⚠︎ Risk warning: leveraged derivatives on unregulated platforms — you can lose everything you deposit. Not investment advice.
“I want to do this” — here’s what it actually involves
Every way people earn on perp DEXs is a claim on one of two income streams — trading fees or other traders' losses — and each carries its own specific way of losing money. Pick the strategy you have in mind: this tool shows what you'd be exposed to, how the strategy fails, which venues have a verified offering for it, and — where a venue publishes usable data — the live current rates. What it deliberately does not show: profit projections. Where a number is unknowable (future funding, vault returns, points value), it says so instead of guessing. The full reasoning lives in the earning guide.
Exposure class: No directional price bets
Funding arbitrage (cash-and-carry)
Hold the asset on spot and short an equal amount via a perp: price moves cancel out, and while funding is positive the crowded long side pays you every funding interval on the full position size.
What you’re actually exposed to: Crowd behavior and execution — not price direction.
Positions constructed so price moves cancel out. Execution, liquidation-on-one-leg, and regime risk remain — market-neutral is not risk-free.
How this loses money
- Funding flips negative in bearish stretches, turning the income into a cost — the trade needs monitoring, not just setting up.
- The short leg can be liquidated in a sharp rally if undercapitalized; spot holdings usually cannot serve as its margin.
- Two positions to open and close: fees and spread eat thin edges, especially at small size.
What we can show you
What the position would collect or pay per day at each venue’s current live rate — computed in the scenarios panel and the funding tools, always as a labeled snapshot.
What nobody can tell you
Future funding. The current rate holds only until the next interval repricing.
Risk management
This strategy IS the counter-position construct: the spot leg hedges the perp short. Keep the short leg overcapitalized (it can be liquidated alone), and treat a funding regime flip as the exit signal, not a surprise.
Where you can do this
| Venue | Verified offering |
|---|---|
| Hyperliquid | Hourly funding, peer-to-peer between longs and shorts; the exchange keeps none of it. |
| dYdX | Hourly; rate = premium component ÷ 8 + interest component, per official docs. |
| Aster | 8-hour default interval, adjustable per contract; actual per-symbol interval published via the official API. |
| Lighter | 1-hour funding period per the contract specifications; formula unpublished. |
| GMX | Different model: two-way funding plus a borrowing fee paid by the larger-open-interest side — carry does not reduce to one rate. |
Each venue link goes to the page carrying the verified claim and its verification date. Deeper risk framing: the earning guide.
Current funding — live from each venue’s API
A snapshot of what the crowded side is paying right now — not a forecast.
| Venue | BTC funding (live, native period) | ≈ per day on $1,000 | What the number is |
|---|---|---|---|
| Hyperliquid | … | … | |
| dYdX | … | … | |
| Aster | … | … | |
| Lighter | … | … | |
| GMX | — | — | No public funding endpoint verified — different fee model (borrowing + funding); see the GMX fees page. |
Fetching from each venue’s official public API in your browser… The raw column shows each venue's native reporting period (hourly on Hyperliquid, dYdX, and Lighter; per-interval on Aster). The per-day column normalizes them using each venue's verified period — it's a snapshot of the current rate held for a day, not a forecast. Positive = longs pay shorts.
Sizing it to your capital
Once you know the strategy, the earning scenarios tool takes an amount and an exposure class and shows the deterministic side — fee cost at your volume and funding carry at current live rates — for the venues that fit. The cross-venue earning comparison holds the verified facts behind every cell here, and the execution-cost tool shows what your order size really costs to fill.
Ready to look at a venue?
Hyperliquid is the venue this site covers deepest — hourly peer-to-peer funding, the HLP vault, and the venue with the most live tools on this site built on its public API. Open Hyperliquid (opens in a new tab)
This page contains a disclosed referral link; see our methodology. Perpetual futures are high-risk leveraged instruments — read the risk disclosure before trading anywhere.