At 08:17 UTC on 13 August 2026 — published in a same-day insight — BTC perp funding on Hyperliquid sat at +1.0%/yr, near-neutral. HYPE was at the funding cap. SOL was negative at −4.45%/yr. BTC was the one calm market in the set.
Approximately 16 hours later, at 00:18 UTC on 14 August, BTC funding is at the Hyperliquid cap of 10.95%/yr. Long demand increased sharply enough to push the predicted hourly rate from near-zero to the platform ceiling — a 10-fold expansion in the annualised cost of holding a long. Price moved in the opposite direction: BTC fell from $63,792 to $63,469 (−0.51% from the prior snapshot, −0.13% on the 24-hour window).
The backdrop: July 2026 CPI data was released on 13 August. Per Yahoo Finance, the S&P 500 and Nasdaq gained on the headline. Per CoinDesk, BTC remained “stuck near $63,500 even as Fed rate hike expectations dwindle” — and the underlying CPI data showed inflation stickier than the headline suggested. See the guide to perp funding as a crowding gauge for how funding rates reflect positioning.
The shift is not limited to BTC. All four major markets rotated simultaneously between the two snapshots. ETH, which was at the funding cap 16 hours earlier, compressed sharply. SOL flipped from negative to positive.
| Asset | OI | Price | Funding APR — 13 Aug | Funding APR — 14 Aug | Daily Carry (14 Aug) |
|---|---|---|---|---|---|
| BTC | $2,555M | $63,469 | +1.0% | +10.95% (cap) | ~$766K/day ↑ |
| ETH | $1,652M | $1,881 | +10.95% (cap) | +6.07% | ~$274K/day ↓ |
| HYPE | $1,272M | $57.81 | +10.95% (cap) | +10.95% (cap) | ~$382K/day → |
| SOL | $384M | $75.76 | −4.45% | +8.06% | ~$85K/day ↑ |
Source: Hyperliquid metaAndAssetCtxs API. 13 Aug snapshot: 08:17 UTC (from prior published insight). 14 Aug snapshot: 00:18 UTC. Daily carry = OI × funding APR ÷ 365 at the 14 Aug snapshot rate. Funding rates settle hourly; APR = hourly rate × 24 × 365 × 100. Actual daily settlement varies as the rate resets each hour. See the BTC market page for current price and open interest.
Combined aggregate carry paid by longs across BTC, ETH, HYPE, and SOL at the 14 Aug snapshot: approximately $1.507M/day ($766K + $274K + $382K + $85K). At the 13 Aug snapshot the net comparable figure was approximately $890K/day: BTC $71K + ETH $495K + HYPE $371K outward from longs, less $47K flowing toward longs because SOL funding was −4.45%/yr (shorts paid longs). The net shift of approximately $617K/day reflects both BTC moving from near-zero to the cap and SOL flipping from a negative-funding inflow to a positive-funding outflow.
At the Hyperliquid funding cap of 10.95%/yr on $2,555M in open interest, the arithmetic daily transfer from long positions to short positions is approximately $766,300 per day: $2,555M × 10.95% ÷ 365. This is the aggregate across all long positions at the snapshot rate — not a return available to or offered by ARX, and not uniform across any individual position. See the BTC market page for live data.
For context: when BTC funding was near-neutral (+1%/yr) at the prior snapshot, the comparable daily carry was approximately $70,000 — a 10× reduction. The 16-hour snapback means that whoever held long positions through this window absorbed an abrupt funding cost increase.
On-chain funding and open-interest 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. Funding rates and open interest describe observable protocol-level data at a point in time; past funding rates, open interest, and positioning do not predict future outcomes. Daily carry figures describe aggregate transfers at the Hyperliquid protocol layer and are not returns available to or offered by ARX. Leverage, where available, is offered by the Connected Protocol, not by ARX, and can result in the rapid and total loss of any amount deployed. 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 before acting on any data. Data sourced from the Hyperliquid metaAndAssetCtxs API; snapshots 13 Aug 2026 08:17 UTC and 14 Aug 2026 00:18 UTC. Macro context attributed to CoinDesk and Yahoo Finance as noted; ARX has not independently verified third-party claims. 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. Not available to Prohibited Persons or in Restricted Jurisdictions. T&C · Privacy Policy · Disclosures · Risk.