| Market | Price | 24h Change | Open Interest | Funding APR | Daily Flow |
|---|---|---|---|---|---|
| BTC | $63,896 | +0.70% | $2,260M | −2.23% | $138K/day (longs collect) |
| ETH | $1,872 | −0.54% | $1,840M | −0.01% | <$1K/day (balanced) |
| SOL | $74.03 | +0.54% | $306M | +5.61% | $47K/day (longs pay) |
| HYPE | $54.56 | +3.73% | $1,230M | +10.95% | $369K/day (longs pay) |
Sources: Hyperliquid metaAndAssetCtxs API. Daily flow = OI × APR ÷ 365, at the 20:17 UTC snapshot — HL funding resets hourly and rates shown are instantaneous. BTC’s −2.23%/yr means longs receive; HYPE’s +10.95%/yr means longs pay. Prior snapshot for comparison: Aug 3, 16:17 UTC (BTC at +2.87%/yr after cap compression).
Hyperliquid settles funding every hour. The rate reflects the gap between the perp mark price and the spot oracle: when the mark runs above oracle, longs pay shorts a positive rate; when the mark falls below oracle, shorts pay longs a negative rate. The rate is not a prediction — it is a live accounting of who is overweight and by how much.
BTC funding has turned negative (−2.23%/yr at this snapshot). On Aug 3, BTC sat at the +10.95%/yr hourly cap for 39 of 48 hours, costing longs roughly $674K/day at peak. By 16:00 UTC on Aug 3, the rate compressed to +2.87%/yr (covered in the cap-compression insight). By Aug 4, 20:17 UTC, BTC funding has crossed into negative territory at −2.23%/yr. On $2.26B of open interest, this means BTC longs collect approximately $138K/day from short holders — a direct arithmetic consequence of the BTC perp mark trading below its spot oracle. BTC spot rose +0.70% on the day; the perp positioning structure moved in the opposite direction.
HYPE funding reached the +10.95%/yr hourly cap at this snapshot. In the Aug 3 morning snapshot (12:21 UTC), HYPE ran at +4.83%/yr while BTC and ETH held the cap. By Aug 4 evening, that relationship has reversed: HYPE is at the cap and BTC is negative. On $1.23B of HYPE open interest, +10.95%/yr translates to roughly $369K/day flowing from long holders to short holders. Longs pay approximately $1.25 per hour per $100,000 notional at this rate. Whether that reflects genuine directional conviction or levered momentum is not determined by this snapshot alone. See the HYPE market page for open interest context.
ETH compressed near zero (−0.01%/yr). ETH ran at the cap alongside BTC on Aug 3; by Aug 4 evening it has dropped to essentially balanced positioning. At −0.01%/yr on $1.84B of open interest, the daily flow is below $1,000 — negligible in either direction. SOL, which flipped negative (−0.87%/yr) in the previous snapshot, has returned to positive (+5.61%/yr). The perp crowd in SOL has re-engaged on the long side. For further context on how funding rates signal crowding, see funding as a crowding gauge.
The BTC-to-HYPE spread is now 13.18 percentage points. In annualized terms: a trader holding equal-dollar notional in BTC perp long collects 2.23%/yr; the same position in HYPE perp long costs 10.95%/yr. The carry differential is 13.18%/yr, or roughly 1.1% per month. That spread did not exist 32 hours earlier — both were near or at the cap.
Market-structure observations drawn from on-chain data — informational only, not financial advice. Past on-chain patterns do not predict future outcomes.
On-chain funding data tracked throughout the day on ARX Telegram.
Get Signals →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: 4 Aug 2026, 20:17 UTC. T&C · Privacy Policy.