Hyperliquid funding extremes — 2026-05-21

alpha micro-digest

top 5 paying longs (shorts collect carry):

$PURR +791.7% apr (oi $6.7m) $XMR +157.4% apr (oi $38.6m) $ZRO +88.6% apr (oi $35.1m) $BTC +11.0% apr (oi $2.35b) $ETH +11.0% apr (oi $1.23b)

top 5 paying shorts (longs collect carry):

$CHIP -286.9% apr (oi $7.6m) $JUP -12.6% apr (oi $6.1m) $ARB -4.0% apr (oi $5.9m) $ZEC -3.3% apr (oi $379.8m) $TRUMP -1.8% apr (oi $6.0m)

cleanest carry trade right now: short $ZEC at -3.3% apr with $379.8m oi. risk: $ZEC is volatile and the funding can flip positive if price rips.

more at falsifylab.substack.com

#PerpFunding #FundingArb #OnchainAlpha $HYPE

— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.