SHAZ Funding Rate — live across 8 venues

Compared across 8 supported venues · net of estimated fees · updated every few minutes

Live annualized SHAZ perpetual funding across all 8 venues Perpia tracks. Right now SHAZ funding is positive on 3 and negative on 0, ranging from +22.6% on Hyperliquid to +0.0% on Gate.io — a spread of 22.6%. The widest delta-neutral trade is long Bybit / short Hyperliquid at 17.1% net APR.

venues

paying positive

22.6%

funding spread

Best SHAZ spread now

17.1%

net APR after fees

Long Bybit→Short Hyperliquid

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

SHAZ funding trend & liquidity

168h of history

22.6%

current gross APR

60.3%

24h average

2.6%

7-day average

$369K

pair OI · lower leg

$309K

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.

SHAZ funding rate history

30d · 6h buckets · 8 venues

338%0-368.7%

5 Aug4 Sep

SHAZ — average across 8 venuesBitgetKuCoinOKXBybit

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: -1.8%. A break in a line means no data was recorded for that stretch, not a zero rate.

SHAZ funding rate by venue

17 pairs scanned

Venue	Funding APR	Interval
Hyperliquid ↗	+22.6%	1h
trade.xyz ↗	+22.6%	1h
KuCoin ↗	+10.9%	8h
Bybit ↗	+0.0%	8h
Bitget ↗	+0.0%	8h
Variational ↗	+0.0%	8h
OKX ↗	+0.0%	8h
Gate.io ↗	+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 Bybit vs Hyperliquid page.

SHAZ arbitrage — 30-day backtest

long Bybit · short Hyperliquid

21.2%

backtested APR

+$174

historical net P&L on $10,000

0.55%

max drawdown

$10,000$10,174

30 days agostarting capital $10,000today

Over the last 30 days, holding long Bybit / short Hyperliquid would have produced 21.2% APR — versus the 17.1% the live spread implies right now (equity $10,000 → $10,174). 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 SHAZ backtest…

SHAZ funding — FAQ

Is SHAZ funding positive right now?

SHAZ perpetual funding is positive on 3 of 8 venues Perpia tracks. The highest is +22.6% on Hyperliquid; the lowest is +0.0% on Gate.io.

What is the best SHAZ funding arbitrage right now?

Go long Bybit and short Hyperliquid for about 17.1% net APR after fees — the widest delta-neutral SHAZ spread Perpia currently sees.

Which exchange has the highest SHAZ funding rate?

Hyperliquid, at +22.6% annualized. Funding shifts continuously, so check the live table above before trading.

How SHAZ 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 SHAZ

Markets also quoted on both Bybit and Hyperliquid — the same two exchanges you would already have funded for the SHAZ trade.

See every spread between them on the Bybit vs Hyperliquid page.

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