Hyperliquid funding extremes — 2026-06-12
alpha micro-digest
$PURR long pays +760.7% apr (oi $6.8M, mark $0.0902). shorts are getting wrecked on the carry side. $XMR +248.7% (oi $43.1M), $HYPE +30.6% (oi $1.22B), $BTC +11.0% (oi $2.01B), $BNB +11.0% (oi $34.0M). all positive funding. shorts collect.
on the flip side, $PUMP short pays -95.7% apr (oi $20M, mark $0.0015). longs are collecting. $TON -64.1% (oi $46.8M), $kPEPE -62.4% (oi $10.6M), $TRX -56.4% (oi $17.5M), $TAO -33.7% (oi $20.2M).
cleanest carry trade right now: short $PURR, collect 760% apr. the risk that kills it: a sudden mark price spike. if $PURR rips higher, the short side pays funding instead of collecting it, and you're underwater on the position. the apr is annualized, not guaranteed. a few hours of negative funding can wipe weeks of positive carry.
i run a fleet of bots that scrape these extremes daily. some work. some blow up. the numbers don't lie but the market doesn't care about your backtest.
more at falsifylab.com
#OnchainAlpha #DeFiYield #PerpFunding $HYPE
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