dYdXvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 3 liquid markets shared by dYdX and Hyperliquid, the best funding setup over the past 7 days is $SOL (long dYdX, short Hyperliquid): it paid 15.8% APR, 5.9% after costs, and held 80% of the time.
3 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.
| dYdX | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.05% | 0.045%✓ |
| Maker fee | 0.01%✓ | 0.015% |
| Open Interest | $43.6M | $6.32B✓ |
| 24h Volume | $74.3M | $6.16B✓ |
| Avg Funding APR | 20.43% | 12.27% |
| Markets | 78 | 175✓ |
| Airdrop / token | Listed | Listed |
dYdX and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, Hyperliquid is cheaper (0.045% vs 0.05% taker). On liquidity, Hyperliquid is deeper with $6.32B 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 dYdX and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between dYdX and Hyperliquid pays most?
- Across 3 liquid markets shared by dYdX and Hyperliquid, the best funding setup over the past 7 days is $SOL (long dYdX, short Hyperliquid): it paid 15.8% APR, 5.9% after costs, and held 80% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is dYdX or Hyperliquid cheaper?
- dYdX charges 0.05% taker / 0.01% 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, dYdX or Hyperliquid?
- dYdX has $43.6M open interest across 78 markets; Hyperliquid has $6.32B across 175. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between dYdX 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.