Historical report

Last 30 days of funding on Strike, Hyperliquid and OKX (2026-10-04 to 2026-11-03 UTC), on a $10,000 position. Estimates after taker fees and slippage. Past funding does not predict future funding.

Key findings

Strike perps below index: longs cheaper, shorts costlier

Strike's PUMP perps traded below their index price in most hours (Oct 04 to Nov 03; Strike funding was negative in 69% of hours). Longs were cheaper to hold on Strike than on the other venues in most hours, and shorts were more expensive.

Numbers behind this

PUMP: Strike funding negative in 69% and positive in 31% of hours; Strike cheaper for longs in at least 79% and for shorts in at least 6% of hours.

A discount or premium to index can change quickly, and it also affects entry and exit prices (basis). Past funding does not predict future funding.

Strike perps above index: shorts cheaper, longs costlier

Strike's ADA perps traded above their index price in most hours (Oct 04 to Nov 03; Strike funding was positive in 100% of hours). Shorts were cheaper to hold on Strike than on the other venues in most hours, and longs were more expensive.

Numbers behind this

ADA: Strike funding negative in 0% and positive in 100% of hours; Strike cheaper for longs in at least 1% and for shorts in at least 99% of hours.

A discount or premium to index can change quickly, and it also affects entry and exit prices (basis). Past funding does not predict future funding.

Strike funding lower: longs cheaper, shorts costlier

Strike's NAS100, SP500 and XAG perps had lower funding than the other venues in most hours (Oct 04 to Nov 03; Strike was the cheaper venue for longs in at least 72%, 69% and 65% of hours). Longs were cheaper to hold on Strike and shorts were more expensive.

Numbers behind this

NAS100: Strike funding negative in 1% and positive in 0% of hours; Strike cheaper for longs in at least 72% and for shorts in at least 13% of hours.
SP500: Strike funding negative in 0% and positive in 0% of hours; Strike cheaper for longs in at least 69% and for shorts in at least 31% of hours.
XAG: Strike funding negative in 0% and positive in 15% of hours; Strike cheaper for longs in at least 65% and for shorts in at least 3% of hours.

A discount or premium to index can change quickly, and it also affects entry and exit prices (basis). Past funding does not predict future funding.

No consistent edge either way

BTC, ETH and SOL showed no consistent Strike advantage (Oct 04 to Nov 03): Strike was the cheaper venue for longs or shorts in roughly half of hours.

Numbers behind this

BTC: Strike funding negative in 39% and positive in 61% of hours; Strike cheaper for longs in at least 44% and for shorts in at least 24% of hours.
ETH: Strike funding negative in 42% and positive in 58% of hours; Strike cheaper for longs in at least 47% and for shorts in at least 27% of hours.
SOL: Strike funding negative in 51% and positive in 49% of hours; Strike cheaper for longs in at least 59% and for shorts in at least 14% of hours.

A discount or premium to index can change quickly, and it also affects entry and exit prices (basis). Past funding does not predict future funding.

Summary

Over the last 30 days, Strike was the cheaper venue for 24% of hours for BTC shorts vs Hyperliquid, 39% vs OKX (funding only).
Over the last 30 days, Strike was the cheaper venue for 49% of hours for BTC longs vs Hyperliquid, 44% vs OKX (funding only).
Over the last 30 days, Strike was the cheaper venue for 27% of hours for ETH shorts vs Hyperliquid, 49% vs OKX (funding only).
Over the last 30 days, Strike was the cheaper venue for 61% of hours for ETH longs vs Hyperliquid, 47% vs OKX (funding only).
Over the last 30 days, Strike was the cheaper venue for 14% of hours for SOL shorts vs Hyperliquid, 31% vs OKX (funding only).
Over the last 30 days, Strike was the cheaper venue for 65% of hours for SOL longs vs Hyperliquid, 59% vs OKX (funding only).
Of 83 market and direction pairs, 26 had a positive estimated 30-day net after taker fees and slippage; 57 did not.
Best pair: ADA (long OKX / short Strike) +$487 estimated over 30 days on $10,000.
Worst pair: PUMP (long Hyperliquid / short Strike) -$231 estimated over 30 days on $10,000.
11 pairs flagged (Low confidence: thin liquidity or extreme funding) are listed in the tables but excluded from this summary.

Charts

Market

Funding rate history, % per hour (positive: longs pay shorts)

OKX pays every 4h or 8h; its rate is spread evenly over each hour of its interval. Gaps mean no data. Past funding does not predict future funding.

Cumulative estimated net on $10,000, USD

Running two-leg funding carry minus round-trip taker fees and the stated slippage assumption. Starts below zero by the cost of four fills. Dashed line is zero. Past funding does not predict future funding.

By market

Each market, both two-leg directions against each competitor. Pairs flagged "Low confidence: thin liquidity or extreme funding" are listed here but left out of the summary.

BTC

Hours with data: Strike 719, Hyperliquid 720, OKX 720. Slippage per fill used: Strike 2.0 bps (floor applied (measured 0.16 bps)); Hyperliquid 2.0 bps (floor applied (measured 0.11 bps)); OKX 2.0 bps (floor applied (measured 0.01 bps)). This reflects current depth, not historical depth.

Two-leg position	Hours carry was positive	Avg carry per hour	Days to cover round-trip costs	Est. net 7d	Est. net 30d	Longest favorable stretch	Flag
Long Strike / short Hyperliquid	49% of 719h	+$0.08	14.4 (costs $27.00)	-$26.53	+$29.10	121h	-
Long Hyperliquid / short Strike	24% of 719h	-$0.08	never at this carry (costs $27.00)	-$27.47	-$83.10	21h	-
Long Strike / short OKX	44% of 719h	+$0.05	24.7 (costs $28.00)	-$29.01	+$5.97	69h	-
Long OKX / short Strike	39% of 719h	-$0.05	never at this carry (costs $28.00)	-$26.99	-$61.97	39h	-

Versus	Strike cheaper to hold a long	Strike cheaper to hold a short	Equal	Hours compared
Hyperliquid	49%	24%	26%	719
OKX	44%	39%	17%	719