Hyperliquidvs
Phemex
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 54 liquid markets shared by Hyperliquid and Phemex, the best funding setup over the past 7 days is $ICP (long Phemex, short Hyperliquid): it paid 114.5% APR, 103.6% after costs, and held 100% of the time.
54 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs β not by the instantaneous APR.
| Coin | Long | Short | 7d avg | After costs | Holds | Pays back | |
|---|---|---|---|---|---|---|---|
| $ICP | Phemex | Hyperliquid | 114.5% now 87.8% | 103.6% | 100% | <1 d | Backtest β |
| $JUP | Hyperliquid | Phemex | 26.9% now 41.4% | 16.0% | 66% | 3 d | Backtest β |
| $INJ | Hyperliquid | Phemex | 24.7% now 0.0% | 13.7% | 70% | 3 d | Backtest β |
| $ALT | Hyperliquid | Phemex | 21.9% now 5.0% | 10.9% | 66% | 4 d | Backtest β |
| $TAO | Phemex | Hyperliquid | 20.6% now 2.2% | 9.6% | 67% | 4 d | Backtest β |
| $GRAM | Hyperliquid | Phemex | 20.2% now 67.8% | 9.3% | 61% | 4 d | Backtest β |
| $WLD | Hyperliquid | Phemex | 17.0% now 72.0% | 6.1% | 72% | 5 d | Backtest β |
| $DOGE | Hyperliquid | Phemex | 14.6% now 11.6% | 3.6% | 74% | 5 d | Backtest β |
| $TRUMP | Hyperliquid | Phemex | 12.5% now 82.7% | 1.6% | 61% | 6 d | Backtest β |
| $AAVE | Hyperliquid | Phemex | 10.6% now 4.5% | -0.4% | 55% | 7 d | Backtest β |
| $SAND | Hyperliquid | Phemex | 7.8% now 0.0% | -3.1% | 35% | 10 d | Backtest β |
| $LINK | Hyperliquid | Phemex | 7.8% now 17.3% | -3.1% | 58% | 10 d | Backtest β |
| $DOT | Hyperliquid | Phemex | 7.2% now -12.6% | -3.8% | 41% | 11 d | Backtest β |
| $AVAX | Hyperliquid | Phemex | 7.0% now 9.9% | -3.9% | 58% | 11 d | Backtest β |
| $S | Hyperliquid | Phemex | 7.0% now 3.1% | -4.0% | 47% | 11 d | Backtest β |
β7d avgβ is the funding spread the pair actually paid over the last 7 days. βAfter costsβ subtracts taker fees for opening and closing both legs over a 7-day hold. βHoldsβ is the share of hours the spread kept the same sign and at least 5% APR.
| Hyperliquid | Phemex | |
|---|---|---|
| Type | DEX | CEX |
| Taker fee | 0.045%β | 0.06% |
| Maker fee | 0.015% | 0.01%β |
| Open Interest | $7.58Bβ | $1.04B |
| 24h Volume | $6.77Bβ | $667.0M |
| Avg Funding APR | 3.35% | -5.26% |
| Markets | 177β | 129 |
| Airdrop / token | Listed | Listed |
Hyperliquid and Phemex are both perpetual-futures venues tracked on ORBIT. On fees, Hyperliquid is cheaper (0.045% vs 0.06% taker). On liquidity, Hyperliquid is deeper with $7.58B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely βone or the otherβ β 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 Hyperliquid and Phemex diverge right now, then verify the pair in the backtester.
How this pair behaves
Of 15 setups between Hyperliquid and Phemex with 7 days of payouts, 9 stay positive after entry and exit costs. In a typical setup the spread keeps its sign and at least 5% APR 61% of the hours. Opening and closing both legs costs a median 0.21% of the position, paid back in about 5 days. The instantaneous rate is often higher than the weekly one: pick by the "7d avg" and "After costs" columns, not by the current APR.
Related venue pairs
Frequently asked questions
- Which funding setup between Hyperliquid and Phemex pays most?
- Across 54 liquid markets shared by Hyperliquid and Phemex, the best funding setup over the past 7 days is $ICP (long Phemex, short Hyperliquid): it paid 114.5% APR, 103.6% after costs, and held 100% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Hyperliquid or Phemex cheaper?
- Hyperliquid charges 0.045% taker / 0.015% maker; Phemex charges 0.06% taker / 0.01% maker. Hyperliquid has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Hyperliquid or Phemex?
- Hyperliquid has $7.58B open interest across 177 markets; Phemex has $1.04B across 129. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and Phemex?
- Yes β 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.