Hyperliquid and Sodex both quote 14 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 SNDK — long Hyperliquid / short Sodex at 46.1% net APR — but the median across all shared markets is 5.6%, 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 7 on Sodex. 8 markets clear 5% net APR, 5 clear 10%.

Hyperliquid pays funding every 1h on 224 markets; Sodex pays every 1h on 44 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 224 perpetual markets in total and Sodex quotes 44; the 14 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Sodex 10.9%, 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.

Coverage note: Hyperliquid and Sodex share 14 markets, 4 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.