Bybitvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 93 liquid markets shared by Bybit and Hyperliquid, the best funding setup over the past 7 days is $NIL (long Bybit, short Hyperliquid): it paid 72.4% APR, 62.0% after costs, and held 63% of the time.
93 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Bybit | Hyperliquid | |
|---|---|---|
| Type | CEX | DEX |
| Taker fee | 0.055% | 0.045%✓ |
| Maker fee | 0.02% | 0.015%✓ |
| Open Interest | $13.57B✓ | $6.62B |
| 24h Volume | $8.87B✓ | $3.89B |
| Avg Funding APR | 6.33% | 20.21% |
| Markets | 765✓ | 175 |
| Airdrop / token | Listed | Listed |
Bybit and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, Hyperliquid is cheaper (0.045% vs 0.055% taker). On liquidity, Bybit is deeper with $13.57B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Bybit and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Bybit and Hyperliquid pays most?
- Across 93 liquid markets shared by Bybit and Hyperliquid, the best funding setup over the past 7 days is $NIL (long Bybit, short Hyperliquid): it paid 72.4% APR, 62.0% after costs, and held 63% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Bybit or Hyperliquid cheaper?
- Bybit charges 0.055% taker / 0.02% maker; Hyperliquid charges 0.045% taker / 0.015% maker. Hyperliquid has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Bybit or Hyperliquid?
- Bybit has $13.57B open interest across 765 markets; Hyperliquid has $6.62B across 175. Bybit is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Bybit and Hyperliquid?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.