Compare perpetual funding rates across Rocket, Extended and Hyperliquid, and open both legs of a delta-neutral position from one screen. Go long where funding is cheapest and short where it is richest, and collect the spread while price movement largely cancels between the legs.
The point of doing this in one interface is that the two halves of the trade are the risk. Opening them separately, in two tabs, is how a delta-neutral position quietly becomes a directional one.
A perpetual future never expires, so something has to keep it anchored to spot. Funding does that: a periodic payment between longs and shorts. When the perpetual trades above spot, longs pay shorts; when it trades below, shorts pay longs. The rate is set by the imbalance between the two sides.
Because each venue has its own participants and its own positioning, the same asset can carry meaningfully different funding rates in different places at the same moment. That difference is the spread a funding arbitrage captures. It is not a mispricing anyone is obliged to correct, which is why it can persist — and also why it can disappear without warning.
It lists tokens trading on Rocket that also trade on Extended or Hyperliquid, pairs the cheapest funding venue as the long leg against the richest as the short leg, and ranks by APR. Each row shows current APR, 24-hour, 7-day and 14-day APR, APR at maximum leverage, price spread, open interest and daily volume, so you can judge whether an opportunity is durable and whether there is enough liquidity to enter and exit at size.
Opening a row gives a spread history chart over one day, one week or one month, plus order entry for both legs: size, leverage, optional take-profit and stop-loss, and a running summary of total position size, margin required and fees. Submitting opens the long and the short together.
A hybrid mode places a limit order on one leg first and sends the market hedge to the other venue once that limit fills, which reduces the cost of crossing the spread twice at the price of a window where you are one-sided. That mode needs the tab left open until the hedge is sent.
The positions table tracks both legs together: size, open price, notional, current APR, one-hour spread, unrealised profit and loss, estimated close profit and loss, fees paid, funding received and break-even, with market or limit close on each leg and a close-all action.
Two risks deserve attention. First, margin is managed per venue — on some pairs the Hyperliquid leg uses isolated margin while Rocket uses cross margin, so one side can be near liquidation while the other looks healthy. Second, the spread you opened for can converge or invert, at which point the trade is costing rather than earning. Neither is exotic, but both are why this is a monitored position rather than a set-and-forget yield.
A perpetual future has no expiry, so it needs a mechanism to stay tethered to spot. That mechanism is funding: a periodic payment exchanged between long and short holders. When the perpetual trades above spot, longs pay shorts; when it trades below, shorts pay longs. On Rocket those payments go directly between traders, with no cut taken by the protocol.
Going long the same asset on one venue and short on another, sized so the two positions offset. Price movement largely cancels between the legs, and you collect the difference between the two funding rates. It is a spread trade on funding rather than a directional bet on the asset.
Rocket, Extended and Hyperliquid. The tool lists tokens available on Rocket that also trade on at least one of the other two, pairs the venue with the lowest funding rate as the long leg against the venue with the highest as the short leg, and ranks the opportunities by APR.
Yes. From an opportunity you can set size, leverage and optional take-profit and stop-loss, then submit to open the long on one venue and the short on the other. There is also a hybrid mode that places a limit order on one leg first and sends the market hedge on the other venue once it fills — that mode requires keeping the tab open until the hedge is sent.
The legs are managed separately, so this is not risk-free. Funding rates can converge or invert, removing the spread you opened the position for. Each leg has its own margin, and the Hyperliquid leg on some pairs uses isolated margin while Rocket uses cross margin, so one side can approach liquidation while the other is comfortable. Both sides need monitoring, and fees and slippage on entry and exit come out of the spread you collect.
For each token: current APR plus 24-hour, 7-day and 14-day APR, APR at maximum leverage, the price spread between venues, open interest and daily volume. Opening an opportunity adds a spread history chart over one day, one week or one month, so you can see whether the current spread is typical or a spike.