| Date (UTC) | BTC Avg APR | ETH Avg APR | Spread (ETH − BTC) |
|---|---|---|---|
| Jul 29 | +8.0% | +4.4% | −3.6% |
| Jul 30 | +5.1% | +4.5% | −0.6% |
| Jul 31 | +7.0% | +3.4% | −3.6% |
| Aug 1 | +5.0% | +5.5% | +0.5% |
| Aug 2 | +10.7% | +5.5% | −5.2% |
| Aug 3 (current) | +6.2% | −0.2% | −6.4% |
Daily averages from Hyperliquid fundingHistory API (hourly records). Aug 3 current = instantaneous rate from metaAndAssetCtxs. Snapshot: 3 Aug 2026, 08:17 UTC.
| Market | Price | 24h | Open Interest | Funding APR |
|---|---|---|---|---|
| ETH | $1,831 | −1.91% | $1.74B | −0.2% |
| BTC | $62,350 | −1.54% | $2.21B | +6.2% |
| SOL | $72.39 | −1.27% | $298M | +11.0% |
| HYPE | $52.38 | +0.91% | $1.20B | +11.0% |
Sources: Hyperliquid API. Snapshot: 3 Aug 2026, 08:17 UTC.
On Hyperliquid, funding is the hourly cost charged between longs and shorts to keep the perpetual price anchored to the spot oracle. When funding is positive, longs pay shorts — the market is net-long and bullish conviction is being priced. When funding falls to zero or negative, shorts pay longs, indicating a tilt toward bearish positioning.
BTC longs are paying consistently. BTC funding has ranged +5–11%/yr across the five days ending August 3, touching +10.7%/yr on August 2. When BTC’s hourly rate hits +0.0013%/hr (+11%/yr), it indicates the perp mark price is capped at or above the spot oracle — bulls are holding at a premium and paying for it.
ETH longs are not. ETH funding ranged 3.4–5.5%/yr across four of those five days — consistently below BTC — before dropping to near zero on August 3. At −0.2%/yr, the perp sits at roughly oracle parity with a faint net-short lean. ETH’s $1.74B open interest is high in absolute terms — 79% of BTC’s $2.21B — yet carries none of the bullish surcharge BTC’s OI carries. On a market-cap basis the contrast is sharper: ETH OI/market cap is approximately 4× higher than BTC’s, meaning more contracts outstanding per dollar of underlying value, with less directional conviction embedded in the rate.
The spread widened on Aug 2, not narrowed. After a brief reversal on Aug 1 (ETH briefly led BTC by +0.5%/yr), the spread reached −5.2%/yr on Aug 2 and is now −6.4%/yr intraday on Aug 3 — the widest point in this stretch.
Both BTC and ETH are falling on August 3 (−1.54% and −1.91% respectively) despite news that Iran–US talks are set to resume Monday. ETH is underperforming BTC on price and on funding simultaneously, a two-dimensional cost-structure signal. SOL and HYPE are running +11%/yr funding — meaning longs are paying significantly more to hold those positions than ETH longs are paying to hold ETH. ETH at near-zero funding and BTC at +6.2%/yr represents a within-crypto divergence in how much long exposure traders on Hyperliquid are paying to maintain.
This is a cost signal, not a directional verdict. Funding measures what market participants are currently paying to stay positioned — not where the price will go. A persistent negative ETH funding environment means longs are being paid to hold. Past instances have seen this condition end through OI reduction as positions unwind, or through spot price movement — but past on-chain patterns are not indicative of future outcomes, and this snapshot does not imply a directional forecast.
Market-structure observations drawn from on-chain data — informational only, not financial advice. Past on-chain patterns do not predict future outcomes.
Funding rate data updated throughout the day 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, 08:17 UTC. T&C · Privacy Policy.