Zcash (ZEC) and Monero (XMR) are the two largest privacy-coin perpetuals trading on Hyperliquid. On 14 August 2026, at 08:17 UTC, both were in modest price declines — but their perp funding rates were pointing in opposite directions.
| Metric | ZEC (Zcash) | XMR (Monero) |
|---|---|---|
| Mark price | $486.12 | $394.77 |
| 24h price change | −2.00% | −1.77% |
| Open interest | $197.8M (406,953 contracts) | $57.7M (146,183 contracts) |
| Volume 24h | $31.9M | $5.8M |
| Funding rate (hourly) | −0.0035%/hr | +0.0061%/hr |
| Funding rate (annualized) | −31.0%/yr | +53.0%/yr |
| Who pays whom | Shorts pay longs | Longs pay shorts |
| Daily funding flow | ~$168K/day | ~$84K/day |
Data source: Hyperliquid metaAndAssetCtxs API. Snapshot: 14 Aug 2026, 08:17 UTC. Funding settles hourly on Hyperliquid; APR = hourly rate × 24 × 365.
On Hyperliquid, funding is paid every hour between long and short holders of a perpetual. The rate has two components: a fixed baseline (0.00125%/hr = 10.95%/yr) and a premium or discount that reflects the gap between the perp’s mark price and the spot oracle.
ZEC at −31.0%/yr: The ZEC perp is trading at a discount to the oracle mark price — demand to short the perp is outpacing demand to long it. The resulting negative rate means shorts currently pay longs each hour. At this rate on $197.8M of open interest, shorts collectively pay approximately $168,000/day, or roughly $7,000/hour.
XMR at +53.0%/yr: The XMR perp is trading at a premium to the oracle mark price — demand to long the perp exceeds demand to short. The positive rate means longs pay shorts each hour. At this rate on $57.7M OI, longs collectively pay approximately $84,000/day, or roughly $3,500/hour.
Both rates are live point-in-time measurements. They update every hour and do not commit to any direction. They are a cost-of-carry observation, not a forecast.
ZEC’s $197.8M in open interest ranks it among Hyperliquid’s larger perp markets at this snapshot (08:17 UTC, 14 Aug 2026) — ahead of XRP ($112M OI) and approaching SOL ($381M OI) at the same moment. The volume-to-OI ratio tells a similar story: $31.9M in daily volume against $197.8M OI implies meaningful intraday activity relative to the position size.
XMR’s $57.7M OI is smaller but carries a more extreme positive funding: at +53.0%/yr, longs are paying approximately 4.8× the protocol’s 10.95%/yr baseline rate. That premium component — the difference between 53% and the baseline 11% — represents the extra cost longs absorb to hold the XMR perp versus holding spot XMR directly.
| Cost of Carry | ZEC (short position) | XMR (long position) |
|---|---|---|
| Per $10,000 position | $8.49/day (≈$3,100/yr) | $14.52/day (≈$5,300/yr) |
| Per contract (at mark) | $0.040/day | $0.039/day |
| Whole book daily | ~$168,000/day | ~$84,000/day |
| Combined | ~$252,000/day · ~$91.9M/yr (annualized at current rates) | |
Calculations use hourly rate × 24. Funding rates reset each hour; annualized figures assume the current rate is unchanged — a hypothetical, not a projection.
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 metaAndAssetCtxs API; point-in-time snapshot, 14 Aug 2026 08:17 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. Services may not be available in all jurisdictions. Not available to Prohibited Persons or in Restricted Jurisdictions. T&C · Privacy Policy · Disclosures · Risk.