HIMS Funding Rate — Hims & Hers perpetuals across 5 venues

TradFi perpetual · compared across 5 venues · net of estimated fees · updated every few minutes

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

Live annualized HIMS perpetual funding across all 5 venues Perpia tracks. Right now HIMS funding is positive on 1 and negative on 0, ranging from +10.9% on KuCoin to +0.0% on OKX — a spread of 10.9%. The widest delta-neutral trade is long Variational / short KuCoin at 4.8% net APR.

venues

paying positive

10.9%

funding spread

Best HIMS spread now

4.8%

net APR after fees

Long Variational→Short KuCoin

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

HIMS funding trend & liquidity

168h of history

10.9%

current gross APR

10.9%

24h average

10.9%

7-day average

$62K

pair OI · lower leg

$136K

24h 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.

HIMS funding rate history

30d · 6h buckets · 10 venues

95.6%0-27.6%

6 Aug5 Sep

HIMS — average across 10 venuesAsterKuCoinOKXBybit

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +3.2%. A break in a line means no data was recorded for that stretch, not a zero rate.

HIMS funding rate by venue

4 pairs scanned

Venue	Funding APR	Interval
KuCoin ↗	+10.9%	8h
Variational ↗	+0.0%	8h
Bybit ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
OKX ↗	+0.0%	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 KuCoin page.

HIMS arbitrage — 30-day backtest

long Variational · short KuCoin

10.8%

backtested APR

+$89

historical net P&L on $10,000

0.00%

max drawdown

$10,000$10,089

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short KuCoin would have produced 10.8% APR — versus the 4.8% the live spread implies right now (equity $10,000 → $10,089). 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 HIMS backtest…

HIMS funding — FAQ

Is HIMS funding positive right now?

HIMS perpetual funding is positive on 1 of 5 venues Perpia tracks. The highest is +10.9% on KuCoin; the lowest is +0.0% on OKX.

What is the best HIMS funding arbitrage right now?

Go long Variational and short KuCoin for about 4.8% net APR after fees — the widest delta-neutral HIMS spread Perpia currently sees.

Which exchange has the highest HIMS funding rate?

KuCoin, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How HIMS 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 HIMS

Markets also quoted on both KuCoin and Variational — the same two exchanges you would already have funded for the HIMS trade.

See every spread between them on the KuCoin vs Variational page.

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