◇ GLOSSARY
Predicted funding
A venue's forward estimate of the next funding payment, derived from current premium between perp and index. It updates as the book moves and can diverge sharply from the last settled rate before the clock resets.
Settled funding is backward-looking; predicted funding is what the formula would charge if the interval closed now. On Hyperliquid that number can swing intraday as basis widens or compresses. Holding into a funding timestamp without checking predicted is how traders get surprised by a 3× jump in carry.
Predicted funding is not alpha. It is the venue showing its arithmetic. Basis arbs and market makers react to it; retail often notices only after the debit hits the wallet.
Compare predicted across venues when you have a choice of where to hold delta. Same coin, same direction, different premium dynamics — the cheaper headline rate is not always the cheaper next hour.