The same BTC trade, three different platforms quoted me three different prices. The spread is $141.
Today I just randomly tried something: I threw the same BTC market order into three platforms and compared the quotes.
Hyperliquid: $84,201
Aster: $84,124
dYdX: $84,265
At the same time, for the same coin, the difference is $141.
I remember thinking: if it were a $100k order, just this one spread alone would wipe out more than $140. And that doesn’t even include fees and funding rates.
Then I looked at the funding rate—way more outrageous.
Data from September 16: Hyperliquid reported +10.9% annualized, while OKX reported +1.1%. That’s almost a 10x difference.
In other words: for the same BTC perpetual, if you hold it for a year on Hyperliquid, you’ll pay 10.9% just in funding; on OKX it’s 1.1%.
If you pick the right direction but choose the wrong platform, the profit gets eaten up by the funding rate—half of it. The loss isn’t super obvious, but it’s been losing all along 😂.
Previously I thought “where to open the position” was a small thing. Now it seems the execution price spread, the fee difference, and the liquidity depth difference are all quietly taking money from your account.
$BTC #Hyperliquid #永续合约
Today I just randomly tried something: I threw the same BTC market order into three platforms and compared the quotes.
Hyperliquid: $84,201
Aster: $84,124
dYdX: $84,265
At the same time, for the same coin, the difference is $141.
I remember thinking: if it were a $100k order, just this one spread alone would wipe out more than $140. And that doesn’t even include fees and funding rates.
Then I looked at the funding rate—way more outrageous.
Data from September 16: Hyperliquid reported +10.9% annualized, while OKX reported +1.1%. That’s almost a 10x difference.
In other words: for the same BTC perpetual, if you hold it for a year on Hyperliquid, you’ll pay 10.9% just in funding; on OKX it’s 1.1%.
If you pick the right direction but choose the wrong platform, the profit gets eaten up by the funding rate—half of it. The loss isn’t super obvious, but it’s been losing all along 😂.
Previously I thought “where to open the position” was a small thing. Now it seems the execution price spread, the fee difference, and the liquidity depth difference are all quietly taking money from your account.
$BTC #Hyperliquid #永续合约