Ostium at 64.2% net APR — but the median across all shared markets is 12.7%, 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 13 markets go long on Hyperliquid and 12 on Ostium. 19 markets clear 5% net APR, 14 clear 10%.
How this pair behaves
Hyperliquid pays funding every 1h on 223 markets; Ostium pays every 1h on 53 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 223 perpetual markets in total and Ostium quotes 53; the 25 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Ostium 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 25 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| CVX | Ostium | Hyperliquid | 193.3% | 327.5% | -53.2% | $77K |
| BMNR | Ostium | Hyperliquid | 98.3% | 114.3% | +16.6% | $333K |
| MRVL | Hyperliquid | Ostium | 64.2% | 71.5% | -8.4% | $29.8M |
| MSFT | Hyperliquid | Ostium | 52.4% | 59.2% | +3.0% | $23.2M |
| NBIS | Ostium | Hyperliquid | 27.8% | 35.6% | +17.0% | $40.5M |
| BB | Hyperliquid | Ostium | 27.7% | 39.2% | — | $2.5M |
| AVGO | Hyperliquid | Ostium | 26.4% | 34.0% | -9.2% | $4.2M |
| MSTR | Ostium | Hyperliquid | 26.2% | 33.1% | +14.3% | $19.0M |
| ASML | Hyperliquid | Ostium | 25.3% | 33.8% | -10.5% | $1.7M |
| BABA | Hyperliquid | Ostium | 23.2% | 30.5% | — | $4.3M |
| TSM | Hyperliquid | Ostium | 23.0% | 30.4% | -8.2% | $5.4M |
| LLY | Ostium | Hyperliquid | 22.5% | 30.9% | +6.8% | $2.3M |
| COST | Hyperliquid | Ostium | 12.7% | 22.4% | +0.4% | $251K |
| ARM | Hyperliquid | Ostium | 10.9% | 19.2% | -8.9% | $4.0M |
| DRAM | Ostium | Hyperliquid | 5.7% | 13.0% | +11.2% | $132.0M |
| AAPL | Hyperliquid | Ostium | 5.6% | 12.5% | +3.8% | $31.0M |
| BRENT | Hyperliquid | Ostium | 5.6% | 11.3% | -2.5% | $173.6M |
| BTC | Ostium | Hyperliquid | 5.3% | 10.9% | +9.2% | $2.5B |
| ETH | Ostium | Hyperliquid | 5.2% | 10.9% | +6.5% | $966.7M |
| SOL | Ostium | Hyperliquid | 4.8% | 10.9% | +2.2% | $209.4M |
| COIN | Ostium | Hyperliquid | 4.2% | 11.7% | +10.0% | $6.3M |
| EUR | Ostium | Hyperliquid | 3.7% | 9.5% | +3.9% | $2.4M |
| MRNA | Hyperliquid | Ostium | 2.6% | 11.2% | -1.4% | $29.2M |
| PLTR | Hyperliquid | Ostium | 2.2% | 9.6% | -2.8% | $5.2M |
| SPCX | Ostium | Hyperliquid | 0.5% | 7.5% | +8.8% | $302.5M |
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.
Hyperliquid vs Ostium — FAQ
How many markets can you arbitrage between Hyperliquid and Ostium?
25 perpetual markets are quoted on both Hyperliquid and Ostium right now. 19 of them show a net spread of at least 5% APR after estimated fees, and 22 have at least $1M of 24h volume on the smaller leg.
What is the best Hyperliquid / Ostium funding spread right now?
MRVL: long Hyperliquid and short Ostium for about 64.2% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 25 shared markets is 12.7%, so the top of the list is not typical.
Which side pays on the Hyperliquid / Ostium pair?
It varies by market: Hyperliquid is the long (funding-receiving) leg in 13 of the shared markets and Ostium in the other 12. The direction is set per market by which venue currently prices funding lower.
Trading the Hyperliquid / Ostium 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: Hyperliquid funding rates · Ostium funding rates; the full calculation is in the methodology.