| Market | 24h | Funding APR | OI |
|---|---|---|---|
| PUMP | +11.9% | +11.0%/yr | $113M |
| BTC | +0.3% | −1.2%/yr* | $2.67B |
| SOL | +1.3% | +3.0%/yr | $402M |
| ETH | +0.4% | +10.7%/yr | $1.72B |
All values: Hyperliquid API snapshot Aug 19 2026 01:00 UTC. BTC funding shown as 24h average; point-in-time varies. PUMP funding ranged 0.7–11.0%/yr across the 36-hour rally window (Aug 17 22:00–Aug 19 00:00 UTC), never exceeding the 11.0%/yr protocol baseline.
When a token rallies 12% without funding rising above the protocol baseline, perp longs are not crowding the move. PUMP’s funding never exceeded 11.0%/yr across the 36-hour window — structurally different from a squeeze where funding runs 30–50%/yr as leveraged buyers pile in. Notably, a four-hour burst of short-sellers mid-rally (Aug 18 15:00–18:00 UTC) briefly pushed funding toward zero before it normalized; PUMP held the move anyway.
Two readings. Constructive: no crowded long book means no mechanical unwind queued behind the price. Cautious: without perp conviction, there is no funding cost forcing shorts to cover or sustaining a squeeze. If spot buyers step back, there is no perp safety net. Watch the $113M OI book for the first sign that leverage is following the move.
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Join ARX Signals →Not financial advice. Data sourced from Hyperliquid API. Point-in-time snapshot, Aug 19 2026 01:00 UTC. Funding resets hourly.