Hyperliquid vs Risex Funding Arbitrage
29 shared markets · net of estimated fees · updated every few minutesHyperliquid and Risex both quote 29 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 DRAM — long Risex / short Hyperliquid at 189.4% net APR — but the median across all shared markets is 11.1%, 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 7 markets go long on Hyperliquid and 22 on Risex. 20 markets clear 5% net APR, 16 clear 10%.
How this pair behaves
Hyperliquid pays funding every 1h on 223 markets; Risex pays every 1h on 43 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 Risex quotes 43; the 29 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Risex 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 29 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| KORU | Risex | Hyperliquid | 390.7% | 393.9% | -28.3% | $130K |
| DRAM | Risex | Hyperliquid | 189.4% | 191.9% | +5.7% | $1.1M |
| SOXL | Risex | Hyperliquid | 150.2% | 152.9% | -24.8% | $84K |
| MU | Risex | Hyperliquid | 110.9% | 113.6% | -0.8% | $786K |
| MSTR | Risex | Hyperliquid | 30.9% | 33.1% | +6.6% | $523K |
| ENA | Risex | Hyperliquid | 25.0% | 27.8% | +5.0% | $145K |
| WLD | Hyperliquid | Risex | 20.1% | 22.9% | +0.4% | $776K |
| ZEC | Risex | Hyperliquid | 17.8% | 20.3% | +11.1% | $1.9M |
| INTC | Risex | Hyperliquid | 17.1% | 19.5% | +7.3% | $318K |
| NVDA | Risex | Hyperliquid | 16.1% | 18.4% | +0.2% | $4.5M |
| HYPE | Risex | Hyperliquid | 12.9% | 15.1% | -2.5% | $3.9M |
| TSLA | Risex | Hyperliquid | 12.8% | 15.1% | +5.2% | $1.1M |
| META | Hyperliquid | Risex | 12.1% | 14.3% | +0.3% | $882K |
| SOL | Risex | Hyperliquid | 11.6% | 13.7% | +5.4% | $1.3M |
| ARB | Hyperliquid | Risex | 11.1% | 14.3% | -2.6% | $251K |
| MON | Risex | Hyperliquid | 10.1% | 13.3% | -1.9% | $198K |
| ETH | Hyperliquid | Risex | 8.6% | 10.6% | -5.4% | $9.8M |
| AAVE | Risex | Hyperliquid | 6.8% | 9.2% | +3.9% | $125K |
| NEAR | Hyperliquid | Risex | 5.8% | 8.2% | +1.3% | $1.9M |
| ZRO | Hyperliquid | Risex | 5.8% | 8.5% | +21.9% | $622K |
| SPCX | Risex | Hyperliquid | 5.0% | 7.5% | +0.9% | $1.2M |
| CRCL | Risex | Hyperliquid | 4.6% | 7.1% | -0.5% | $215K |
| PUMP | Risex | Hyperliquid | 3.4% | 6.9% | -6.1% | $616K |
| GOOGL | Risex | Hyperliquid | 3.3% | 5.5% | -1.8% | $1.4M |
| SNDK | Risex | Hyperliquid | 3.3% | 5.5% | -3.3% | $1.9M |
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 Risex — FAQ
How many markets can you arbitrage between Hyperliquid and Risex?
29 perpetual markets are quoted on both Hyperliquid and Risex right now. 20 of them show a net spread of at least 5% APR after estimated fees, and 12 have at least $1M of 24h volume on the smaller leg.
What is the best Hyperliquid / Risex funding spread right now?
DRAM: long Risex and short Hyperliquid for about 189.4% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 29 shared markets is 11.1%, so the top of the list is not typical.
Which side pays on the Hyperliquid / Risex pair?
It varies by market: Hyperliquid is the long (funding-receiving) leg in 7 of the shared markets and Risex in the other 22. The direction is set per market by which venue currently prices funding lower.
Trading the Hyperliquid / Risex 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 · Risex funding rates; the full calculation is in the methodology.