Bitcoin’s perpetual market accessible through Hyperliquid, a Connected Protocol, carried $2.77B in notional open interest across 44,021 contracts priced at $63,042 at the 16:18 UTC snapshot.
| Metric | Value |
|---|---|
| BTC mark price (16:18 UTC, 15 Aug) | $63,042 |
| 24-hour price change | +0.03% |
| Open interest (USD) | $2,775,160,890 (~$2.77B) |
| Open interest (contracts) | 44,021 |
| Volume 24h | $581.7M |
| Funding rate (last 24 settlements) | ~11.4%/yr (0.0013%/hr), all 24 identical |
| Protocol baseline | 10.95%/yr (0.00125%/hr) — the interest-rate component; funding can settle below this or go negative |
| Gap above baseline | ~0.45%/yr — within normal rounding, no material premium |
| ETH comparison: OI | $1.68B at 10.78%/yr (also near baseline) |
Source: Hyperliquid metaAndAssetCtxs and fundingHistory APIs, 15 Aug 2026. Funding APR = hourly rate × 8,760. OI in USD = contracts × mark price. Protocol baseline = 0.01%/8 h as documented by Hyperliquid. The 0.45%/yr gap between the measured rate and the baseline is within normal rounding; no material positive premium is present. Funding can and does settle below 10.95%/yr or turn negative; the baseline is not a floor.
On Hyperliquid, perpetual funding is settled every hour between position holders — longs pay shorts when the mark trades above the spot oracle (positive funding), and shorts pay longs when the mark trades below it (negative funding). ARX does not set, charge, or receive funding; it is transferred at the Connected Protocol.
When perp longs crowd in expecting higher prices, their demand bids the mark above the spot oracle, creating a positive premium. That premium is expressed as a funding rate above the 10.95%/yr baseline. In the 24 hours before this snapshot, BTC’s hourly funding was 0.0013%/hr (≈11.4%/yr) across all 24 settlements — no deviation. This is the near-baseline state the perp enters when mark ≈ oracle and no excess demand from either side pushes it away from parity.
For context: at the Aug 4–5 episode (btc-negative-hype-cap-funding-2026-08-04), BTC funding had turned negative — shorts crowded in and paid longs. The contrast now is a stable, flat baseline: no directional crowd in either direction during this 24-hour window. This documents the perp’s structural state on this specific day and does not predict future price or premium direction.
On the same day, two traditional-finance data points were reported for Bitcoin:
| Disclosed item | What was reported |
|---|---|
| UBS Bitcoin ETF call positions | UBS reported a 24-fold increase in Bitcoin ETF call option positions in its latest regulatory filing |
| Paul Tudor Jones / IBIT | PTJ’s investment firm increased its stake in BlackRock’s Bitcoin ETF (IBIT) after a year of selling |
| Broader 2026 context | $11.2B in institutional capital entered crypto-related vehicles in 2026, per reported industry figures |
Sources: CoinDesk reporting, 15 Aug 2026. Regulatory filings (13-F / 13-G) as reported; positions reflect as-filed disclosures which may cover prior reporting periods. 13-F/13-G filings disclose position size but do not distinguish long from short options or disclose the purpose of the position (e.g. directional, hedging, or market-making). The change in disclosed position size is a structural fact; the motivation is not observable from the filing alone.
These two data points represent a change in disclosed position sizes in traditional-finance instruments. The on-chain perp data is a separate measurement of the same asset in a different market: $2.77B in perpetual open interest with no speculative premium above baseline in this 24-hour window. The two data sets are observations; no causal or directional inference about future prices is made here.
At ~11.4%/yr on $2.77B of open interest, approximately $866,800/day in aggregate funding is transferred from longs to shorts at the current annualised rate. This is the near-baseline carry cost: the structural minimum that every long position pays to hold the perpetual when mark ≈ oracle.
| Position Size | Daily Funding Cost at ~11.4%/yr |
|---|---|
| $1,000 long | ~$0.31/day |
| $10,000 long | ~$3.12/day |
| $100,000 long | ~$31.23/day |
| Whole book ($2.77B OI) — annualised-rate approximation | ~$866,800/day |
Calculated as: position_size × (11.4% ÷ 365). Whole-book figure applies the current annualised rate to total OI; actual settled amounts vary with the hourly rate each period and may differ. Funding is transferred between position holders at the Connected Protocol; it is not a fee collected by ARX.
Funding, open interest, and positioning data across BTC, ETH, and 200+ markets accessible through Connected Protocols — 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. On-chain data sourced from the Hyperliquid fundingHistory and metaAndAssetCtxs APIs, 15 Aug 2026. TradFi data from CoinDesk reporting on regulatory filings; positions reflect as-filed disclosures which may cover prior reporting periods; filings do not disclose option direction or purpose. 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, in Restricted Jurisdictions, or if you are using tools to conceal your location. T&C · Privacy Policy · Disclosures · Risk. Not financial advice.