Hyperliquidvs
Variational
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 59 liquid markets shared by Hyperliquid and Variational, the best funding setup over the past 7 days is $NIL (long Variational, short Hyperliquid): it paid 73.5% APR, 68.8% after costs, and held 63% of the time.
59 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
VariationalHyperliquidVariationalHyperliquidVariationalHyperliquidVariationalHyperliquid“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 | Variational | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.045% | 0%✓ |
| Maker fee | 0.015% | 0%✓ |
| Open Interest | $6.62B✓ | $1.06B |
| 24h Volume | $3.89B✓ | $1.04B |
| Avg Funding APR | 20.21% | 5.85% |
| Markets | 175 | 522✓ |
| Airdrop / token | Listed | Points Active |
Hyperliquid and Variational are both perpetual-futures venues tracked on ORBIT. On fees, Variational is cheaper (0% vs 0.045% 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 Variational diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Hyperliquid and Variational pays most?
- Across 59 liquid markets shared by Hyperliquid and Variational, the best funding setup over the past 7 days is $NIL (long Variational, short Hyperliquid): it paid 73.5% APR, 68.8% after costs, and held 63% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Hyperliquid or Variational cheaper?
- Hyperliquid charges 0.045% taker / 0.015% maker; Variational charges 0% taker / 0% maker. Variational has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Hyperliquid or Variational?
- Hyperliquid has $6.62B open interest across 175 markets; Variational has $1.06B across 522. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Hyperliquid and Variational?
- 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.