Hyperliquid funding rates: September 2026

Who paid whom

On Hyperliquid a quiet market still pays a small positive rate. Whenever a perpetual trades within 0.05% of its oracle price, funding is exactly the interest rate, +0.00125% an hour, paid by longs to shorts. In September that was the rate in 78.6% of all 127,975 market-hours. Longs paid in 92.7% of market-hours and shorts in 7.3%.

The median market listed all month annualised to 11.19%, close to the baseline's 10.95%. Of those 177 markets, 21 averaged negative funding, and ACE, SKR and SOPH averaged worse than -100% a year: at that pace a short pays more than its position's value in funding within twelve months.

The majors

Of the six, only XRP and DOGE averaged above the baseline's 10.95% annualised. Four of them, BTC, ETH, XRP and DOGE, had their highest hour of the month on 21 September.

Where longs paid most

The ten highest average rates among the 177 markets listed all month. APEX led at 48.21% annualised: at September's pace, a year of holding a long would cost 48% of the position's value in funding.

Where shorts paid most

The ten lowest. ACE averaged -249.85% annualised: at that pace, a short would pay 2.5 times its position's value in funding over a year. The hardest single day belonged to SKR: on 1 September its shorts paid 7.09% of their position's value in 24 hours.

The hours that broke the pattern

The extremes were lopsided. The highest hour on any market was +0.09113% (HMSTR, 20 Sep, 23:00 UTC), about 73 times the baseline. The lowest was -1.83187% (SOPH, 8 Sep, 14:00 UTC), about 20 times the size of the highest: in one hour, SOPH shorts paid longs 1.83% of their position's value, under half of Hyperliquid's 4% hourly cap. SOPH's funding for 8 September added up to -6.91%.

Every market

The same figures with hour counts, for your own analysis: hyperliquid-funding-2026-09.csv. If you publish something built on it, a link to this page is appreciated.

How to read these numbers

• Source. Hyperliquid's public API: the funding history of every perpetual it lists, fetched on 8 October 2026. That is every payment from 1 September 00:00 to 30 September 23:00 UTC, 720 hours per market.
• APR. The average hourly rate × 8,760, not compounded, the same as the APR column on the live funding page. Hyperliquid's documentation gives the baseline as 11.6% APR, which compounds it; carried simply, +0.00125% an hour is 10.95% a year.
• Who pays. A positive rate means longs pay shorts; negative, shorts pay longs. Funding is charged on the position's value (size × oracle price), not on margin, so leverage multiplies its cost.
• What is ranked. Only the 177 markets with a payment in every hour. USELESS, listed on 8 September, is in the full table and the CSV but not ranked. Markets delisted by 8 October and builder-deployed (HIP-3) markets are not included.
• Reproducible. Every figure comes from the API with one script, the same for each month. Times are UTC.

This report describes funding that has already been paid. It is not a forecast or investment advice, and WatchCrypto is not affiliated with Hyperliquid. For how the rate is set, see how Hyperliquid funding works; to price funding into a trade you are planning, use the Hyperliquid calculator; for the basics, read perpetual futures explained.