| Market | Price | 24h | OI | Funding APR |
|---|---|---|---|---|
| BTC | $63,386 | +0.55% | $2.87B | −0.17% |
| ETH | $1,894 | +0.75% | $1.68B | +2.23% |
| SOL | $75.49 | +0.13% | $381M | +5.79% |
| HYPE | $59.21 | +3.26% | $1.33B | +10.95% |
BTC is the only major in negative funding territory — all others are in positive territory, though ETH and SOL remain well below the +10.95%/yr protocol baseline. Source: Hyperliquid live API. Snapshot: 17 Aug 2026 08:17 UTC.
Negative funding means shorts outnumber longs in the BTC perpetual book. They are paying longs at -0.17%/yr to hold their positions — a structural signal that the on-chain crowd holds a net directional bet against Bitcoin price. ETH, SOL, and HYPE all sit in positive funding territory, making BTC the outlier.
The macro backdrop is moving the other way. Goldman Sachs this morning cited soft economic data and said a September rate hike is “very unlikely” — a reading the market has historically associated with reduced pressure on risk assets. The gap between the improving macro signal and crowded bearish on-chain positioning is the structural setup: if the soft-landing read holds, the crowded short position carries elevated mechanical unwind risk. See on-chain BTC perp activity on the BTC market page.
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Join ARX Signals →Not financial advice. Data sourced from Hyperliquid live API. Point-in-time snapshot, 17 Aug 2026 08:17 UTC.