| Market | Price | 24h Change | Open Interest | Funding APR | Daily Cost |
|---|---|---|---|---|---|
| BTC | $62,609 | −0.88% | $2,269M | +10.95% | $681K/day (longs pay) |
| ETH | $1,842 | −0.84% | $1,826M | +10.95% | $548K/day (longs pay) |
| SOL | $72.47 | −0.90% | $298M | −0.87% | $7.1K/day (shorts pay) |
| HYPE | $52.86 | +3.13% | $1,211M | +4.83% | $160K/day (longs pay) |
Sources: Hyperliquid metaAndAssetCtxs API. Daily cost = OI × APR ÷ 365, at the 12:21 UTC snapshot — HL funding resets hourly and rates shown are instantaneous. SOL’s −0.87%/yr = roughly $0.024/day per $1,000 notional (0.0024% daily); the $7.1K figure reflects the full OI scale, not a per-contract comparison to BTC’s $681K. HYPE included for cross-market context.
Hyperliquid settles funding every hour. The rate is determined by the gap between the perp mark price and the spot oracle: when longs push the mark above oracle, they pay a positive funding rate to shorts. When shorts push mark below oracle, shorts pay longs a negative rate. The magnitude of that gap — and who is on which side — is what the funding rate measures.
BTC and ETH longs are paying +10.95%/yr at this snapshot. On $2.27B of BTC open interest and $1.83B of ETH open interest, that means BTC longs are paying approximately $681K per day and ETH longs approximately $548K per day — a combined $1.23M/day flowing from long holders to short holders in just these two markets. This is a direct arithmetic consequence of the perp mark prices running at a premium to their respective spot oracles at 12:21 UTC. Because HL funding resets hourly, the annualized rate is an instantaneous figure, not a guaranteed sustained cost.
SOL funding has flipped negative (−0.87%/yr at this snapshot). SOL perp is sitting at a slight discount to oracle, so the funding direction reverses: shorts pay longs rather than longs paying shorts. At −0.87%/yr on $297.7M of open interest, the aggregate daily flow is roughly $7,100 from shorts to longs — economically near-zero per contract ($0.024/day per $1,000 notional), but directionally opposite to BTC and ETH. The sign of the rate is the structural signal; the dollar total is modest and should not be compared directly to BTC’s $681K, which reflects 7.6× more open interest at 12.6× the annualized rate.
All three fell less than 1% in the same session. BTC −0.88%, ETH −0.84%, SOL −0.90% — the price moves were similar for three correlated assets over a 24-hour window. The funding structure diverged: two running at +10.95%/yr, one at −0.87%/yr. Whether this divergence reflects SOL-specific positioning, a temporary mark/oracle gap, or simply low SOL perp volume is not determined by this snapshot alone.
HYPE rose +3.13% on the same session when BTC, ETH and SOL all fell. Its perp funding is +4.83%/yr — positive, meaning longs are paying, but meaningfully below BTC/ETH’s 10.95%/yr despite the stronger price move. HYPE’s $1.21B open interest at +4.83%/yr produces approximately $160K/day flowing from longs to shorts. For context, HYPE’s $1.21B OI is large in relation to its estimated market cap — the OI/market cap ratio is significantly higher than BTC’s — yet longs are paying a lower annualized premium than BTC or ETH. The price appreciated without funding escalating proportionally; that is one on-chain cost signal. Whether it reflects spot buying or something else is not determined by this data alone.
Market-structure observations drawn from on-chain data — informational only, not financial advice. Past on-chain patterns do not predict future outcomes.
On-chain funding data updated throughout the day on ARX Telegram.
Get Signals →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: 3 Aug 2026, 12:21 UTC. T&C · Privacy Policy.