Who Is Paying to Stay Long on Hyperliquid? Funding Rate Data Across 204 Pairs on Binance
Across 204 perpetual pairs listed on both Hyperliquid and Binance, 141 ( approx 85% ) — show higher funding on HL than on Binance. The crowd on Hyperliquid is net long and paying for it. The crowd on Binance is closer to neutral.
Average absolute annualized funding across all HL crypto perps: 24.72%. That is the structural long premium embedded in the platform.
The tail end of the spread table is where it gets interesting. VVV at +556% annualized on HL vs +34% on Binance — a 521-point spread with a break-even of 0.1 days. ATOM running at -103% on HL while Binance is slightly long at +10%. MEGA at -171% on HL, nearly twice as negative as Binance's -84%.
On the HIP-3 equity perps: only SPX showed up in live market data, at $7.4M OI — 0.1% of the platform's $6.94B total. TSLA, AAPL, NVDA had zero OI at snapshot time. The infrastructure is there; the adoption is not yet.
I built a monitor that pulls this from both venues in one run, normalizes for the different settlement windows, and ranks by annualized spread with break-even calculations.
Tool: hl_funding_arb.py — HL public API + Binance premiumIndex, no auth required
#Hyperliquid #PerpDEX #FundingRate #MarketMicrostructure #CryptoTrading