| Hour (UTC, 16–17 Aug) | Funding (Ann.) | Direction |
|---|---|---|
| Aug 16 17:00 | +9.06%/yr | Positive (longs pay) |
| Aug 16 18:00 | −2.11%/yr | Negative (shorts pay longs) |
| Aug 16 19:00 | −27.11%/yr | Negative |
| Aug 16 20:00 | −15.09%/yr | Negative |
| Aug 16 21:00 | −19.89%/yr | Negative |
| Aug 16 22:00 | −6.40%/yr | Negative |
| Aug 16 23:00 | −22.99%/yr | Negative |
| Aug 17 00:00 | −51.30%/yr | Peak — 10 consecutive hours negative |
| Aug 17 01:00 | −35.09%/yr | Negative |
| Aug 17 02:00 | −23.42%/yr | Negative |
| Aug 17 03:00 | −11.38%/yr | Negative |
| Aug 17 04:00 | +1.08%/yr | Flipped positive |
| ADA Metric | Value |
|---|---|
| Mark price (17 Aug 04:17 UTC) | $0.1771 |
| 24h price change | +0.1% |
| Open interest | 166,548K contracts = $29.5M |
| 7-day avg funding (annualised) | −2.79%/yr |
| Hours in negative funding (7d) | 75 of 168 (44.6%) |
| Hours above baseline (7d) | 52 of 168 (31.0%) |
| Peak negative (Ann.) | −51.30%/yr at 00:00 UTC, 17 Aug |
| Duration of consecutive negative stretch | 10 hours (Aug 16 18:00 – Aug 17 03:00) |
| Protocol baseline | 10.95%/yr (0.00125%/hr) |
Source: Hyperliquid fundingHistory + metaAndAssetCtxs APIs, 17 Aug 2026 04:17 UTC. Funding APR = hourly settlement rate × 24 × 365. OI in USD = contracts × mark price. The protocol baseline (10.95%/yr) applies when mark price ≈ oracle; it is not a signal floor. Scope: Hyperliquid perpetuals only — ADA trades on other venues not measured here.
On a perpetual DEX, the funding rate is the mechanism that keeps the perp price anchored to the underlying oracle. When more traders want to be long than short, the mark price trades above the oracle and longs pay shorts a carry fee. When the crowd leans short — mark price below oracle — that direction reverses: shorts pay longs.
Negative funding on ADA means the perp mark price is trading below the spot oracle — short-side demand is dominant, and shorts pay longs each hour to keep the perp anchored. At −51.3%/yr the hourly settlement worked out to roughly 0.00586% of notional, paid by shorts to longs for that hour only. Funding resets every hour and can flip sign: by 04:00 UTC the rate had returned to +1.08%/yr, at which point the direction reverses and longs pay shorts. Funding and price are two separate cash flows — a funding settlement does not offset a mark-to-market move, and neither rate is fixed in advance.
The striking detail is what price was not doing. During the entire 10-hour stretch of negative funding — from 18:00 UTC on Aug 16 through 03:00 UTC on Aug 17 — ADA’s 24-hour price change remained at +0.1%. Short-side perp demand persisted over a period in which price was flat. The data records the funding and the price; it does not establish why either was where it was.
The 7-day context adds scale: with a 7-day average of −2.79%/yr, ADA funding has been net negative across the full week. Of 168 hourly settlements: 75 (44.6%) were negative (shorts paid longs), 52 (31.0%) were above the 10.95%/yr protocol baseline (longs paid shorts), and the remaining 41 hours (24.4%) were positive but below the baseline. More hourly settlements ran negative than ran above baseline.
On-chain funding and positioning data, several times a day.
Join ARX Telegram →This is market data commentary for informational purposes only, prepared on a best-efforts basis from publicly available data. It does not constitute financial, investment, legal, or tax advice, or a recommendation to buy, sell, or hold any asset or take any trading action. Past market structure, funding rates, and positioning data do not predict future outcomes. Interacting with on-chain perpetual markets is high-risk — you may lose all or a substantial portion of any amount deployed; conduct your own independent assessment. Data sourced from the Hyperliquid fundingHistory and metaAndAssetCtxs APIs; 17 Aug 2026 04:17 UTC. ARX is a non-custodial SaaS analytics and order-transmission platform: at the user’s explicit instruction, ARX formats and transmits the user’s own order to a Connected Protocol. ARX does not execute, match, or settle orders, does not custody funds, does not manage assets, does not offer leverage, and is not a counterparty — matching and settlement occur at the Connected Protocol. Services may not be available in all jurisdictions. Not available to Prohibited Persons or in Restricted Jurisdictions. T&C · Privacy Policy · Disclosures · Risk · Restricted Jurisdictions. Not financial advice.