Hyperliquid charges funding every hour. The maximum rate is 0.00125% per hour, which annualises to 10.95%/yr. When the perpetual price trades far enough above the spot oracle, the rate hits this ceiling — meaning the cap is the actual cost, not a rarely-reached upper bound.
At 04:17 UTC on August 4, 127 of 232 Hyperliquid perp markets are at this ceiling. The combined open interest across those 127 markets is $4.74B — or 69.8% of the exchange’s $6.78B total perp OI. The five largest cap markets by OI:
| Asset | Open Interest | 24h Price Change | Funding APR |
|---|---|---|---|
| BTC | $2.19B | +1.4% | +10.95% |
| HYPE | $1.22B | +3.3% | +10.95% |
| SOL | $298M | +1.1% | +10.95% |
| ZEC | $191M | +1.7% | +10.95% |
| XRP | $72M | +0.6% | +10.95% |
Source: Hyperliquid metaAndAssetCtxs API. Snapshot: 4 Aug 2026, 04:17 UTC. All figures are aggregate open interest across all positions on Hyperliquid for each asset.
The most significant departure from the cap pattern is ETH. With $1.77B in open interest — the second-largest OI on Hyperliquid — ETH funding sits at 2.34%/yr. That is 4.7× below the cap. By dollar cost, ETH longs pay approximately $113K/day in aggregate, versus the $531K/day they would pay if ETH were at the cap.
| Market | OI | Funding APR | Daily Long Cost | vs. Cap Rate |
|---|---|---|---|---|
| BTC | $2.19B | +10.95% | ~$657K/day | at cap |
| ETH | $1.77B | +2.34% | ~$113K/day | −$418K/day if at cap |
| HYPE | $1.22B | +10.95% | ~$366K/day | at cap |
| SOL | $298M | +10.95% | ~$89K/day | at cap |
Daily cost = OI × (funding APR ÷ 365). Aggregate estimates across all long positions on Hyperliquid. Informational only.
For individual positions: a $100K long in any cap-rate market pays approximately $30/day in funding. A $100K ETH long pays approximately $6.41/day — 4.7× less than the cap rate. The premium difference between ETH’s perp and its spot oracle is proportionally much smaller than BTC’s at this moment.
Among markets with over $10M in open interest, four carry negative funding rates — meaning perp shorts are paying longs to hold short exposure:
| Asset | Open Interest | Funding APR | Shorts Pay (Agg.) |
|---|---|---|---|
| ENA | $21.7M | −6.06%/yr | ~$3,600/day |
| AAVE | $65.8M | −5.01%/yr | ~$9,000/day |
| ADA | $33.1M | −3.65%/yr | ~$3,300/day |
| LINK | $37.9M | −2.25%/yr | ~$2,300/day |
Negative funding = perp mark below the spot oracle. Shorts pay longs. Daily figures = OI × (|funding APR| ÷ 365). Snapshot: 4 Aug 2026, 04:17 UTC. Informational only.
Negative funding in a market means the perpetual price is trading below the spot oracle. Shorts carry the cost of holding that position. This is structurally opposite to the 127 cap-rate markets, where longs pay shorts. The two regimes coexist across Hyperliquid’s market list at the same snapshot.
With $4.74B in open interest pinned at the 10.95%/yr hourly cap, the aggregate daily funding cost paid by long positions across those 127 markets is:
$4,740,000,000 × 10.95% ÷ 365 ≈ $1,421,000/day
This is the collective cost flowing from long positions to short positions every 24 hours across those markets. For context, ETH’s $1.77B at 2.34%/yr contributes only ~$113K/day to that total — despite being the second-largest OI on the platform. If ETH were at the cap rate, it would contribute an additional $418K/day.
The cap rate on Hyperliquid is mechanically determined by the premium between the perp mark price and the spot oracle, subject to the exchange’s hourly ceiling. When the cap is binding across 70% of OI simultaneously, it means the majority of the market is structured such that long demand in the perp is persistently and broadly above cap-threshold levels relative to spot. This is a snapshot of the on-chain cost structure at one moment; rates change with each hourly settlement.
Market-structure observations drawn from on-chain data — informational only, not financial advice. Past on-chain patterns do not predict future outcomes.
Funding rate and OI data tracked in real time 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: 4 Aug 2026, 04:17 UTC. T&C · Privacy Policy.