Hyperliquid funding extremes — 2026-07-08
alpha micro-digest
$XMR long pays +50.7% apr (oi $50.5M). $CRV short pays -46.0% apr (oi $5.5M). $AVAX short pays -30.7% apr (oi $15.2M). $XRP short pays -24.9% apr (oi $77.1M). $SOL short pays -11.9% apr (oi $419.5M). $VIRTUAL short pays -11.6% apr (oi $5.6M). $MON long pays +11.9% apr (oi $34.3M). $BTC long pays +11.0% apr (oi $2.37B). $ETH long pays +11.0% apr (oi $1.35B). $LTC long pays +11.0% apr (oi $12.2M).
the majors are all paying 11% to longs. that is a lot of capital paying a modest carry. the real juice is in the tails. $XMR longs are bleeding 50% apr to shorts on $50M of open interest. on the other side, $CRV shorts are paying 46% apr to longs. the $CRV trade is the cleanest carry here. short spot, long perp, collect 46% apr. risk: a short squeeze on a $5.5M oi name. thin book, violent move, carry gone in one candle.
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