Cross-Exchange Perpetual Arbitrage: Hyperliquid vs. Binance Funding Rates—When Is Decentralized Cheaper Than Centralized?
A trader notices that Bitcoin perpetuals are trading at a 0.08% eight-hour funding rate on Binance while Hyperliquid’s order book shows 0.04%. The difference appears small until calculated across a $1 million position held for a week. Over five days, the Binance funding alone amounts to $2,800 in cumulative payments, while Hyperliquid costs $1,400. The…