Cross-Venue Funding Arbitrage

Methodology: HL APR = hourly funding × 24 × 365 × 100. Binance APR = 8h funding × 3 × 365 × 100.
Spread = |HL APR − Binance APR|. Direction shows which venue to long (lower funding) and which to short (higher funding).
Positive funding = longs pay shorts. A carry trade collects the spread by shorting the high-rate venue and longing the low-rate venue.
Data: Hyperliquid API & Binance Futures API. Rates are snapshots and change every hour (HL) / 8 hours (Binance).