Hyperliquid vs Pacifica Funding Arbitrage
11 shared markets · net of estimated fees · updated every few minutesHyperliquid and Pacifica both quote 11 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 right now is META — long Hyperliquid / short Pacifica at 20.6% net APR — but the median across all shared markets is 3.0%, 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 9 markets go long on Hyperliquid and 2 on Pacifica. 4 markets clear 5% net APR, 3 clear 10%.
How this pair behaves
Hyperliquid pays funding every 1h on 223 markets; Pacifica pays every 1h on 51 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 Pacifica quotes 51; the 11 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Pacifica 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 11 of 11 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| META | Hyperliquid | Pacifica | 20.6% | 25.2% | +1.0% | $50K |
| MSTR | Pacifica | Hyperliquid | 18.9% | 22.2% | +5.6% | $79K |
| AAVE | Hyperliquid | Pacifica | 10.1% | 13.7% | +6.1% | $158K |
| JUP | Pacifica | Hyperliquid | 6.2% | 10.1% | -10.7% | $245K |
| MU | Hyperliquid | Pacifica | 3.8% | 6.7% | +6.4% | $73K |
| XAU | Hyperliquid | Pacifica | 3.0% | 5.5% | -2.8% | $118K |
| TSLA | Hyperliquid | Pacifica | 2.9% | 6.0% | +4.4% | $12K |
| SNDK | Hyperliquid | Pacifica | 2.7% | 5.5% | +1.7% | $272K |
| NVDA | Hyperliquid | Pacifica | 2.2% | 5.5% | +4.9% | $15K |
| HOOD | Hyperliquid | Pacifica | 1.8% | 5.5% | +7.1% | $25K |
| SPCX | Hyperliquid | Pacifica | 0.5% | 3.4% | +13.5% | $206K |
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.
Coverage note: Hyperliquid and Pacifica share 11 markets, 0 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.
Hyperliquid vs Pacifica — FAQ
How many markets can you arbitrage between Hyperliquid and Pacifica?
11 perpetual markets are quoted on both Hyperliquid and Pacifica right now. 4 of them show a net spread of at least 5% APR after estimated fees, and 0 have at least $1M of 24h volume on the smaller leg.
What is the best Hyperliquid / Pacifica funding spread right now?
META: long Hyperliquid and short Pacifica for about 20.6% net APR after estimated fees. The median across all 11 shared markets is 3.0%, so the top of the list is not typical.
Which side pays on the Hyperliquid / Pacifica pair?
It varies by market: Hyperliquid is the long (funding-receiving) leg in 9 of the shared markets and Pacifica in the other 2. The direction is set per market by which venue currently prices funding lower.
Trading the Hyperliquid / Pacifica 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 · Pacifica funding rates; the full calculation is in the methodology.