Hyperliquid charges funding every hour. The maximum rate is 0.00125% per hour, which annualises to 10.95%/yr. When the perpetual price trades far enough above the spot oracle, the rate hits this ceiling — meaning the cap is the actual cost, not an upper bound that is rarely reached. Over the 48 hours ending at the 16:00 UTC interval on August 3, BTC funding hit this ceiling in 39 of 48 intervals (81%).
| Asset | Hours at Cap / 48 | Rate at 15:00 UTC | Rate at 16:00 UTC | Change |
|---|---|---|---|---|
| BTC | 39 / 48 (81%) | +10.95% | +2.87% | −74% |
| ETH | 20 / 48 (42%) | +10.95% | +6.76% | −38% |
| HYPE | 35 / 48 (73%) | +10.95% | +10.95% | flat |
| SOL | 1 / 48 (2%) | +9.25% | +2.44% | −74% |
Source: Hyperliquid fundingHistory API (hourly). “Hours at cap” = intervals within 0.1% of 10.95%/yr. Rate at 16:00 UTC is the most recent settled interval. Snapshot: 3 Aug 2026, 16:17 UTC.
Funding cost aggregates across all open long positions. With BTC open interest at $2.25B on Hyperliquid, the numbers are straightforward:
| Asset | Open Interest | Daily Cost at Cap (10.95%/yr) | Daily Cost Now | Change |
|---|---|---|---|---|
| BTC | $2.25B | ~$674K/day | ~$181K/day | −$493K/day |
| ETH | $1.83B | ~$550K/day | ~$339K/day | −$211K/day |
Daily cost = OI × (funding APR / 365). Figures are aggregate estimates across all long positions on Hyperliquid for each asset. Not individual position calculations. Informational only.
For an individual position: a $100K BTC long was paying approximately $30/day while funding was at the cap. As of the 16:00 UTC interval it pays approximately $8/day. A $100K ETH long moved from $30/day to $18.50/day — a smaller reduction in proportional terms.
The $493K/day BTC compression versus the $211K/day ETH compression means BTC longs as a group absorbed a proportionally larger position change at that hourly settlement. BTC shed 73% of its aggregate daily cost; ETH shed 38%.
On Hyperliquid, the funding rate is calculated from the difference between the perpetual mark price and the spot oracle price, subject to the hourly cap. When the cap is binding, it means the premium of the perp over the oracle has exceeded the maximum the exchange allows to express freely. The rate is capped — not artificially suppressed; the cap is the rate.
39/48 cap intervals over two days means BTC demand to hold long perpetual exposure — relative to spot — was persistently above the cap threshold for four out of every five hours in the window. The cap was not a ceiling being occasionally grazed; it was the steady state.
When the cap breaks, it means the premium between perp and oracle compressed in that hourly interval. This can happen two ways: the perp price fell relative to the oracle (longs sold or closed), or the oracle price rose to meet the perp. Since BTC spot is up +1.24% on the day and the perp compressed more sharply, the data is consistent with both happening in combination — the perp premium narrowed rather than the price declining. This is a positioning observation; it does not specify which mechanism dominated.
By contrast, ETH was at the cap for only 20/48 hours (42%), indicating less consistent extreme long crowding. ETH’s funding was more volatile (dipping to near zero at 08:00 UTC earlier today) before returning to cap levels. The different patterns in the same 48-hour window describe two structurally distinct long-positioning regimes in the same market session.
Market-structure observations drawn from on-chain data — informational only, not financial advice. Past on-chain patterns do not predict future outcomes.
Funding rate and OI data tracked in real time on ARX Telegram.
Learn More →Informational only — not financial advice. Past on-chain data does not predict future outcomes. Capital is at risk when trading perpetuals. Data sourced from Hyperliquid API. ARX is an analytics and order-transmission platform; at the user’s explicit instruction, ARX formats and transmits the user’s own order to a connected decentralised protocol — ARX is not a counterparty and does not hold user funds. Snapshot: 3 Aug 2026, 16:17 UTC. T&C · Privacy Policy.