| Episode | Date / Time UTC | Peak Funding APR | Daily Carry (est.) |
|---|---|---|---|
| Spike 1 | Aug 11–12, ~00:00 | 230.6%/yr | ~$392K |
| Spike 2 | Aug 13, 20:00 | 135.3%/yr | ~$230K |
| Spike 3 | Aug 16, 16:00–17:00 | 120.8%/yr | ~$205K |
| Now (ep. 4) | Aug 17, 04:40 | 90.7%/yr | $154K |
Daily carry estimated using current OI of $62M (151,034 XMR × $410). HL protocol baseline: 10.9%/yr (raw 0.00001250/hr). Funding sourced from Hyperliquid historical funding API and live /info endpoint. Point-in-time: Aug 17 04:30 UTC.
Each crowding flush lasted 12–24 hours before fresh longs returned. Rather than a single burst, the premium re-formed repeatedly over the period observed — a pattern consistent with constrained spot availability, which slows the spot-versus-perp arbitrage that would otherwise compress it. Whether it re-forms again is not something this data can tell you.
The arithmetic: at 90.7%/yr, every long on XMR perp pays roughly 0.25%/day as a cost to hold the position. At $62M OI, that is $154K leaving long accounts every 24 hours. At the Aug 12 peak (230.6%/yr), that was $392K/day. ZEC — the other large privacy perp on HL at $202.7M OI — is at the 10.9%/yr baseline. The elevated funding is XMR-specific.
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Join ARX Signals →Informational only. Not financial advice, and not a recommendation to enter, exit, or hold any position. On-chain data sourced from the Hyperliquid API on a best-efforts basis; point-in-time snapshot, Aug 17 2026 04:30 UTC. Past patterns do not indicate future results. Trading perpetual futures carries significant risk, including total loss of the amounts deployed. ARX is a non-custodial analytics and order-transmission platform — it never holds your funds or keys, is not a counterparty to any transaction, and endorses no asset. Services may not be available in all jurisdictions.