All ETH pairs

ETH funding carry: dYdX vs Hyperliquid

Entering and exiting this pair costs 19 bps of notional at taker fees (5 bps at maker). Funding has to pay that back before the trade is worth anything — here is how long that takes.

Right now

Gross funding APR
43.20%
Net APY on $10k
31.38%
Break-even
45.95h
Net positive for
723m
  • Net positive for only 723 min — needs ~45.95h to break even on entry/exit costs.
Short
hyperliquid perp
ETH/USDC
Trade on hyperliquid
Long
dydx perp
ETH/USD
Trade on dydx

Last 30 days

Above its costs
39.4% of the time
Net APY when above costs
20.39%
Net APY when below costs
-4.65%
Best single hour
108.21%

Measured on 420 hours of ranking we recorded ourselves.

Round-trip cost

Venue Taker Maker Perp instrument
dYdX 5 1 ETH-USD
Hyperliquid 4.5 1.5 ETH

Other ETH pairs

How long funding takes to repay the entry

At a given gross funding APR, this is how many hours you must hold before the position has paid back entry and exit. Below that, a positive APR is still a loss.

Gross funding APR Taker in / out Maker in / out
5% 333h (13d) 88h (3d)
10% 166h (6d) 44h
20% 83h (3d) 22h
50% 33h 9h