| Market | OI (USD) | Funding (Ann.) | Note |
|---|---|---|---|
| BTC | $2,798M | 10.95%/yr | Baseline |
| ETH | $1,645M | 10.95%/yr | Baseline |
| HYPE | $1,275M | 10.95%/yr | Baseline |
| SOL | $380M | 10.95%/yr | Baseline |
| … 135 other markets … | — | 10.95%/yr | Baseline |
| FARTCOIN | $30.95M | +31.0%/yr | Elevated positive |
| GRIFFAIN | $1.0M | +63.6%/yr | Elevated positive |
| PEOPLE | $2.4M | +23.2%/yr | Elevated positive |
| FARTCOIN Metric | Value |
|---|---|
| Mark price (16 Aug 08:18 UTC) | $0.14397 |
| Oracle price | $0.14381 |
| Perp premium | +0.11% |
| 7-day price change | +10.4% ($0.131 → $0.144) |
| Open interest | 215,012K contracts = $30.95M |
| Funding rate (annualised) | +31.0%/yr |
| Funding rate (8h equivalent) | +0.0283%/8h |
| Volume 24h | $5.38M |
| Hours above baseline (7d) | 46 of 168 (27.4%) |
| Cumulative funding paid by longs (7d) | 0.353% of notional |
Source: Hyperliquid metaAndAssetCtxs + fundingHistory APIs, 16 Aug 2026 08:18 UTC. Funding APR = hourly rate × 24 × 365. OI in USD = contracts × mark price at snapshot. The 10.95%/yr protocol baseline is the default rate when a market’s mark price ≈ oracle; it applies to 139 of 232 markets in this snapshot. “Above baseline” markets: those with annualised rate >13%/yr. Scope: Hyperliquid only — FARTCOIN trades on other venues not measured here.
Funding on a perpetual DEX is a live vote on directional bias. When long demand exceeds short demand, the mark price trades above the oracle and longs pay shorts a carry cost. The larger and more persistent the positive premium, the more crowded the long trade is — and the higher the cost longs absorb to stay in it.
The 10.95%/yr baseline (0.00125%/hr) is Hyperliquid’s protocol-level rate that applies when mark ≈ oracle. It is not a signal; it is the neutral state. Paying above it means the market is structurally long-crowded for those hours. Paying below it (or going negative) means the perp is trading at a discount, and shorts are bearing the carry cost instead.
At this snapshot, 95.3% of Hyperliquid’s $7.54B in open interest is in markets running at exactly that neutral rate. BTC, ETH, HYPE, and SOL — which together account for $5.7B of total OI — are all at baseline. No crowded long bets in the four largest markets. No excess premium in 139 of 232 markets.
The one standout with meaningful scale is FARTCOIN: $30.95M OI at +31.0%/yr. Its perp is trading +0.11% above the oracle. Longs have been paying above the baseline in 46 of the past 168 hours. Over seven days, the cumulative carry cost to hold a long was 0.353% of notional — a modest absolute number, but it confirms a consistent directional skew not present anywhere else in the book at this scale.
Whether FARTCOIN’s elevated premium reflects momentum conviction, retail speculation, or temporary imbalance is not what the funding rate can tell you. What it does show is that at a market-structure level, FARTCOIN is the only asset in Hyperliquid’s perp universe where longs are paying a sustained premium to hold their position. This documents a structural characteristic of this snapshot and does not predict future price or premium direction.
On-chain funding and positioning 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. 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. Data sourced from the Hyperliquid metaAndAssetCtxs and fundingHistory APIs; 16 Aug 2026 08:18 UTC. 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 or in Restricted Jurisdictions. T&C · Privacy Policy · Disclosures · Risk. Not financial advice.