Research Lab

latest funding sample 5h ago

Funding Compare

Realized funding APR from settled observations. Spreads are A−B. Not trade P&L or Boros fixed IY.

Latest realized spread

+6.7pp

latest 8h window

30-day average

+2.5pp

raw windows

180d average

+2.3pp

540 aligned windows

180d median

+2.9pp

raw windows

BTC

Hyperliquid vs Binance

Hyperliquid APRBinance APRRealized A−B90% rangeBoros fixed · 31 Jul 2026 · +3.4pp to +4.0pp

Distribution of realized spreads

A−B · 180d raw

460

Boros indexed

latest

-30.0pp0.0pp+20.0pp

90% within -11.5pp to +13.6pp · median +2.9ppLatest +6.7pp · 76th pctile

Boros fixed · 31 Jul 2026 · +3.4pp to +4.0pp · 54th pctile–57th pctile

Range -29.4pp to +19.8pp

Monthly regime

A−B mean · 180d raw

Jan 26+3.1pp

Feb 26+3.2pp

Mar 26+2.1pp

Apr 26+1.3pp

May 26+0.2pp

Jun 26+3.4pp

Jul 26+3.5pp

Per-leg decomposition

realized funding APR per venue · 180d raw

HyperliquidHL

+5.2pp

median funding APR

mean +3.5pp · IQR -0.7pp to +10.0pp

p5 -10.3pp · p95 +11.0pp

BinanceBN

+1.7pp

median funding APR

mean +1.3pp · IQR -2.2pp to +5.1pp

p5 -8.1pp · p95 +9.7pp

Pair median of per-window differences +2.9pp — not the difference of the medians above.

540 aligned 8h windows · Jan 27 – Jul 26 · coverage 99.99% / 100%

Boros context

Fixed IY spreads

indexed, before fees · verify executable depth

31 Jul 2026 · 5d to expiry · BTC

Hyperliquid − Binance

Live depth

Fixed mid

+3.7pp

A mid − B mid

Long HL / Short BN

+4.0pp

A ask − B bid

Short HL / Long BN

+3.4pp

A bid − B ask

180d realized mean

+2.3pp

raw windows

5d rolling mean · 180d

b/e

entry

-11.5pp+10.5pp

median +2.3pp · entry 68th pctile · b/e 72nd pctile

Hyperliquid bid/ask 7.77% / 8.17%Binance bid/ask 4.14% / 4.41%min OI $13.64Mindexed quote 3m ago

28 Aug 2026 · 33d to expiry · BTC

Hyperliquid − Binance

Live depth

Fixed mid

+1.8pp

A mid − B mid

Long HL / Short BN

+2.0pp

A ask − B bid

Short HL / Long BN

+1.6pp

A bid − B ask

180d realized mean

+2.3pp

raw windows

33d rolling mean · 180d

b/e

entry

-0.1pp+4.3pp

median +2.1pp · entry 41st pctile · b/e 56th pctile

Hyperliquid bid/ask 6.68% / 6.96%Binance bid/ask 5.00% / 5.10%min OI $1.42Mindexed quote 3m ago

25 Sept 2026 · 61d to expiry · BTC

Hyperliquid − Binance

Live depth

Fixed mid

+2.0pp

A mid − B mid

Long HL / Short BN

+2.1pp

A ask − B bid

Short HL / Long BN

+1.8pp

A bid − B ask

180d realized mean

+2.3pp

raw windows

61d rolling mean · 180d

b/e

entry

0.0pp+2.9pp

median +1.9pp · entry 62nd pctile · b/e 85th pctile

Hyperliquid bid/ask 6.35% / 6.49%Binance bid/ask 4.39% / 4.51%min OI $521.65Kindexed quote 3m ago