Funding Yield
Hold a token in spot and short the same amount in perps: the two price exposures cancel, and what is left is the funding the short collects, paid in USDC every hour. Liquary builds and manages the position for you.
Open it from Funding Yield in the Account rail or in the Earn column of the footer.
Delta-neutral, not risk-free. The funding rate can turn negative, and the short leg can be liquidated if its margin runs out. Both are covered below.
What a position is made of
Two legs of the same notional, opened together:
| Leg | What it does |
|---|---|
| Spot | buys the token: this is what you hold |
| Perp short | sells the same amount: this is what cancels the price |
Leverage
The short leg runs at 1× by default, in isolated margin. 2× is available and roughly halves the capital you need, with a liquidation price much closer to the market:
| Leverage | Buffer before liquidation | Capital for the same notional |
|---|---|---|
| 1× | ~82% | full |
| 2× | ~36% | about half |
Opening one
Pick a market, enter an amount, press the button. Liquary then:
- Moves funds to the right ledger, only if needed (one wallet signature).
- Places both legs as maker orders.
- Sizes the short to what the spot leg actually filled, so the two legs match.
Execution is maker-only, and that means waiting. Each leg posts post-only and chases the book, which keeps the opening fee small. If a leg has not filled after 90 seconds, the remainder goes to market. On a thin market, expect the wait.
What it costs to enter
- Minimum: about $21 at 1×, about $16 at 2×: both legs must clear Hyperliquid’s $10 minimum.
- Fees: both legs open at the maker rate and close at the taker rate. See Fees.
- The estimated ROI shown on a position is net of the funding accrued, the opening fees paid and an estimate of the closing fees.
When you can’t open
Liquary blocks the deploy, and says why, when:
- Funding is negative on that market: you would be paying, not earning.
- You already hold a perp position on that coin: the two would conflict over the margin mode.
- The market is too thin: only native Hyperliquid perps with a USDC spot pair doing at least $50,000 of 24h volume are offered.
What the numbers mean
Pick which basis drives the projection:
| Basis | What it is |
|---|---|
| Now | the current hourly rate, annualised |
| 7-day average | the default, the average over the last week |
| 1-year realised | what the market actually paid, over a year |
The estimate table crosses that basis with a horizon (a day, a week, a year). A rate is not a forecast: the 7-day average is the middle estimate, the 1-year realised the conservative one.
“At work” is the capital you committed: the notional plus the isolated margin. The percentage is the return on that same number.
The margin guard
Liquary watches the short leg’s buffer and tops its isolated margin back up automatically:
- It triggers when the buffer falls under 12%, and restores it to 25%.
- It moves margin between your own ledgers: a transfer, no fee.
- It never spends past a cap you set, and never adds to the position.
- Its state (active, exhausted or errored) shows on the position card.
The guard runs in this browser tab. Close the tab and it stops. It buys time against an ordinary move; size the position so that an extraordinary one is survivable.
Snowball
A toggle on the ticket and on the position. When your earned funding crosses the minimum deploy, it is reinvested as a new pair of legs, and the position compounds.
- Compounding happens each time the accrued funding clears the minimum, not continuously.
- The projected APY is net of each snowball’s fees.
- If no snowball is reachable within 90 days at the current rate, the line says so.
- If a compound needs a wallet signature, it waits for you with a one-signature button.
Closing, and closing partly
Close sells the spot leg and buys back the short, together.
Reduce sells a slice of spot and buys back exactly that much short. The slice and what remains must each stay above $10; reducing to 100% is a full close.
When the two legs stop matching
If you trade either leg elsewhere (another app, the terminal, a bot), Liquary detects it and tells you which case it is:
| State | What happened | What it offers |
|---|---|---|
| Short reduced | something closed part of the short | re-hedge in one click |
| Spot missing | the spot was sold elsewhere | re-buy the spot, or close the short |
| Closed | the short is gone | the position is considered closed |
A naked short is the dangerous case. If the spot leg is gone and the short is not, the position is exposed to the price going up, without limit. Liquary keeps showing the short until you deal with it.
In your portfolio
The part of your spot balance covered by a short gets its own Yield venue row in the portfolio, linked to the market’s page. The rest stays under Spot.