Etherealvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Meridian and Hyperliquid share 0 liquid markets, but no funding setup between them has 7 days of payouts right now.
0 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
| Ethereal | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.03%✓ | 0.045% |
| Maker fee | 0%✓ | 0.015% |
| Open Interest | $0 | $11.17B✓ |
| 24h Volume | $0 | $2.13B✓ |
| Avg Funding APR | 70.55% | 4.49% |
| Markets | 18 | 175✓ |
| Airdrop / token | Points Active | Listed |
Ethereal and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, Ethereal is cheaper (0.03% vs 0.045% taker). On liquidity, Hyperliquid is deeper with $11.17B 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 Ethereal and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Ethereal and Hyperliquid pays most?
- Meridian and Hyperliquid share 0 liquid markets, but no funding setup between them has 7 days of payouts right now. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Ethereal or Hyperliquid cheaper?
- Ethereal charges 0.03% taker / 0% maker; Hyperliquid charges 0.045% taker / 0.015% maker. Ethereal has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Ethereal or Hyperliquid?
- Ethereal has $0 open interest across 18 markets; Hyperliquid has $11.17B across 175. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Ethereal 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.