YZY -384% Funding Rate: Top Perp Arbitrage May 1 2026

The perpetual futures funding rate landscape is flashing extreme signals on May 1, 2026, and one coin dominates every trader's radar: YZY. With an annualised funding rate of -383.68% on Hyperliquid, YZY is paying short sellers handsomely to hold their positions — a carry trade opportunity that dwarfs anything else in the market. Meanwhile, positive-rate assets like MAVIA (82.84% annualised) and ZEREBRO (51.14% annualised) offer the inverse play for longs collecting funding. The total crypto market cap sits at $2.63 trillion, up 0.5% over 24 hours, with BTC dominance at 58.1% — a backdrop of calm that makes these outsized funding rates even more remarkable. For traders using a perp DEX aggregator like Tangerine, comparing rates across Hyperliquid, Aster, Bluefin, Binance, and Bybit is the key to extracting maximum yield from these dislocations. Today's report breaks down every major funding rate arbitrage and carry trade setup across perp DEXs and CEXs, with specific numbers and actionable frameworks.

YZY at -383.68%: The Standout Short Funding Play

YZY is printing a funding rate of -0.3504% per 8 hours on Hyperliquid, which annualises to an extraordinary -383.68%. At a mark price of $0.30, this means short sellers are receiving roughly $0.00105 per token every 8 hours just for maintaining their position. To put this in perspective, a $10,000 short position on YZY would generate approximately $35 in funding payments every 8 hours, or roughly $105 per day — assuming the rate remains constant. The mechanics are straightforward: YZY is heavily net-long, with leveraged longs bidding up the perp premium relative to the spot, and the funding mechanism is punishing them with outsized payments to shorts. This is the kind of extreme negative funding that typically attracts arbitrage capital quickly, meaning the window may be finite. Cross-exchange comparison is essential here. While Hyperliquid is showing -0.3504% per 8h, Binance and Bybit may offer different rates for YZY if they list it, and the spread between venues creates potential for cross-exchange funding arbitrage — going short on the exchange paying the highest negative funding and hedging with a long position on a cheaper venue. Using Tangerine to compare YZY funding across Hyperliquid, Vest, WOOFi Pro, and CEXs ensures you capture the widest negative rate available. The risk, of course, is that YZY's mark price at $0.30 is already deeply depressed, and a short squeeze or funding rate reversion could erode gains rapidly. Position sizing and stop-loss discipline are paramount with annualised rates this extreme — they rarely persist for long. As noted in yesterday's kLUNC -44.6% Funding: Top Perp Arbitrage Apr 30, similar negative-rate anomalies in kLUNC corrected sharply within 48 hours.

MAVIA & ZEREBRO: High-Yield Long Carry Trades

On the positive side of the funding curve, MAVIA and ZEREBRO stand out as the most attractive long carry trade candidates today. MAVIA is paying 0.0757% per 8 hours (82.84% annualised) at a mark price of $0.04, meaning longs are receiving funding from shorts — an unusual and highly favourable setup for long position holders. ZEREBRO follows at 0.0467% per 8 hours (51.14% annualised) with a mark of $0.03. These positive funding rates indicate that shorts are paying a premium to maintain bearish positions, likely driven by hedging demand or speculative shorting against these low-cap assets. The carry trade logic is clean: go long on the perp, collect funding every 8 hours, and manage directional risk through spot hedging or options. For MAVIA at 82.84% annualised, a $10,000 long position would collect roughly $7.57 every 8 hours, or approximately $22.71 per day in pure funding income. ZEREBRO at 51.14% annualised yields roughly $4.67 per 8 hours on the same notional. The critical consideration is that both assets are sub-nickel tokens — MAVIA at $0.04 and ZEREBRO at $0.03 — which means volatility and liquidation risk are elevated. A 10% adverse price move would wipe out weeks of funding income. Smart carry traders pair these long perp positions with spot shorts or offsetting perp shorts on a different exchange where the funding rate is lower or negative, locking in the funding spread rather than taking directional risk. Tangerine's perp DEX aggregator makes it efficient to scan whether Aster, Lighter, or Bluefin offer divergent MAVIA or ZEREBRO rates, enabling true delta-neutral carry setups across the DeFi trading ecosystem.

Negative Funding Cluster: REZ, BLAST & CHIP

Beyond YZY, a cluster of assets is printing meaningful negative funding rates that warrant attention for short-side carry strategies. REZ leads this group at -0.0228% per 8 hours (-24.95% annualised) with a mark price essentially at zero, followed by BLAST at -0.0189% per 8h (-20.7% annualised), and CHIP at -0.0179% per 8h (-19.59% annualised, mark $0.06). While these rates are a fraction of YZY's extreme print, they represent more sustainable carry opportunities precisely because they are less likely to trigger a sudden influx of arbitrage capital that compresses the spread. REZ at -24.95% annualised means a $10,000 short position collects roughly $2.28 every 8 hours, or about $6.84 daily. BLAST and CHIP offer similar risk-adjusted returns in the -20% annualised range. The shared characteristic of this cluster is that all three are micro-cap tokens with marks near or below $0.10, suggesting that long-side speculators are overleveraged and the market is charging them accordingly through the funding mechanism. For traders building a diversified short funding portfolio, spreading capital across REZ, BLAST, and CHIP rather than concentrating entirely in YZY provides better risk distribution. Cross-exchange comparison is again valuable: if Bybit or OKX lists these pairs at different funding rates, the arbitrage spread widens. A short on Hyperliquid at -24.95% paired with a long on Binance at a less negative rate creates a funding differential that compounds over time. Tangerine's aggregation across perp DEXs like Vest, EdgeX, and Pacifica alongside CEXs ensures no rate discrepancy goes unnoticed. These negative funding rates in the -20% to -25% annualised range are historically more durable than triple-digit prints, making them suitable for multi-day carry positions with lower reversion risk.

Cross-Exchange Funding Arbitrage: Capturing the Spread

The most sophisticated funding rate arbitrage strategy isn't simply going long or short on a single exchange — it's capturing the spread between exchanges for the same asset. This is where a perp DEX aggregator becomes indispensable. Consider the mechanics: if Hyperliquid is showing YZY at -0.3504% per 8h while a CEX like Bybit offers YZY funding at -0.15% per 8h, a trader can short YZY on Hyperliquid (collecting -0.3504%) and simultaneously go long YZY on Bybit (paying -0.15%, which means paying to be long since funding is negative — actually receiving as a long on negative funding would mean the long pays, so the short receives). The net funding capture depends on the precise rates at each venue. On Hyperliquid, shorts receive 0.3504% per 8h. On Bybit, if the rate is -0.15% per 8h, longs would pay 0.15% to shorts — so being long there costs 0.15% per 8h. The net capture is 0.3504% minus 0.1500% = 0.2004% per 8h, or roughly 219% annualised in delta-neutral funding capture. This cross-exchange arbitrage eliminates directional risk entirely — the short and long positions offset each other's price exposure, leaving only the funding rate differential as profit. The same logic applies to MAVIA, where positive rates on Hyperliquid might differ from rates on Aster or Bluefin. A long on the higher-rate venue paired with a short on the lower-rate venue captures the spread. Tangerine's real-time comparison across Hyperliquid, Aster, Lighter, Vest, Bluefin, Paradex, EdgeX, WOOFi Pro, Hibachi, Pacifica, Binance, Bybit, OKX, BingX, Bitget, and KuCoin makes identifying these spreads systematic rather than guesswork. Transaction costs, withdrawal fees, and execution slippage must be factored in — the net spread after costs determines whether the arbitrage is worthwhile. For high-frequency funding capture, perp DEXs often have lower fees than CEXs, making venues like Hyperliquid and Aster particularly attractive for the short side of negative-rate arbitrage.

Mid-Tier Funding Rates: MEGA, POLYX, kLUNC & WLFI

The middle of today's funding rate spectrum offers a mix of modestly positive and negative rates that suit more conservative carry strategies. MEGA stands out as the only positive-rate asset in this tier at 0.0131% per 8 hours (14.36% annualised, mark $0.16). Notably, MEGA is trending today alongside ACN, BIO, LUNC, PENGU, ETH, and XRP, which adds a directional tailwind — going long on MEGA to collect funding aligns with current market momentum, reducing the opportunity cost of the carry trade. A 14.36% annualised yield from funding alone, combined with potential upside from the trending momentum, makes MEGA an attractive dual-purpose position. On the negative side, POLYX at -0.0120% per 8h (-13.17% annualised, mark $0.05), kLUNC at -0.0119% per 8h (-12.98% annualised, mark $0.07), and WLFI at -0.0077% per 8h (-8.39% annualised, mark $0.06) offer mild short-side carry income. kLUNC is particularly noteworthy given its appearance in yesterday's kLUNC -44.6% Annualised Leads Perp Funding Rates , where it printed -44.6% annualised. The dramatic compression from -44.6% to -12.98% in a single day illustrates how quickly extreme funding rates normalise — a critical lesson for traders chasing yesterday's rates. POLYX and WLFI offer low but relatively stable negative funding that can compound over weeks if the rate persists. The strategy here is accumulation: multiple small short positions across these mid-tier negative-rate assets, each generating modest but consistent income, with far lower reversion risk than the extreme prints. Tangerine's ability to scan these rates across both perp DEXs and CEXs in real time is what makes systematic mid-tier carry feasible — the spreads are smaller, so finding the best rate at any given venue matters more.

Risk Framework: Navigating Carry Trade Pitfalls

Funding rate arbitrage and carry trades in crypto derivatives carry risks that are qualitatively different from traditional finance, and understanding them is essential for survival. First and most critical is funding rate reversion: extreme rates like YZY's -383.68% annualised are unsustainable because they attract arbitrage capital that naturally compresses the spread. A short position entered at -383% may see the rate normalise to -50% or even flip positive within days, transforming a lucrative carry into a break-even or losing position if the underlying price moves adversely. Second, for delta-neutral cross-exchange strategies, execution risk is real — opening a short on Hyperliquid and a long on Binance requires nearly simultaneous execution, and price slippage between venues can create an immediate loss that funding income must overcome. Third, low-cap tokens like MAVIA ($0.04), ZEREBRO ($0.03), and REZ ($0.00 mark) carry outsized liquidation risk. A sudden 30% pump on a token at $0.03 can liquidate a short position before the funding income compensates, particularly on exchanges with tight liquidation thresholds. Perp DEXs like Hyperliquid use mark prices that can diverge from index prices during volatility, triggering cascading liquidations. Fourth, withdrawal and deposit delays between exchanges create temporal exposure — if you need to rebalance a cross-exchange position and funds are locked in a bridge or pending confirmation, you're carrying unhedged directional risk. Fifth, smart contract risk on perp DEXs is non-trivial. While Hyperliquid, Aster, and Bluefin have established track records, newer venues may carry untested code. The prudent approach is to size positions so that a total loss on any single trade doesn't exceed 2-5% of portfolio value, and to use Tangerine's multi-exchange comparison to always route trades through the most liquid and secure venues available for each asset.

Today's Actionable Arbitrage Setups & Outlook

Synthesising today's funding rate data into actionable trade setups, three core strategies emerge for May 1, 2026. Setup one: YZY short carry with tight risk management. Short YZY on Hyperliquid at -0.3504% per 8h, hedge with a YZY long on Binance or Bybit if available at a less negative rate. Target the net funding spread, set stop-losses at 15-20% above entry given the $0.30 mark, and plan for a 24-72 hour holding period before rate compression likely kicks in. Setup two: MAVIA-ZEREBRO positive funding carry. Go long MAVIA on Hyperliquid collecting 0.0757% per 8h (82.84% annualised), and simultaneously short MAVIA on another perp DEX or CEX where the funding rate is lower or negative. Repeat the same structure for ZEREBRO at 0.0467% per 8h. The delta-neutral version eliminates directional risk; the directional version adds bullish exposure but requires conviction. Setup three: diversified short funding basket across REZ, BLAST, CHIP, POLYX, kLUNC, and WLFI. Allocate equally across these six negative-rate assets, shorting each on the exchange offering the most negative rate via Tangerine's comparison. The blended annualised yield is approximately -16.6%, with significantly lower reversion risk than concentrating in a single asset. Looking ahead, watch for YZY's funding rate to compress rapidly as capital flows in — yesterday's kLUNC compression from -44.6% to -12.98% is the template. MEGA's trending status and modest positive funding could widen if momentum builds. The broader market's 0.5% gain and stable BTC dominance suggest range-bound conditions persist, which is generally favourable for funding rate strategies since low volatility reduces directional risk on carry positions. Use Tangerine's perp DEX aggregator to monitor rate changes across all 16+ integrated venues in real time, and adjust positions as spreads evolve throughout the session.

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