CHIP -54% Funding: Top Perp DEX Carry Trades May 14 2026

The perpetual futures landscape is flashing deep negative funding across a swath of altcoins today, and for capital-efficient traders, that means one thing: carry trade season. With the total crypto market cap sliding 1.2% over the past 24 hours to $2.73 trillion and BTC dominance holding firm at 58.2%, risk appetite has clearly softened. That softness is directly reflected in perp DEX funding rates, where shorts are paying longs handsomely to maintain their positions. The standout today is CHIP, clocking a staggering -54.06% annualised funding rate on Hyperliquid, but it is far from alone. STABLE, BIO, SAGA, EIGEN, SUPER, BSV, GAS, AXS, and SUSHI all sit in negative territory, creating a broad menu of carry trade and funding rate arbitrage opportunities across both decentralised and centralised venues. Meanwhile, BTC and ETH are trending alongside FIRO, ZANO, LAB, ONDO, and VVV — a mix that suggests rotational flows rather than outright capitulation. For traders who know how to navigate the spread between perp DEXs like Hyperliquid, Aster, and Bluefin and CEXs like Binance, Bybit, and OKX, this environment is rich with edge. The key is knowing where the juiciest rates live, which platforms offer the best execution, and how to manage the risks inherent in any carry trade. Let us break down the entire opportunity set piece by piece.

CHIP at -54.06% Annualised: Today's Premier Carry Trade

CHIP is the undisputed headline act today. At -0.0494% per 8-hour funding interval on Hyperliquid, that translates to an annualised rate of -54.06% — meaning shorts are paying longs more than half the notional position value per year just to stay in their trades. The mark price sits at $0.06, which adds an important dimension: this is a low-price altcoin where position sizing and slippage management matter enormously. For carry traders, the playbook is straightforward in theory — go long CHIP perps, collect the negative funding, and hedge spot exposure if desired. The -54.06% annualised rate dramatically exceeds anything else on the board today, making it the single highest-yield funding trade across perp DEXs.

However, the magnitude of this rate demands scrutiny. Rates this extreme often signal intense directional short pressure, potentially from market makers hedging token unlocks, structural supply overhangs, or concentrated short positions. The key question is sustainability. Will this rate persist for days or revert within hours? On Hyperliquid, CHIP's open interest and volume profile should be monitored closely — a thin order book at $0.06 means adverse selection risk is real. Comparing across venues, Binance does not currently list CHIP perps, and Bybit's offering, if available, tends to carry meaningfully different funding rates. This venue gap is precisely where a perp DEX aggregator like Tangerine becomes invaluable, letting you scan Hyperliquid, Aster, Vest, and other DEXs alongside CEXs in a single view to confirm whether the -54.06% rate is unique to Hyperliquid or available elsewhere. If it is Hyperliquid-specific, the carry is genuine but liquidity-constrained. If other venues show similar negativity, the structural short thesis gains credibility — and so does the carry trade's durability.

STABLE, BIO, and SAGA: The Mid-Tier Negative Funding Cluster

Behind CHIP, a cluster of three altcoins offers compelling but more measured carry opportunities. STABLE leads this group at -0.0124% per 8 hours, annualising to -13.55%, with a mark price of $0.04. BIO follows closely at -0.0107% per 8 hours (-11.77% annualised, mark $0.04), and SAGA rounds out the trio at -0.0102% per 8 hours (-11.15% annualised, mark $0.03). These are not the eye-popping numbers CHIP posts, but they carry a different risk-reward profile that many traders will find more palatable.

STABLE is particularly noteworthy because it was the star of yesterday's session. As covered in STABLE -83% Funding Arbitrage: May 13 Perp DEX Setups, STABLE was annualising at -83% just 24 hours ago. The reversion from -83% to -13.55% is a textbook case of funding rate mean-reversion in action — extreme rates attract carry capital, which compresses the rate over time. Traders who entered yesterday have already captured the juiciest part of the move. For new entrants today, -13.55% is still attractive relative to risk-free rates in traditional finance, but the edge has thinned considerably. The lesson is clear: timing matters enormously in funding rate arbitrage, and the best entries are often the most uncomfortable.

BIO at -11.77% and SAGA at -11.15% present similar profiles — negative funding suggesting persistent short pressure, but at levels that hint at structural rather than panic-driven positioning. Both assets trade at low mark prices ($0.04 and $0.03 respectively), so the same liquidity and slippage caveats that apply to CHIP are relevant here. Cross-venue comparison is essential: checking whether OKX or Bitget offer BIO or SAGA perps with comparable or better rates can meaningfully impact total carry returns.

EIGEN, SUPER, and BSV: Established Altcoin Carry Setups

Moving down the funding rate leaderboard, EIGEN (-0.0087% per 8h, -9.49% annualised, mark $0.21), SUPER (-0.0084% per 8h, -9.2% annualised, mark $0.12), and BSV (-0.0078% per 8h, -8.58% annualised, mark $16.57) offer carry trades in more established names with deeper liquidity pools. These are the sorts of opportunities that institutional-style crypto derivatives desks tend to favour — lower annualised yields but significantly reduced execution risk.

EIGEN is the most interesting of the three from a structural perspective. As a restaking infrastructure token, EIGEN has attracted sustained short interest from traders expressing views on the restaking ecosystem's tokenomics and supply dynamics. The -9.49% annualised rate on Hyperliquid is notable because EIGEN also trades on Binance and Bybit perps, often with divergent funding rates. When Hyperliquid shows -9.49% while Binance sits closer to -4% or -5%, the arbitrage opportunity is twofold: you can either run the carry on Hyperliquid for the higher yield, or execute a cross-exchange funding rate arbitrage by going long on the venue with the more negative rate and short on the venue with the less negative (or positive) rate, capturing the spread with minimal directional exposure. This is where Web3-native perp DEXs genuinely shine — the rate differentials versus CEXs persist because the user bases and positioning are different.

SUPER at -9.2% annualised reflects gaming sector malaise, with short sellers comfortable paying to stay in positions. BSV at -8.58% is a different animal entirely — at a $16.57 mark price, it is the most liquid asset in this part of the list, and the funding rate likely reflects niche short conviction rather than broad market dynamics. For all three, the carry is respectable, and the execution risk is manageable with proper position sizing across venues.

GAS, AXS, and SUSHI: Modest but Steady Negative Funding

The bottom of today's negative funding leaderboard features GAS (-0.0075% per 8h, -8.16% annualised, mark $1.68), AXS (-0.0070% per 8h, -7.63% annualised, mark $1.26), and SUSHI (-0.0065% per 8h, -7.1% annualised, mark $0.23). These rates are modest by the standards of today's board, but they still represent a meaningful yield premium over traditional benchmarks and deserve attention from traders building diversified carry portfolios.

GAS, the Neo ecosystem token, at -8.16% annualised is interesting primarily because it is a mid-cap asset with reasonable liquidity on both Hyperliquid and centralised exchanges. The negative funding suggests a mild short bias, possibly tied to ecosystem-specific narratives rather than broad market weakness. For carry traders, the advantage of GAS is that its mark price of $1.68 allows for relatively efficient position construction — you are not fighting extreme slippage or microscopic order books. AXS at -7.63% tells a similar story: the Axie Infinity token has been in a structural downtrend, and shorts are comfortable paying a modest premium to maintain exposure. The rate is unlikely to spike dramatically in either direction, making AXS a stable if unexciting carry candidate.

SUSHI at -7.1% is the most nuanced of the three. The DEX governance token has faced persistent headwinds, and the negative funding reflects that narrative. However, SUSHI is listed on virtually every major perp venue — Binance, Bybit, OKX, Bitget, KuCoin, and multiple perp DEXs — which creates abundant cross-exchange arbitrage possibilities. As explored in ETH Funding Rate Deep Dive May 13: -83% STABLE & Cross-DEX Arbitrage, the most reliable profits in crypto derivatives often come not from the absolute level of funding rates but from the spreads between venues. SUSHI's broad listing footprint makes it an ideal candidate for this strategy, and Tangerine's aggregation of rates across Hyperliquid, Aster, Lighter, Vest, Bluefin, Paradex, EdgeX, WOOFi Pro, Hibachi, Pacifica, and all major CEXs makes identifying those spreads efficient.

Cross-Exchange Arbitrage: Hyperliquid vs Binance vs Bybit

The real alpha in today's funding rate environment lies not just in the absolute rates but in the discrepancies between venues. Hyperliquid has established itself as the dominant perp DEX for altcoin perpetuals, and its funding rates frequently diverge significantly from those on Binance, Bybit, OKX, and Bitget. These divergences are the lifeblood of cross-exchange funding rate arbitrage — the practice of going long on the venue with the most negative rate and short on the venue with the least negative or positive rate, capturing the spread with near-zero directional risk.

Consider EIGEN as a concrete example. Hyperliquid shows -9.49% annualised, while Binance might be offering -5% and Bybit -3%. The arbitrageur goes long EIGEN on Hyperliquid, collecting the more negative funding, and simultaneously shorts EIGEN on Bybit, paying the less negative rate. The net carry is the spread — roughly 6.49% annualised in this scenario — with no exposure to EIGEN's price movement. The capital efficiency comes from managing margin on both sides and monitoring for rate convergence. The same logic applies to SUPER, BSV, and even AXL, though the spreads vary.

Several structural factors drive these cross-venue rate differences. Perp DEXs like Hyperliquid, Aster, and Bluefin attract a different trader demographic than CEXs — more crypto-native, more comfortable with self-custody, and often more concentrated in specific narratives. This creates short crowding on DEX venues that does not always replicate on Binance or OKX. Additionally, CEXs have more sophisticated market makers who arbitrage funding rates themselves, compressing spreads more aggressively. The perp DEX ecosystem is still maturing, and that immaturity is a source of edge for traders willing to operate across both worlds. Using Tangerine to compare rates across all these venues in real time eliminates the manual work of checking each platform individually, ensuring you always capture the widest available spread.

Constructing the Optimal Carry Trade Portfolio

Individual carry trades can be lucrative, but the most sophisticated crypto derivatives traders think in portfolio terms. Today's broad negative funding environment — with ten assets annualising between -7.1% and -54.06% — offers a rare opportunity to construct a diversified carry portfolio that generates consistent yield while managing idiosyncratic risk. The key principles are diversification across assets, venues, and rate profiles, combined with rigorous position sizing.

Start with the highest-yielding opportunity: CHIP at -54.06%. Allocate a modest portion of capital here — perhaps 10-15% of the total carry portfolio — because the rate is extreme but the mark price is low and liquidity is uncertain. The risk of a sudden rate reversion is high, as we saw with STABLE's collapse from -83% to -13.55% in a single day. Next, build a middle layer with STABLE, BIO, and SAGA, collectively allocating 30-40% of capital. These -11% to -13.5% annualised rates offer a balance of yield and relative stability. The third layer should focus on EIGEN, SUPER, and BSV — established names at -8.5% to -9.5% annualised — with 30-35% allocation. These provide the portfolio's backbone: steady carry with manageable risk. Finally, use GAS, AXS, and SUSHI as the stable base layer, allocating 15-20% for their lower but consistent yields.

Within each allocation, optimise venue selection. If Hyperliquid offers -9.49% on EIGEN but Aster offers -11%, the Aster long leg captures more carry. Conversely, if Bybit offers +2% on EIGEN, the short leg pays less, widening the spread. Tangerine's perp DEX aggregation makes this multi-venue optimisation practical, surfacing the best rates across Hyperliquid, Aster, Lighter, Vest, Bluefin, Paradex, EdgeX, WOOFi Pro, Hibachi, and Pacifica alongside Binance, Bybit, OKX, BingX, Bitget, and KuCoin. The goal is to maximise the weighted-average portfolio yield while minimising the maximum drawdown from any single rate reversion event. Rebalance daily — in funding rate arbitrage, yesterday's optimal portfolio is rarely today's.

Risk Management: What Can Go Wrong in Carry Trades

Funding rate arbitrage and carry trades in perpetual futures are often described as market-neutral, but that label can be dangerously misleading. Several risk vectors can erode or eliminate the theoretical carry, and understanding them is the difference between consistent profitability and catastrophic drawdown. The first and most obvious risk is funding rate reversion. Negative funding rates are not guaranteed income — they reset every interval based on market dynamics. STABLE's collapse from -83% annualised yesterday to -13.55% today is a stark illustration. Traders who modelled carry income at -83% and sized positions accordingly would have seen their expected returns cut by 84% overnight. Rate reversion is especially brutal at the extremes, which is why the CHIP -54.06% rate, while tempting, demands conservative position sizing.

The second risk is price movement. In a simple carry trade where you are long the perp and unhedged, a decline in the underlying's spot price can overwhelm the funding income. Even in a delta-neutral setup — long perp on one venue, short perp on another, or long perp with short spot — basis risk, liquidation risk, and margin requirements create fragility. A sharp price spike can liquidate the short leg before the long leg benefits, or vice versa. On perp DEXs, oracle latency and price impact during volatile moves can exacerbate this. The third risk is platform risk. Perp DEXs operate via smart contracts, and while platforms like Hyperliquid have established strong security track records, the smart contract risk is non-zero compared to CEXs. Diversifying across multiple perp DEXs — Hyperliquid, Aster, Bluefin, Vest — mitigates concentration risk but increases operational complexity.

Finally, there is liquidity risk. Many of today's best rates are on low-cap assets with thin order books. CHIP at $0.06, STABLE at $0.04, BIO at $0.04 — these are not assets where you can deploy millions without moving the market. Size appropriately, use limit orders, and always have an exit plan. Funding rate arbitrage is not a set-and-forget strategy; it is an active management discipline that rewards vigilance and punishes complacency.

Capturing the Edge: Why Rate Aggregation Matters Now

The funding rate landscape across perp DEXs and CEXs is fragmented by design. Each venue sets its own rates based on its own order book, its own trader demographics, and its own market dynamics. Hyperliquid's CHIP rate of -54.06% has no direct equivalent on Binance because Binance does not list CHIP perps. EIGEN's rate on Hyperliquid differs from its rate on Bybit because the short interest is distributed differently across platforms. This fragmentation is not a bug — it is the fundamental source of edge in funding rate arbitrage. But it also means that without a comprehensive view of rates across all venues, traders are leaving money on the table or, worse, entering suboptimal positions.

This is precisely the problem Tangerine solves. As a perp DEX aggregator, Tangerine pulls real-time funding rate data from Hyperliquid, Aster, Lighter, Vest, Bluefin, Paradex, EdgeX, WOOFi Pro, Hibachi, and Pacifica on the DeFi side, alongside Binance, Bybit, OKX, BingX, Bitget, and KuCoin on the centralised side. Instead of manually checking fifteen different platforms, traders see the entire opportunity set in one interface — the highest negative rates for carry trades, the widest spreads for cross-exchange arbitrage, and the historical context needed to assess whether a rate is trending towards reversion or persistence. In a market where today's -54% rate can become tomorrow's -13%, speed of information is alpha.

The current environment — broad negative funding, declining total market cap, and persistent BTC dominance — is exactly the sort of regime where funding rate strategies outperform. Shorts are paying to stay in positions, and as long as risk appetite remains subdued, those payments will continue. Whether you are running a single-asset carry on CHIP, a diversified portfolio across the top ten negative rates, or cross-exchange arbitrage on EIGEN and SUSHI, the opportunities are real and quantifiable. The traders who capture the most edge will be those who see the full picture fastest — and that is what aggregation delivers.

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