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Independent Hyperliquid workbench. Live data can be stale, partial, or unavailable.
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Independent Hyperliquid workbench. Live data can be stale, partial, or unavailable.
Carry costs
How Hyperliquid funding rates work: hourly payments, the premium and interest-rate components, the 4% hourly cap, oracle-based payment math, and a worked carry-cost example for held positions.
Hyperliquid funding is paid every hour between long and short positions; it is not a fee collected by the venue. The official docs compute the rate for an eight-hour window and settle one-eighth of it each hour. The rate combines an averaged premium component, which follows the gap between the perp price and the spot oracle price, with a fixed interest-rate component of 0.01% per eight hours. Each payment equals position size multiplied by the oracle price multiplied by the funding rate, and the per-hour rate is capped at 4%. Positive funding means longs pay shorts; negative funding means shorts pay longs. For a held position, funding often costs more than the trading fee, so estimate both.
As of the June 11, 2026 review, the official funding doc states hourly settlement at one-eighth of the eight-hour computed rate, a fixed interest-rate component of 0.01% per eight hours (0.00125% hourly, about 11.6% annualized), a premium component sampled every five seconds and averaged hourly, a 4% per-hour cap, and payments computed on oracle-price notional rather than mark price. These are protocol parameters; reread the official doc when sizing anything that depends on exact values.
Suppose a long of 2 BTC with the oracle at $61,500, which is $123,000 of notional, while hourly funding prints +0.00125%. One hour of funding is $123,000 multiplied by 0.0000125, about $1.54 paid by the long. A full day costs about $36.90 and a seven-day hold about $258 if the rate held, which it rarely does. Against a roughly $111 round-trip taker fee on the same notional at tier 0 rates, the week of carry is the larger cost. Run the same arithmetic with your own size, the live rate, and the 3-day average to bound the estimate.
The premium component is the informative part: it follows where the perp trades relative to the spot oracle, sampled every five seconds and averaged each hour. A persistently positive premium says buyers are paying up relative to spot; a negative one says the perp trades under spot. That is descriptive context about positioning pressure, not a directional forecast, and this page does not convert it into one.
Use the live funding dashboard for current rates, averages, and the heatmap across markets; the funding cost estimator for your own size and holding period; and the fee calculator so explicit fees and carry appear in the same decision. The data dictionary defines funding, annualized funding, and oracle price precisely.
Review the referral terms before you trade.
Every hour. The official docs compute the rate over an eight-hour window and settle one-eighth of that amount each hour.
The other side of the market. Positive funding moves money from longs to shorts; negative funding moves it from shorts to longs. The venue is not the counterparty to funding.
A fixed 0.01% per eight hours (0.00125% per hour, roughly 11.6% annualized) that the official formula combines with the averaged premium component, with the difference between them clamped to a small band.
The official docs cap funding at 4% per hour, which is far wider than typical centralized-exchange caps, so stressed markets may carry materially larger hourly payments.
Payments use position size multiplied by the oracle price. When mark and oracle diverge, the settled amount follows the oracle notional.
No. Negative funding pays longs while it persists, but spread, fees, slippage, liquidation distance, and price movement still dominate the outcome of most positions.
Continue with the pages that affect eligibility, cost, and trading risk.