Hyperliquid Carry Trade Calculator
Hold HYPE or BTC in spot, borrow the margin as USDC against it on Earn with a Unified Account, and short the same size on the perp. Price moves cancel; you keep the funding. Live funding, borrow rates and LTVs give you the net yield, the funding rate where it stops paying, and where the short would liquidate. Free, read-only, updated continuously.
Margin $2.00K of USDC, borrowed against your HYPE on Earn.
Advanced · live values, editable
- Net yield
- +9.95%
- per year on your spot
- Yearly net
- $995.46
- $1.10K income − $100.05 interest
- Break-even funding
- 1.00% APR
- now 10.95% APR
Short liquidates at $98.57 (+14.3%) if you never top up margin · HYPE can borrow $4.50K more USDC to top it up as price rises.
Details · the legs
- Spot notional
- $10.00K
- 116 HYPE long
- Perp short
- $10.00K
- 5.00x · margin $2.00K
- Borrowed USDC
- $2.00K
- of $6.50K capacity (LTV 65%)
- Funding / yr
- $1.10K
- 10.95% APR on the notional
- Supply yield / yr
- $0.00
- 0.00% on HYPE
- Interest / yr
- $100.05
- 5.00% on the margin
Spot gains and perp losses cancel as price moves, so the trade is hedged; the risks are funding flipping negative, the short running out of margin on a sharp rally before you top up, and interest outpacing funding. Fees, slippage and the spot–perp basis are not modelled.
Live Hyperliquid Earn rates
Every reserve on Earn right now. Only assets with an LTV can be used as collateral; the stablecoins are what you borrow.
| Asset | LTV | Supply APY | Borrow APY | Utilization | Total supplied | Total borrowed |
|---|---|---|---|---|---|---|
| HYPEcollateral | 65% | 0.00% | 5.00% | 0.0% | 9,554,281.61 ($824.03M) | 0 ($0.00) |
| BTCcollateral | 50% | 0.00% | 5.00% | 0.0% | 1,821.04 ($145.40M) | 0 ($0.00) |
| USDC | — | 2.75% | 5.00% | 61.2% | 418,612,002.72 ($418.61M) | 256,212,697.36 ($256.21M) |
| USDT0 | — | 1.70% | 5.00% | 37.9% | 1,997,843.09 ($2.00M) | 756,708.52 ($756.71K) |
| USDH | — | 0.50% | 5.00% | 11.0% | 171,137.73 ($171.14K) | 18,870.85 ($18.87K) |
Source: Hyperliquid public API (Earn reserves + perp funding) · updated 2026-09-06 07:41 UTC
Hyperliquid carry trade — FAQ
What is the carry trade on Hyperliquid?
You hold HYPE or BTC in spot and short the same size on the perp. Price moves cancel out, so what's left is the funding the short collects (when funding is positive), any supply yield on the spot, minus the interest on the margin. With a Unified Account the perp margin can be borrowed as USDC against the spot on Earn, so no extra capital sits idle.
Why does the perp leverage matter if the trade is hedged?
Leverage sets how much margin the short needs, and that margin is what you borrow and pay interest on. Higher leverage means less borrowed and less interest, but the short gets liquidated on a smaller rally if you don't top up. The calculator shows both: the net yield at each leverage and the price the short would liquidate at without a top-up, plus how much more you could borrow against the spot to top it up.
When does the carry stop paying?
When funding drops below the break-even funding APR shown — that is the borrow interest on the margin, less any supply yield, spread over the notional. Funding on Hyperliquid resets every hour and can flip negative in a crowded short, at which point you pay both funding and interest. Watch the live funding page and the Earn borrow rate, which climbs steeply once utilization passes 80%.
What are the risks?
A sharp rally can liquidate the short before you add margin; the borrow rate can rise; funding can flip negative; and the spot and perp prices can drift apart (basis). Fees, slippage and basis are not modelled here. Treat the numbers as a planning estimate, not a guarantee, and not financial advice.
Where does the data come from?
Hyperliquid's public API: Earn reserve states for LTV, borrow and supply rates and oracle prices; perp metadata for funding and max leverage. The page re-renders on the server every minute and the calculator re-polls in your browser every 30 seconds. gmhl is a free, read-only Hyperliquid dashboard — no sign-up, no wallet connection.