SoDEXvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 2 liquid markets shared by Hyperliquid and SoDEX, no setup covered entry and exit over the past 7 days: the best, $BTC (long SoDEX, short Hyperliquid), paid 8.3% APR over 7 days, -0.6% after costs.
2 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.
| SoDEX | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.04%✓ | 0.045% |
| Maker fee | 0.012%✓ | 0.015% |
| Open Interest | $134.4M | $12.22B✓ |
| 24h Volume | $170.6M | $3.65B✓ |
| Avg Funding APR | 17.15% | 9.70% |
| Markets | 91 | 175✓ |
| Airdrop / token | Points Active | Listed |
SoDEX and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, SoDEX is cheaper (0.04% vs 0.045% taker). On liquidity, Hyperliquid is deeper with $12.22B 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 SoDEX and Hyperliquid diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between SoDEX and Hyperliquid pays most?
- Across 2 liquid markets shared by Hyperliquid and SoDEX, no setup covered entry and exit over the past 7 days: the best, $BTC (long SoDEX, short Hyperliquid), paid 8.3% APR over 7 days, -0.6% after costs. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is SoDEX or Hyperliquid cheaper?
- SoDEX charges 0.04% taker / 0.012% maker; Hyperliquid charges 0.045% taker / 0.015% maker. SoDEX has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, SoDEX or Hyperliquid?
- SoDEX has $134.4M open interest across 91 markets; Hyperliquid has $12.22B across 175. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between SoDEX 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.