SMSN Funding Rate — live across 3 venues

Compared across 3 supported venues · net of estimated fees · updated every few minutes

Live annualized SMSN perpetual funding across all 3 venues Perpia tracks. Right now SMSN funding is positive on 3 and negative on 0, ranging from +109.9% on Hyperliquid to +10.9% on Aster — a spread of 99.0%. The widest delta-neutral trade is long Aster / short Hyperliquid at 94.5% net APR.

venues

paying positive

99.0%

funding spread

Best SMSN spread now

94.5%

net APR after fees

Long Aster→Short Hyperliquid

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

SMSN funding trend & liquidity

168h of history

99.0%

current gross APR

16.2%

24h average

-18.3%

7-day average

$47.8M

pair OI · lower leg

$43.3M

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.

SMSN funding rate history

30d · 6h buckets · 3 venues

315%0-261.1%

4 Aug3 Sep

SMSN — average across 3 venuesAstertrade.xyzHyperliquid

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: +4.5%. A break in a line means no data was recorded for that stretch, not a zero rate.

SMSN funding rate by venue

3 pairs scanned

Venue	Funding APR	Interval
Hyperliquid ↗	+109.9%	1h
trade.xyz ↗	+105.3%	1h
Aster ↗	+10.9%	1h

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 Aster vs Hyperliquid page.

SMSN arbitrage — 30-day backtest

long Aster · short Hyperliquid

-4.8%

backtested APR

−$39

historical net P&L on $10,000

0.82%

max drawdown

$10,000$9,961

30 days agostarting capital $10,000today

Over the last 30 days, holding long Aster / short Hyperliquid would have produced -4.8% APR — versus the 94.5% the live spread implies right now (equity $10,000 → $9,961). 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 SMSN backtest…

SMSN funding — FAQ

Is SMSN funding positive right now?

SMSN perpetual funding is positive on 3 of 3 venues Perpia tracks. The highest is +109.9% on Hyperliquid; the lowest is +10.9% on Aster.

What is the best SMSN funding arbitrage right now?

Go long Aster and short Hyperliquid for about 94.5% net APR after fees — the widest delta-neutral SMSN spread Perpia currently sees.

Which exchange has the highest SMSN funding rate?

Hyperliquid, at +109.9% annualized. Funding shifts continuously, so check the live table above before trading.

How SMSN 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 SMSN

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

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

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