Hyperliquid funding rates, live.

How Hyperliquid funding works

A perpetual future never expires, so something has to keep its price tied to the asset it tracks. That something is funding: a payment between longs and shorts, made every hour on Hyperliquid, that pushes the perpetual back toward its oracle price.

• Every hour, on the hour. Most centralised exchanges settle every eight hours; Hyperliquid settles eight times as often, in smaller amounts.
• Premium plus interest. Funding = average premium + clamp(interest rate − average premium, −0.05%, +0.05%). The premium measures how far the perpetual trades from the oracle price, sampled every 5 seconds and averaged over the hour. The interest rate is fixed at 0.00125% an hour.
• Why +0.00125% is everywhere. When a market's average premium sits within 0.05% of the interest rate, the clamp cancels it out and funding equals the interest rate exactly. A market at +0.00125% is a market in balance.
• Charged on the position. The payment is position size × oracle price × funding rate. Leverage does not change the rate, but it multiplies what funding costs relative to your margin.
• Capped at 4% an hour. A far looser cap than centralised exchanges use, which is why a squeezed Hyperliquid market can post funding no 8-hour venue would allow.

Source: Hyperliquid's own documentation on funding. For the wider picture of funding, leverage and liquidation, read perpetual futures explained. To see what funding would cost a position you are planning, use the Hyperliquid calculator. How much is at stake in each market is on the Hyperliquid open interest page.

Comparing Hyperliquid with 8-hour exchanges

An hourly rate looks tiny next to an 8-hour one until both are on the same clock. Multiply Hyperliquid's hourly rate by 8 for its 8-hour equivalent: the baseline 0.00125% an hour is 0.01% per 8 hours. The APR column above carries the hourly rate for a full year without compounding, which puts every market, on any venue, in the same unit.

When the same coin pays very different funding on two venues, some traders hold opposite positions on each and collect the difference. It is not free money: the two prices can drift apart, the short leg can be liquidated in a rally, and fees on four fills eat into a small spread. Watch both markets side by side before you try it. WatchCrypto streams Binance and Bybit next to Hyperliquid in one layout.

Funding history on the chart

This page shows the rate right now. To see how it got there, open any Hyperliquid chart and add the Funding pane from the indicator search: it draws funding under the price, aggregated across Hyperliquid, Binance and Bybit and normalised to 8 hours, next to an Open Interest pane built the same way. Funding that climbs while open interest grows is a crowded trade building; funding that flips while open interest falls is one unwinding.

For a whole month at once, the September 2026 funding report covers every hour on every Hyperliquid perpetual: who paid, the extremes and the majors, with the data as a CSV.