Hyperliquidvs
Pionex
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 23 liquid markets shared by Hyperliquid and Pionex, the best funding setup over the past 7 days is $AVAX (long Hyperliquid, short Pionex): it paid 14.2% APR, 4.3% after costs, and held 66% of the time.
23 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 | |
|---|---|---|---|---|---|---|---|
| $AVAX | Hyperliquid | Pionex | 14.2% now 2.3% | 4.3% | 66% | 5 d | Backtest β |
| $DOGE | Hyperliquid | Pionex | 11.8% now 8.4% | 1.9% | 53% | 6 d | Backtest β |
| $LIT | Hyperliquid | Pionex | 9.0% now 0.0% | -0.9% | 42% | 8 d | Backtest β |
| $HBAR | Pionex | Hyperliquid | 8.8% now 13.2% | -1.1% | 63% | 8 d | Backtest β |
| $ADA | Hyperliquid | Pionex | 7.4% now -1.5% | -2.5% | 46% | 9 d | Backtest β |
| $XLM | Pionex | Hyperliquid | 5.6% now 5.8% | -4.3% | 63% | 12 d | Backtest β |
| $UNI | Pionex | Hyperliquid | 4.9% now 8.0% | -5.0% | 37% | 14 d | Backtest β |
| $LINK | Hyperliquid | Pionex | 4.6% now -2.5% | -5.3% | 34% | 15 d | Backtest β |
| $PAXG | Pionex | Hyperliquid | 3.4% now 3.9% | -6.5% | 23% | 21 d | Backtest β |
| $SOL | Hyperliquid | Pionex | 3.3% now -6.7% | -6.7% | 36% | 21 d | Backtest β |
| $AAVE | Hyperliquid | Pionex | 2.8% now -4.5% | -7.1% | 30% | 25 d | Backtest β |
| $XRP | Hyperliquid | Pionex | 2.8% now -7.8% | -7.2% | 31% | 25 d | Backtest β |
| $BTC | Pionex | Hyperliquid | 2.5% now 8.0% | -7.4% | 18% | 28 d | Backtest β |
| $ZEC | Pionex | Hyperliquid | 2.0% now -3.4% | -7.9% | 24% | 35 d | Backtest β |
| $NEAR | Hyperliquid | Pionex | 1.6% now 0.0% | -8.3% | 17% | 42 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 | Pionex | |
|---|---|---|
| Type | DEX | CEX |
| Taker fee | 0.045%β | 0.05% |
| Maker fee | 0.015%β | 0.02% |
| Open Interest | $8.05Bβ | $305.2M |
| 24h Volume | $9.90B | $13.18Bβ |
| Avg Funding APR | 4.28% | 3.28% |
| Markets | 177 | 407β |
| Airdrop / token | Listed | Listed |
Hyperliquid and Pionex 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 $8.05B 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 Pionex diverge right now, then verify the pair in the backtester.
How this pair behaves
Of 15 setups between Hyperliquid and Pionex with 7 days of payouts, 2 stay positive after entry and exit costs. In a typical setup the spread keeps its sign and at least 5% APR 36% of the hours. Opening and closing both legs costs a median 0.19% of the position, paid back in about 15 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 Pionex pays most?
- Across 23 liquid markets shared by Hyperliquid and Pionex, the best funding setup over the past 7 days is $AVAX (long Hyperliquid, short Pionex): it paid 14.2% APR, 4.3% after costs, and held 66% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Hyperliquid or Pionex cheaper?
- Hyperliquid charges 0.045% taker / 0.015% maker; Pionex charges 0.05% taker / 0.02% 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 Pionex?
- Hyperliquid has $8.05B open interest across 177 markets; Pionex has $305.2M across 407. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and Pionex?
- 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.