$XMR long pays +48.9% apr on $47.3M oi. privacy coin with a persistent bid, shorts collecting almost fifty percent annualized. $BNB, $LTC, $kPEPE, $LINK all clustered at +11.0% apr. nothing dramatic, just steady demand for leverage on the long side.

$HYPE short pays -69.5% apr on $1.36B oi. the entire perp market is leaning one way and paying for it. $CRV short pays -53.4% apr on thin $5.7M oi, $ZEC at -24.4% on $192.3M. longs are getting paid to absorb the other side of these crowded shorts.

cleanest carry trade right now: short $XMR perp, spot hedge with $XMR. collect +48.9% apr while the funding regime holds. risk: a privacy coin delisting event or exchange restriction that breaks the spot borrow market and leaves the short leg unhedged.

more at falsifylab.com

#PerpFunding #Hyperliquid #FundingArb $HYPE

https://falsifylab.substack.com/p/hyperliquid-funding-extremes-2026-c73

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