Hyperliquid and Vest both quote 21 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 ZK — long Vest / short Hyperliquid at 39.5% net APR — but the median across all shared markets is 24.6%, 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 12 markets go long on Hyperliquid and 9 on Vest. 19 markets clear 5% net APR, 16 clear 10%.

Hyperliquid pays funding every 1h on 223 markets; Vest pays every 1h on 61 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 Vest quotes 61; the 21 they share are what this page ranks. Across its own book Hyperliquid runs a median funding rate of 10.9% and Vest 5.0%, 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.