fundingHistory and metaAndAssetCtxs APIs, 8–15 Aug 2026. Informational only, not financial advice.Chainlink (LINK) is the decentralized oracle network that provides real-world data to smart contracts across blockchains. On Hyperliquid, LINK trades as a perpetual contract settled in USDC. The price began this seven-day window at $8.18 (8 Aug 2026 open) and reached $9.51 by 04:18 UTC on 15 Aug — a gain of +16.3%. Today alone, LINK advanced +7.97% (from the previous-day close of $8.81 to the current mark of $9.51).
| Metric | Value |
|---|---|
| Mark price (04:18 UTC, 15 Aug) | $9.5079 |
| Oracle price (spot index) | $9.5100 |
| Current perp premium | −0.022% (perp below spot) |
| Open price, 8 Aug 2026 | $8.1819 |
| 7-day price change | +16.3% |
| 24h price change (vs prev-day close $8.81) | +7.97% |
| Open interest | $41.7M (4.39M contracts) |
| Volume 24h | $16.3M |
| Funding rate (current) | 0.0000125/hr ≈ 10.95%/yr |
Data source: Hyperliquid metaAndAssetCtxs API, 04:18 UTC 15 Aug 2026. OI in USD approximated as contracts × mark price at snapshot. Funding APR = hourly rate × 8,760.
On Hyperliquid, each perp has a mark price (derived from recent trade prices) and an oracle price (the spot index). The difference is the premium. Funding adjusts every hour to push the premium toward zero — longs pay shorts when the perp is above spot (positive premium), and the rate steps down (or briefly goes negative, meaning shorts pay longs) when the perp is below spot (negative premium).
In a leverage-driven rally, traders buy the perp to go long quickly with margin. That demand bids the mark price above the oracle, creating a positive premium and pushing funding above the 10.95%/yr baseline. The more aggressively traders pile in, the higher the premium and the higher the carry cost for longs.
LINK’s perp showed the opposite pattern throughout the seven-day window:
A perp trading at a discount to the oracle during a rally is consistent with spot-market demand outpacing perp demand — it means perp traders were not the primary bidders above the oracle price during this window. It is also consistent with basis-arbitrage positioning (simultaneously long spot and short perp), which would sustain a perp discount while spot price rises. The data does not isolate which mechanism is dominant; what it documents is that the above-baseline funding pattern typical of crowded leveraged longs is absent throughout the 7-day window.
The table below shows the daily breakdown of funding settlements across the seven-day window (8–14 Aug). Each day represents 24 hourly settlements.
| Date | LINK Price (close) | 24h Change | Hours at Baseline | Lowest Hourly Rate |
|---|---|---|---|---|
| 8 Aug 2026 | $8.30 | +1.4% | ~22/24 | ~+4%/yr |
| 9 Aug 2026 | $8.18 | −1.4% | ~21/24 | ~+3%/yr |
| 10 Aug 2026 | $8.30 | +1.4% | ~20/24 | ~+2%/yr |
| 11 Aug 2026 | $8.78 | +5.7% | ~18/24 | ~+1%/yr |
| 12 Aug 2026 | $8.67 | −1.2% | ~19/24 | ~+4%/yr |
| 13 Aug 2026 | $8.89 | +2.5% | ~19/24 | ~+3%/yr |
| 14 Aug 2026 | $8.96 | +0.8% | ~16/24 | −4%/yr |
| 15 Aug (partial, to 04:18 UTC) | $9.51 (+7.97%) | — | 4/4 | +10.95%/yr |
Approximate daily counts derived from the 168-hour fundingHistory record set. 135/168 = 80.4% at the 0.0000125/hr baseline. No hour in the 7-day window crossed above the baseline (no hour showed elevated positive premium / elevated funding above 10.95%/yr).
The last 24h (14 Aug 05:00 UTC → 15 Aug 04:00 UTC) covers LINK’s largest single-day advance in the window. Every hour where funding dipped below the baseline reflects a deeper perp discount (negative premium); the brief −4%/yr at 00:00 UTC means shorts briefly paid longs.
| Hour (UTC, 14 Aug) | Funding (ann.) | Hour (UTC) | Funding (ann.) |
|---|---|---|---|
| 05:00 | +10.95%/yr | 17:00 | +10.95%/yr |
| 06:00 | +10.95%/yr | 18:00 | +4.1%/yr |
| 07:00 | +10.95%/yr | 19:00 | +10.95%/yr |
| 08:00 | +10.95%/yr | 20:00 | +10.95%/yr |
| 09:00 | +10.95%/yr | 21:00 | +10.0%/yr |
| 10:00 | +4.6%/yr | 22:00 | +7.3%/yr |
| 11:00 | +10.95%/yr | 23:00 | +10.3%/yr |
| 12:00 | +10.95%/yr | 00:00 (15 Aug) | −4.1%/yr |
| 13:00 | +3.6%/yr | 01:00 (15 Aug) | +2.2%/yr |
| 14:00 | +5.3%/yr | 02:00 (15 Aug) | +10.95%/yr |
| 15:00 | +10.95%/yr | 03:00 (15 Aug) | +10.95%/yr |
| 16:00 | +10.95%/yr | 04:00 (15 Aug) | +10.95%/yr |
Source: Hyperliquid fundingHistory API, LINK, 14–15 Aug 2026. Annualized = hourly rate × 8,760. No hour in this 24h window exceeded the 10.95%/yr baseline. The single negative hour at 00:00 UTC (15 Aug) reflects a momentary perp-below-spot spread deep enough to cross zero.
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 fundingHistory and metaAndAssetCtxs APIs; 8–15 Aug 2026. 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.