Trade the perp–spot gap, not a coin call. Measure the live spread, subtract fees and slippage, then pick Hyperliquid or Aster by how you hedge — not by a screenshot APY.
Risk first: A basis trade is not risk-free income. The gap can widen, the short can liquidate on a squeeze, and fees or slippage can erase the spread before it converges. This page is informational only, may include referral links, and is not financial advice. 18+ only.
If you are searching for a crypto basis trade or cash-and-carry on a perpetual DEX, you are looking at the price gap between a perp and the spot or index it tracks. That is a different question from “which venue pays the nicest funding screenshot.” This guide covers how to measure the gap, how to build the hedge, and when Hyperliquid or Aster is the cleaner book. For the recurring funding cashflow itself, use the funding rate arbitrage primer and the funding-arb venue pick.
On a perpetual, basis is roughly:
Basis ≈ perpetual mark − spot (or index) price
When the perp trades rich (above spot), longs are paying for exposure and the classic cash-and-carry is: buy spot, short the same notional perp. If the gap later shrinks, the short gains relative to spot even if the coin went nowhere you care about. When the perp trades cheap, the reverse cash-and-carry is short spot (or sell inventory) and long the perp — harder on a DEX unless you already hold the coin and can sell it without wrecking the hedge.
Perps have no expiry, so nothing “settles” the gap on a calendar date. Funding exists to tug the perp back toward the index. That is why basis and funding live on the same trade — but they are not the same number. You enter because the price gap after costs is worth locking; funding is what you may collect (or pay) while you wait.
| Decision | Basis / cash-and-carry | Funding-rate arb |
|---|---|---|
| What you measure first | Live perp vs spot/index gap | Live funding rate and interval |
| How you get paid | Gap converges (or you hold a locked spread) | Recurring payments while hedged |
| When it dies | Fees + slippage ≥ the gap | Fees + a funding flip ≥ collected yield |
| Same hedge? | Often yes: long spot / short perp on liquid crypto | |
Do not stack two APY stories on one position and count them twice. If the gap is 0.12% and round-trip fees are 0.09%, you barely have a basis trade — even if someone is quoting 20% “annualized funding” from last week’s spike.
Suppose ETH spot is $3,000 and the ETH perp mark is $3,009 — a 0.30% premium. You buy $10,000 of spot and short $10,000 of perp:
That is why venue choice is about depth + maker vs taker + one-account hedges, not a slogan. Hyperliquid’s referral / stake discounts help when you must take liquidity; Aster’s 0% maker path helps when you can rest limits. See the Hyperliquid fee discount guide and best perp DEX for zero fees.
The cleanest cash-and-carry on a wallet DEX: one margin pool, two legs, fewer missed hedges when price jumps. This is the default Hyperliquid path on liquid majors — BTC, ETH, SOL. Walk through a tiny matched pair in how to use Hyperliquid before you scale.
If the premium is only a few basis points, taker fees can make the trade negative on arrival. Resting maker orders on Aster (where the 0% maker schedule applies) is the research path — not a promise every fill is free. First loop: how to use Aster. Do not confuse this with 1001x modes; arb sizing stays conservative.
Short the rich perp on one book and long the cheap perp (or spot) on another. You now have two venues, two margin engines, and basis between contracts that may not be identical. Keep both accounts funded; size only after fees on both legs. Venue routing for related carry: best DEX for funding rate arbitrage.
Gold, silver and most US-stock perps on DEX are usually synthetics. Unless you can buy the matching spot on the same venue, you are not running classic cash-and-carry — you are holding a correlated book with weekend gaps and oracle risk. Read best DEX for gold and stocks before copying an ETH hedge onto XAU.
| Need | Hyperliquid | Aster |
|---|---|---|
| Same-account crypto hedge | Strong default on liquid majors | Possible where spot + perps both exist; verify tickers |
| Measuring the gap | Mark vs oracle/index on the same UI | Same rule: never use a Twitter screenshot |
| Fee drag on entry | Discounts help when you take liquidity | 0% maker path when you can post size |
| Depth vs a thin premium | Usually preferred for BTC / ETH size | Check the live book; catalog is wider elsewhere |
| Non-crypto “basis” | Crypto-first; HIP-3 exceptions | Wider stocks / FX / metals — still synthetics |
Product context: Hyperliquid vs Aster. Wallet funding: deposit guide. If you are coming from a CEX cash-and-carry habit, KYC and dated futures are a different product — start with Binance vs Hyperliquid, not a copy-paste of this hedge.
Liquid crypto cash-and-carry in one wallet: open Hyperliquid through the referral link and test a small matched pair. Thin edges or a catalog Hyperliquid does not cover: research Aster and rest small limits first. Measure gap minus all-in cost — not the slogan.
Open Hyperliquid → Open Aster →Lighter still appears in low-fee basis discussions. A cheap fee schedule can matter when the premium is tiny. On this site it is an information reference, not the primary conversion path — commercial focus stays on Hyperliquid and Aster. Verify live fees, depth and listing rules yourself.