Hyperliquid vs Variational Funding Arbitrage
84 shared markets · net of estimated fees · updated every few minutesHyperliquid and Variational both quote 84 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 SKHY — long Variational / short Hyperliquid at 131.4% net APR — but the median across all shared markets is 13.5%, 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 39 markets go long on Hyperliquid and 45 on Variational. 58 markets clear 5% net APR, 46 clear 10%.
How this pair behaves
Hyperliquid pays funding every 1h on 223 markets; Variational pays every 8h on 136 markets and every 4h on 78 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Hyperliquid quotes 223 perpetual markets in total and Variational quotes 216; the 84 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Variational 5.8%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 25 of 84 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SHAZ | Hyperliquid | Variational | 227.8% | 241.8% | -15.1% | $52K |
| KSTR | Hyperliquid | Variational | 212.5% | 235.4% | -4.8% | $46K |
| RDDT | Hyperliquid | Variational | 145.3% | 157.0% | +34.8% | $125K |
| SKHY | Variational | Hyperliquid | 131.4% | 133.8% | +2.1% | $2.7M |
| SAND | Hyperliquid | Variational | 109.1% | 113.5% | +12.7% | $114K |
| SOXL | Hyperliquid | Variational | 102.6% | 105.4% | +3.6% | $9.1M |
| EWT | Hyperliquid | Variational | 96.1% | 102.5% | +8.4% | $72K |
| XPD | Hyperliquid | Variational | 92.4% | 95.4% | +0.8% | $297K |
| BLUR | Hyperliquid | Variational | 83.1% | 89.4% | -2.4% | $69K |
| BE | Hyperliquid | Variational | 74.1% | 77.5% | -2.8% | $138K |
| XBI | Variational | Hyperliquid | 73.8% | 95.6% | +13.3% | $25K |
| MRVL | Hyperliquid | Variational | 68.7% | 71.5% | -4.7% | $216K |
| RSR | Hyperliquid | Variational | 67.9% | 73.4% | +18.1% | $30K |
| BMNR | Variational | Hyperliquid | 65.0% | 72.0% | +14.0% | $333K |
| W | Variational | Hyperliquid | 56.8% | 63.0% | -19.4% | $52K |
| NOW | Hyperliquid | Variational | 51.1% | 58.0% | -2.6% | $99K |
| MSFT | Hyperliquid | Variational | 48.6% | 51.1% | -3.9% | $796K |
| NOK | Hyperliquid | Variational | 39.3% | 49.0% | -10.4% | $124K |
| AVGO | Hyperliquid | Variational | 35.3% | 38.0% | -3.4% | $326K |
| AERO | Variational | Hyperliquid | 33.7% | 37.6% | +13.9% | $2.8M |
| NBIS | Variational | Hyperliquid | 32.5% | 35.6% | +5.7% | $2.4M |
| QCOM | Hyperliquid | Variational | 31.2% | 34.8% | -5.7% | $131K |
| ASML | Hyperliquid | Variational | 31.0% | 34.4% | -2.9% | $172K |
| MSTR | Variational | Hyperliquid | 30.5% | 33.1% | +9.1% | $1.1M |
| STRK | Variational | Hyperliquid | 30.4% | 34.4% | +7.3% | $1.3M |
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 Variational — FAQ
How many markets can you arbitrage between Hyperliquid and Variational?
84 perpetual markets are quoted on both Hyperliquid and Variational right now. 58 of them show a net spread of at least 5% APR after estimated fees, and 23 have at least $1M of 24h volume on the smaller leg.
What is the best Hyperliquid / Variational funding spread right now?
SKHY: long Variational and short Hyperliquid for about 131.4% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 84 shared markets is 13.5%, so the top of the list is not typical.
Which side pays on the Hyperliquid / Variational pair?
It varies by market: Hyperliquid is the long (funding-receiving) leg in 39 of the shared markets and Variational in the other 45. The direction is set per market by which venue currently prices funding lower.
Trading the Hyperliquid / Variational 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 · Variational funding rates; the full calculation is in the methodology.