Skip to content
CashboardCashboardOpen app

Guide

How to compare funding rates across perp DEXes

Add the Perps risk widget and it lines up BTC, ETH and SOL funding from Hyperliquid, Lighter and Aster on one panel. Venues settle funding on different schedules, so every rate is converted to an hourly figure first. Jupiter Perpetuals shows up too, but for 24h volume only. It charges borrow fees instead of funding, so there is no rate to compare.

Step by step

  1. 1

    Add Perps risk

    Pick Perps risk in the Add panel. All the venues live inside that single widget.

  2. 2

    Pick an asset

    Set the filter to All, BTC, ETH or SOL. All stacks the three assets one under another.

  3. 3

    Read the dispersion

    Each asset gets one bar per venue, annualized so it reads as APR, plus the spread between the highest and lowest venue and how many venues reported. A venue sitting far from the rest is what you are looking for.

  4. 4

    Check pressure

    Pressure is a venue's total open interest divided by its total 24h volume, across all its markets. It does not change with the asset filter. It turns amber at 0.8 and red at 1.5. A high reading means positions are big compared with trading, which can unwind fast. It is not liquidation data.

  5. 5

    Add the rest of Hyperliquid

    Perps risk stops at three assets. For every Hyperliquid market, put Funding rates next to it.

  6. 6

    Add Solana tokens

    For Solana names such as JTO or RENDER, add Solana edge. It sets Hyperliquid funding APR and basis against the token's spot price on Solana.

Tips

  • A spread between venues is not free money. Fees, slippage, margin on two venues and a rate that flips overnight all eat into a funding arbitrage.
  • Each venue's rate is converted to hourly and then annualized, so the APR bar will not match the per-interval figure a venue prints on its own site. Check the interval before you call it a gap.
  • When a venue's feed is down, its card says limited or unavailable. No estimate fills the hole.
  • For Hyperliquid against Binance and Bybit, add Hyperliquid markets and click Funding. It ranks coins by the gap between the Hyperliquid rate and the exchange average.

Widgets used

Terms in this guide

Frequently asked questions

Which venues and markets does the comparison cover?

Funding covers the three majors on the three venues that publish it. Each venue card adds its total open interest, 24h volume and pressure across all its markets, and Jupiter Perpetuals contributes volume alone. Anything past BTC, ETH and SOL on Hyperliquid belongs in the Funding rates widget.

Why do funding rates differ between perp DEXes?

Each venue sets funding from its own prices and order flow against an index, with its own formula and payment interval. When traders pile onto one side on one venue, that rate drifts away from the others, and the dispersion view gives the drift one bar per venue.

Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.