Funding rates: Hyperliquid against Binance and Bybit

Side

Funding moves from one side of a perpetual to the other. The side shown is the one that receives: short where the rate is higher, long where it is lower. Hyperliquid spot has no funding and can’t be shorted, so a spot pair only works when Hyperliquid’s rate is positive.

Now · per year

The next rates on both venues, converted to an hourly gap and multiplied out to a year. A single reading; rates change every hour.

Received · per year

What holding that side received over the last 7 days, at its hourly average, converted to a year; 24 hours and 30 days are shown underneath. Rows without nearly complete records say “Collecting history”.

Break-even

How long the 7-day average takes to cover taker fees for opening and closing both sides. Shorter than your planned holding time is the minimum, not a sign it will work.

Same side

The share of settled periods in the last 7 days in which the side shown would have received funding.

• The rate flips. The side that received funding starts paying, and closing costs the same fees again.
• One side is liquidated. A hedge across two venues uses two separate margin accounts; a sharp move can liquidate the losing side while the gain sits on the other venue, out of reach.
• The price gap doesn’t close. Opening when the two prices differ, or holding a bridged spot token that trades away from the perpetual, can cost more than the funding received.

Hyperliquid’s public API publishes the next funding rate for each perpetual on Hyperliquid, Binance and Bybit. The scanner reads it every 2 minutes and Hyperliquid’s own funding history every few hours.

Binance and Bybit history is not in that API. Their settled rates are estimated from the last prediction read before each settlement, so check them on the exchange before acting.

Fees are the base-tier taker rates of each venue, without slippage, discounts or Helmsman’s fee. Volume is Hyperliquid’s side only.

Today, nothing beyond this page: Helmsman does not open these positions, and it never asks for exchange API keys.

The table is information, not a recommendation. Rates change every hour, and the Binance and Bybit figures are estimates; check both venues before opening anything.