Hyperliquidvs
Phemex
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 49 liquid markets shared by Hyperliquid and Phemex, the best funding setup over the past 7 days is $ICP (long Phemex, short Hyperliquid): it paid 106.8% APR, 95.9% after costs, and held 100% of the time.
49 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.
| Hyperliquid | Phemex | |
|---|---|---|
| Type | DEX | CEX |
| Taker fee | 0.045%✓ | 0.06% |
| Maker fee | 0.015% | 0.01%✓ |
| Open Interest | $6.62B✓ | $1.09B |
| 24h Volume | $3.89B✓ | $496.7M |
| Avg Funding APR | 20.21% | 5.09% |
| Markets | 175✓ | 120 |
| 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 $6.62B 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 Hyperliquid and Phemex diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Hyperliquid and Phemex pays most?
- Across 49 liquid markets shared by Hyperliquid and Phemex, the best funding setup over the past 7 days is $ICP (long Phemex, short Hyperliquid): it paid 106.8% APR, 95.9% 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 $6.62B open interest across 175 markets; Phemex has $1.09B across 120. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and Phemex?
- 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.