| Date | Close | Day | Funding Sum | Avg APR |
|---|---|---|---|---|
| Aug 8 | $0.71305 | −13.22% | −2.466% | −900% |
| Aug 9 | $0.68072 | −4.53% | −5.636% | −2,057% |
| Aug 10 | $0.65099 | −4.37% | −5.946% | −2,170% |
| Aug 11 | $0.61628 | −5.33% | −5.345% | −1,951% |
| Aug 12 | $0.55112 | −10.57% | −3.453% | −3,025% |
Hyperliquid funding settles hourly; Funding Sum adds each UTC day’s settled hourly rates, and negative means shorts pay longs. Window: 8 Aug 00:00 to 12 Aug 09:00 UTC — 106 hours, 100 negative, totalling −22.846%. Aug 8 is measured from the 7 Aug close of $0.82167; Aug 12 is partial (10 hours) and its Close is the candle ($0.55112), not the live mark ($0.55147) used elsewhere. Deepest settled hour: 10 Aug 16:00 at −0.540%/hr. Liquidity: $13.83M open interest against $20.63M of 24h volume — a thin book.
Funding is a charge, not a forecast — and on a thin book it can be large enough to decide the outcome of a directionally correct position. KAITO’s perp has been quoted below its oracle mark for most of five days (currently $0.55147 against a $0.55400 oracle, a 0.46% discount), and that persistent discount is what drives the hourly payment from shorts to longs. Each hour’s rate is set from the average discount across that settlement hour, not the snapshot above, so the two figures will not multiply out to the decimal.
The scale is unusual rather than typical. KAITO’s −1,130%/yr is 13.7× the next-most-negative market (STABLE, −82.7%/yr), and only 38 of 232 Hyperliquid markets carry negative funding at all. A further 116 sit exactly at the +10.95%/yr baseline that HYPE, ETH and SOL are all printing right now — roughly a hundredth of KAITO’s rate, in the opposite 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. Any return figures shown describe a hypothetical, unleveraged position held across the full window, gross of trading fees and slippage; they are not a record of any position held or recommended by ARX. 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, fundingHistory and candleSnapshot APIs; point-in-time snapshot, 12 Aug 2026 09:32 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. Not available to Prohibited Persons or in Restricted Jurisdictions. T&C · Privacy Policy · Disclosures · Risk.