There's an interesting basis trade on Hyperliquid yielding 100-300% APY for USDC.

📜 Illustration with 10,000 USD:

1. Deposit 10K to HL

2. Buy 5K spot of $HYPE

3. Short 5K perpetual 1x, no leverage

As the funding rate is positive (meaning longs are paying shorts) you are getting paid to short.

Price swings do not affect you, since if the token dumps 50%, you will lose on spot, but will earn roughly the same with the short. Meaning this is a "neutral" trade, earning funding fees

📜 How much APY, you ask?

It's extremely volatile, but in the last week, it has swung back and forth from 50% to 500%. Average has been around 110%.

📜 Let's discuss the risks:

• Funding rate flips (shorts pay longs)

• Funding rate declines (low demand for longs, bullish sentiment decreases)

• Liquidation of the short with a price spike: the less leverage a perp has. There IS a liquidation price, so monitor accordingly. You can always close both positions and re-open to "reset" the liquidation price to something higher

📜 Further notes:

• You are getting half of the "Annualized: XXX%" you are seeing on the perp page. This is because your long is not getting any interest. Funding is paid only to the capital shorting, which is half.

These types of trades are common in a bull market, you just have to find a token that has a perp market and bullish sentiment. But they are also high maintenance, they need to be closely monitored

GL ⚡️⚡️

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