How does Hyperliquid funding differ from other perp venues?
◇ ON THIS PAGE
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◇ FAQ
How often does Hyperliquid charge funding?
Hyperliquid settles funding every hour. The rate shown in the API is an hourly rate — not an 8-hour rate like many centralized exchanges. Over a day you have 24 settlements, so small rate changes compound quickly compared to three daily prints elsewhere.
Why does Hyperliquid use hourly funding instead of 8-hour?
Hourly settlement pulls the perp toward index more frequently — useful for on-chain, always-on markets where basis can move fast. It also means carry hits your account in smaller, more frequent increments, which matters for crowded trades and short holding periods.
How does Hyperliquid predicted funding work?
Predicted funding is the venue's estimate of the next interval's rate based on current premium between mark and index. It is not a guarantee — the realized rate can differ when the book moves before settlement. Use it as a regime signal, not a fixed coupon.
Hyperliquid is one of the most traded on-chain perp venues — and its clock is hourly, not the familiar 8-hour cadence from Binance-style centralized books. Same economic purpose, different rhythm.
◇ THE MECHANIC
Perp funding transfers cash between longs and shorts to anchor the contract to spot (Lesson 03: Funding). On Hyperliquid:
A 0.01%/h rate is not the same as 0.01% per 8h — always read the unit. Confusing them is a common sizing mistake for traders coming from other venues (perps for stock traders).
◇ READING THE LIVE DASHBOARD
The Hyperliquid dashboard shows funding, predicted funding, crowding, and liquidation context — illustrative · delayed snapshots proxied for education, not trading signals.
What to look at:
Current funding — who pays whom right now.
Predicted funding — where the next hour may print if premium holds.
Cross-venue comparison — same asset, different interval conventions.
OI and crowding — crowded longs + positive funding = expensive carry.
Coin pages (e.g. /markets/hyperliquid/BTC) tie funding to liquidation bands so you see carry and exit risk together.
◇ PREDICTED FUNDING — NOT A PROMISE
Predicted funding extrapolates from live premium. Between now and settlement:
Price can gap.
Premium can flip.
Large orders can move the book.
◇ WORKED EXAMPLE
Long $50k BTC perp · predicted +0.015%/h · 12 hours
If realized matches prediction ≈ $90 — prediction often does not
Value
Notional
$50,000
Predicted rate
+0.015%/h (longs pay)
Hours
12
If realized = predicted
$50,000 × 0.015% × 12 = $90
Twelve hours later the rate may have averaged 0.005%/h or turned negative. Model ranges, not one snapshot.
For harvesting carry with a hedge, see funding rate arbitrage — including why hourly resets raise operational risk.
◇ RISK FRAMING
Crowded long + positive funding. You pay to stay long while price chops — the lesson from funding applies every hour.
Negative funding after crashes. Shorts pay longs; perps incentivize re-longing spot basis. Replays like LUNA May 2022 show funding inversion during contagion.
Liquidation interaction. Funding reduces equity even when mark is flat; hourly payments accelerate bleed toward maintenance (what happens when liquidated).