MAVIA 58% Annualised Funding & Perp Market: Apr 24

The perpetual futures market on April 24, 2026, presents a strikingly bifurcated landscape. Total crypto market capitalisation sits at $2.69 trillion, down 1.1% over the past 24 hours, with Bitcoin dominance holding firm at 58.1%. While the broader market drifts lower, funding rate divergences across perp DEX venues are widening dramatically, creating distinct pockets of opportunity for derivatives traders. MAVIA continues to command extraordinary positive funding at 0.0533% per 8 hours—equating to 58.41% annualised—making it the standout position in today's market. Meanwhile, a cluster of tokens including BLAST, REZ, and AZTEC are carrying deeply negative rates, signalling aggressive short positioning. STABLE has surged 17.4% on the day despite negative funding, while ZEC posts a respectable 5.6% gain. Today's trending names—CHIP, SPK, PENGU, AAVE, BTC, TAO, and ASTEROID—underscore the market's fragmented attention. For traders navigating these divergences, comparing funding rates across venues has never been more critical.

MAVIA's 58.41% Annualised Funding Dominates the Board

MAVIA's funding rate of 0.0533% per 8 hours translates to an annualised rate of 58.41%, making it by far the most expensive long position to hold in today's perp market. The mark price of $0.03 reflects a token trading at extremely low nominal value, yet the funding pressure tells a story of intense speculative demand. Longs are paying handsomely for exposure—nearly 0.16% per day—suggesting that market participants are either positioning for a significant catalyst or are trapped in crowded long positions that have yet to unwind.

This rate has come down from yesterday's even more extreme levels. As covered in our MAVIA 135% Funding & Perp Market Overview: Apr 23, MAVIA was printing 135% annualised just 24 hours ago. The compression from 135% to 58.41% is significant: it indicates that some longs have either closed their positions or that new short capital has entered, providing a degree of equilibrium. However, 58.41% annualised remains far above any reasonable cost of capital, and the rate is likely to continue compressing as arbitrageurs step in.

For traders evaluating MAVIA on Hyperliquid specifically, the question is whether the carry trade—shorting MAVIA perps and collecting funding—outweighs the risk of a short squeeze. At $0.03 mark price, the token has limited downside room in percentage terms, but funding at this level offers substantial cushion. Cross-venue comparison matters here: Binance and Bybit MAVIA perps may offer different rates, and using Tangerine to compare across perp DEX and CEX venues ensures traders capture the most favourable entry. The key risk remains that a sudden deleveraging event could push the mark price sharply in either direction before funding has time to normalise.

Deep Negative Funding: BLAST, REZ, and AZTEC Shorts Pay Premiums

The negative funding cluster today is led by BLAST at -0.0420% per 8 hours (-46.0% annualised), followed by REZ at -0.0337% per 8 hours (-36.93% annualised) and AZTEC at -0.0327% per 8 hours (-35.82% annualised). These rates mean that short sellers are paying longs to hold their positions—a dynamic typically seen when bearish sentiment is extreme or when tokens have experienced rapid drawdowns that attracted crowded short positioning.

BLAST's mark price of $0.00 is notable. While this likely reflects a token trading at sub-penny levels with limited decimal precision on the feed, the -46.0% annualised funding tells us that shorts are heavily congested. When a token trades at effectively zero and shorts are paying 0.042% every eight hours, the risk-reward for longs becomes asymmetric: downside is minimal at these prices, while the funding income alone provides meaningful return. The danger, of course, is that these tokens may face delisting or liquidity evaporation, making it difficult to exit positions cleanly.

REZ and AZTEC follow a similar pattern. REZ at -36.93% annualised with a $0.00 mark and AZTEC at -35.82% with a $0.02 mark both indicate environments where short sellers have overcrowded the trade. For funding rate arbitrageurs, the strategy is straightforward: go long the perp, short the spot (if liquid spot markets exist), and collect the negative funding. On Hyperliquid, these rates are available, but the same tokens on Bybit or OKX may offer different terms. Aggregating rates through a perp DEX aggregator like Tangerine allows traders to identify which venue offers the most negative rate for shorts—or the most favourable long entry—maximising the carry. The critical consideration is liquidity: at these price levels, slippage on entry and exit can erase weeks of funding income in a single transaction.

STABLE's 17.4% Surge Amidst Negative Funding

STABLE presents one of today's most intriguing setups. The token has rallied 17.4% in the past 24 hours—making it the top gainer across the board—yet its funding rate remains negative at -0.0273% per 8 hours, or -29.87% annualised. This divergence between price action and funding is significant and warrants careful analysis.

When a token rallies sharply while funding stays negative, it typically indicates that the move is being driven by spot buying rather than leveraged perp demand. Shorts are still paying longs, meaning the perp market lag behind the spot appreciation. This creates a favourable setup for longs: they benefit from both the upward price movement and the funding income. The mark price of $0.03 suggests a micro-cap token where relatively small capital inflows can drive outsized percentage moves.

The negative funding could also reflect residual short positions that were established before the rally and have not yet been liquidated or closed. As STABLE continues to appreciate, these shorts face mounting losses on both the price differential and the funding payments, creating potential for a short squeeze that accelerates the upward move. For traders on Hyperliquid, the current rate of -0.0273% per 8 hours equates to roughly 0.082% daily income for longs, in addition to any further price appreciation.

Comparing across venues, STABLE perps may trade on Aster or Bluefin with different funding dynamics. Traders using Tangerine can quickly identify which perp DEX offers the deepest liquidity and most favourable rate for STABLE exposure. The key risk is that the 17.4% rally attract momentum traders who push the perp into positive funding territory, eliminating the dual tailwind of price gains plus negative funding. Monitoring the rate trajectory through the day is essential for timing entry and exit.

GRIFFAIN and ZEREBRO: Quiet Positive Funding Opportunities

While MAVIA dominates the positive funding conversation, two other tokens warrant attention: GRIFFAIN at 0.0260% per 8 hours (28.47% annualised) and ZEREBRO at 0.0103% per 8 hours (11.32% annualised). Neither rate is extreme, but both offer meaningful carry for short sellers looking for less crowded trades than MAVIA.

GRIFFAIN's 28.47% annualised rate with a $0.02 mark price indicates moderate but sustained long demand. Unlike MAVIA, where the rate is so extreme that compression feels inevitable, GRIFFAIN's funding is at a level that could persist for days or even weeks if the underlying narrative supports it. For short sellers, the 28.47% annualised carry provides a reasonable cushion against moderate upside moves. The mark price of $0.02 keeps the token in micro-cap territory, so volatility should be expected, but the funding compensation helps offset that risk over time.

ZEREBRO at 11.32% annualised PET is closer to a neutral rate but still leans positive. At $0.02 mark price, the dynamic is similar to GRIFFAIN—micro-cap with speculative interest. The lower rate suggests a more balanced positioning between longs and shorts, making it a less aggressive carry trade but also a lower-risk one. For traders constructing a diversified funding rate portfolio, pairing a MAVIA short with a ZEREBRO short offers a spectrum of risk-reward: MAVIA provides high carry with compression risk, while ZEREBRO offers moderate carry with more stability.

Cross-venue comparison again proves valuable. GRIFFAIN and ZEREBRO may not be listed on Binance or Bybit, making perp DEX venues like Hyperliquid and Vest the primary options. Checking rates across these platforms through Tangerine ensures traders aren't leaving yield on the table. In Web3 derivatives trading, even 5-10 basis points of difference in funding rate compounds meaningfully over multi-week positions, and the discipline of rate comparison separates consistently profitable traders from those leaving significant returns uncaptured.

Cross-Exchange Funding Rate Comparison: Hyperliquid vs Bybit vs Binance

Funding rate arbitrage depends on identifying discrepancies between venues, and today's market offers several notable divergences. Hyperliquid, as the dominant perp DEX, tends to set the reference rate for many altcoin perps, but CEX venues like Binance and Bybit frequently deviate—sometimes significantly—due to differences in user base, liquidity depth, and listing timing.

Consider MAVIA: Hyperliquid shows 0.0533% per 8 hours, but on Bybit, the same perp may trade at a lower rate if Bybit's user base includes more sophisticated arbitrageurs who have already compressed the premium. Binance, if it lists MAVIA, might show yet another rate entirely depending on the composition of its order book. For traders executing funding rate arbitrage—going long on the venue with the most negative rate and short on the venue with the most positive rate—these inter-exchange spreads are the raw material of profit.

The same logic applies to the negative funding cluster. BLAST at -0.0420% on Hyperliquid might be -0.0300% on OKX, creating a 12-basis-point per-8-hours spread that annualises to over 130% if captured consistently. The practical challenge is managing the operational complexity of maintaining positions across multiple venues, each with different margin requirements, settlement mechanisms, and withdrawal timelines. This is where a perp DEX aggregator adds tangible value: by presenting rates from Hyperliquid, Aster, Lighter, Bluefin, Vest, and others alongside CEX rates from Binance, Bybit, OKX, Bitget, and KuCoin in a single interface, Tangerine eliminates the need to manually check each platform. The time saved in identifying the best rate frequently translates directly to better execution and higher net carry.

For today's specific opportunities, the largest inter-exchange spreads are likely found in the micro-cap tokens—MAVIA, BLAST, REZ—where listing coverage varies most across venues. Major tokens like AXS and PYTH, both showing mild negative funding today, tend to have tighter cross-exchange spreads due to deeper liquidity and more efficient arbitrage, making the perp DEX versus CEX comparison less dramatic but still worth checking for marginal gains.

AXS, PYTH, and BABY: Moderate Negative Rates in Established Names

Shifting focus from the micro-cap extremes, AXS and PYTH represent a different category of funding rate opportunity. AXS carries -0.0134% per 8 hours (-14.68% annualised) with a mark price of $1.10, while PYTH shows -0.0108% per 8 hours (-11.8% annualised) at $0.05. BABY sits at -0.0141% per 8 hours (-15.43% annualised) with a $0.02 mark. These are moderate negative rates on tokens with established market presence and significantly deeper liquidity than the micro-cap names dominating today's funding extremes.

AXS at -14.68% annualised tells a story of continued bearish positioning in a token that has struggled to regain its previous cycle highs. The moderate rate suggests that while shorts are in control, the positioning is not extreme enough to create a crowded short scenario. For long-term holders of AXS who believe in a mean reversion, the negative funding provides a modest income stream while waiting—essentially being paid to hold a position they would hold anyway. The $1.10 mark price reflects a mature token where 14.68% annualised income from funding alone is a reasonable enhancement to any spot position.

PYTH at -11.8% annualised follows a similar pattern. As an oracle infrastructure token, PYTH has fundamental utility that supports a floor in demand, yet the market remains net short. The -0.0108% per 8 hours rate is gentle enough that it could flip positive on any meaningful catalyst—a partnership announcement, integration news, or broader market rotation into infrastructure tokens. BABY at -15.43% occupies a middle ground—more negative than the established tokens but far less extreme than the deeply negative micro-caps, making it an interesting sweet spot for traders seeking meaningful carry without the delisting risk of sub-penny tokens.

For DeFi trading strategies, these moderate negative rates on established tokens are often more attractive than the extreme rates on micro-caps because the execution risk is far lower. Slippage on AXS or PYTH positions is minimal, and the likelihood of delisting or liquidity crises is negligible. Traders can deploy larger position sizes with confidence, making the effective carry more meaningful in dollar terms even if the percentage rate is lower. Using Tangerine to compare AXS and PYTH rates across Hyperliquid, Binance, and Bybit ensures optimal execution for these larger, more stable positions.

Key Takeaways and What to Watch Next

The April 24 perpetual futures market is defined by extreme funding rate dispersion. MAVIA at 58.41% annualised leads the positive side, down sharply from yesterday's 135% as covered in our MAVIA 135% Funding Rate: Top Perp DEX Trades April 23, while BLAST at -46.0% annualised anchors the negative extreme. This 104-percentage-point spread between the most positive and most negative rates is unusually wide and reflects a market where positioning is highly polarised.

Several themes deserve close monitoring in the coming sessions. First, MAVIA's funding compression trajectory: if the rate continues declining from 135% to 58% to something closer to 20-30% annualised, the short carry trade becomes less attractive and longs face less headwind. The pace of this compression is the single most important data point for MAVIA traders. Second, the deeply negative micro-cap cluster—BLAST, REZ, AZTEC—carries genuine short squeeze risk. At $0.00-$0.02 mark prices, even modest buying pressure could trigger cascading liquidations, and shorts paying 35-46% annualised are in a precarious position despite the apparent safety of shorting tokens near zero.

Third, STABLE's unique combination of strong spot momentum and negative funding is unlikely to persist. Traders should watch for a funding rate flip, which would confirm that the rally has broad perp market conviction rather than being purely spot-driven. Fourth, the trending tokens—CHIP, SPK, PENGU, AAVE, BTC, TAO, ASTEROID—may see increasing perp volume and funding rate movement as the day progresses, particularly if spot momentum accelerates into the US trading session.

For crypto derivatives traders, the current environment is rich with opportunity but demands disciplined rate comparison. The difference between executing a MAVIA short on Hyperliquid versus Bybit, or a BLAST long on Hyperliquid versus OKX, can meaningfully impact returns over multi-day holds. Tangerine's aggregation across perp DEX and CEX venues provides the real-time data needed to make these comparisons efficiently. In a market where funding rate dispersion this wide exists, the edge goes to traders who systematically seek the best rate before deploying capital.

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