SMH Funding Rate — Semiconductor ETF tokenized stock perpetuals across 9 venues

Tokenized stock (xStock) perpetual · compared across 9 venues · net of estimated fees · updated every few minutes

SMH is a perpetual linked to the Semiconductor ETF index/ETF, traded on-chain as a tokenized xStock. Perpia compares its annualized funding across venues and the best delta-neutral spread.

Live annualized SMH perpetual funding across all 9 venues Perpia tracks. Right now SMH funding is positive on 4 and negative on 0, ranging from +50.4% on Hyperliquid to +0.0% on Gate.io — a spread of 50.4%. The widest delta-neutral trade is long MEXC / short Hyperliquid at 46.0% net APR.

9venues

4paying positive

50.4%funding spread

Best SMH spread now

46.0%

net APR after fees

LongMEXC↗→ShortHyperliquid↗

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

SMH funding trend & liquidity

168h of history

50.4%current gross APR

30.0%24h average

11.0%7-day average

$376Kpair OI · lower leg

$111K24h 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.

SMH · MEXC → Hyperliquid — no history

Loading SMH rate history…

Build a route

any two of the 9 venues

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

Gross spread+50.4%+$13.79 / 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 · 9 venues

Venue	Funding APR ↓	Interval
Hyperliquid↗short	+50.4%	every 1h
trade.xyz↗	+50.3%	every 1h
HTX↗	+10.9%	every 8h
Paragon↗	+6.6%	every 1h
MEXC↗long	+0.0%	every 8h
Bybit↗	+0.0%	every 8h
OKX↗	+0.0%	every 8h
Bitget↗	+0.0%	every 8h
Gate.io↗	+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 MEXC vs Hyperliquid page. 19 pairs scanned for SMH.

SMH arbitrage — 30-day backtest

long MEXC · short Hyperliquid

18.3%backtested APR

+$150historical net P&L on $10,000

0.14%max drawdown

$10,000$10,150

30 days agostarting capital $10,000today

Over the last 30 days, holding long MEXC / short Hyperliquid would have produced 18.3% APR — versus the 46.0% the live spread implies right now (equity $10,000 → $10,150). 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 SMH backtest…

SMH — FAQ

Is SMH funding positive right now?

SMH perpetual funding is positive on 4 of 9 venues Perpia tracks. The highest is +50.4% on Hyperliquid; the lowest is +0.0% on Gate.io.

What is the best SMH funding arbitrage right now?

Go long MEXC and short Hyperliquid for about 46.0% net APR after fees — the widest delta-neutral SMH spread Perpia currently sees.

Which exchange has the highest SMH funding rate?

Hyperliquid, at +50.4% annualized. Funding shifts continuously, so check the live table above before trading.

How SMH 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.

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