COST Funding Rate — perpetuals across 4 venues

TradFi perpetual · compared across 4 venues · net of estimated fees · updated every few minutes

COST is an equity-linked perpetual referencing COST, traded on-chain (not a tokenized xStock). Perpia compares its annualized funding across venues and the best delta-neutral spread.

Live annualized COST perpetual funding across all 4 venues Perpia tracks. Right now COST funding is positive on 1 and negative on 0, ranging from +5.5% on Hyperliquid to +0.0% on Bybit — a spread of 5.5%. The widest delta-neutral trade is long Variational / short Hyperliquid at 1.4% net APR.

4venues

1paying positive

5.5%funding spread

Best COST spread now

1.4%

net APR after fees

LongVariational↗→ShortHyperliquid↗

size depends on live venue depth — see the real cap in the scanner

COST funding trend & liquidity

168h of history

5.5%current gross APR

2.1%24h average

0.6%7-day average

$19Kpair OI · lower leg

$89K24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

COST · Variational → Hyperliquid — no history

Loading COST rate history…

Build a route

any two of the 4 venues

Long (pays you)every 8hShort (you collect)every 1h

Gross spread+5.5%+$1.50 / day on $10,000

Widest routes

This is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.

Venues: pick the two legs

sorted by rate · 4 venues

Venue	Funding APR ↓	Interval
Hyperliquid↗short	+5.5%	every 1h
Variational↗long	+0.0%	every 8h
Bitget↗	+0.0%	every 8h
Bybit↗	+0.0%	every 8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Variational vs Hyperliquid page. 3 pairs scanned for COST.

COST arbitrage — 30-day backtest

long Variational · short Hyperliquid

-0.4%backtested APR

−$3historical net P&L on $10,000

0.15%max drawdown

$10,000$9,997

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short Hyperliquid would have produced -0.4% APR — versus the 1.4% the live spread implies right now (equity $10,000 → $9,997). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading COST backtest…

COST — FAQ

Is COST funding positive right now?

COST perpetual funding is positive on 1 of 4 venues Perpia tracks. The highest is +5.5% on Hyperliquid; the lowest is +0.0% on Bybit.

What is the best COST funding arbitrage right now?

Go long Variational and short Hyperliquid for about 1.4% net APR after fees — the widest delta-neutral COST spread Perpia currently sees.

Which exchange has the highest COST funding rate?

Hyperliquid, at +5.5% annualized. Funding shifts continuously, so check the live table above before trading.

How COST funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to COST

also quoted on both Hyperliquid and Variational

The same two exchanges you would already have funded for the COST trade. Every spread between them is on the Hyperliquid vs Variational page.

Open the live scanner →All funding rates Funding by exchange How we calculate this