2025-10-10
Funding Rate (annualized): -63.22%.
HYPE price in the same daily row: $38.85. This is a descriptive reference point in this dataset; it does not establish a market top, bottom or future return.
HYPE: Futures Perpetual Funding Rate
Hyperliquid HYPE
The HYPE perpetual's daily funding rate on Hyperliquid, annualized, with 7- and 30-day means.
Latest daily observationClosed day
- Funding Rate (annualized)
- 4.95%
- 7D Mean (annualized)
- 8.14%
- 30D Mean (annualized)
- 8.65%
- Cumulative Funding
- 37.69%
- HYPE price
- $77.26
Observation: UTC. Dataset updated: .
Updated daily, normally at 09:30 Europe/Madrid. Daily resolution.
Data cross-checked. Computed from the hourly funding rates of the HYPE perpetual on Hyperliquid, summed by UTC day and annualized (x 365). HYPE price: Coin Metrics Community Data, cross-checked daily against Bitstamp daily HYPE/USD close (independent exchange): median difference 0.15% over 331 days (2025-11-25 to 2026-10-21); 95% of days within 1.05%; the HYPE/USDC spot market on Hyperliquid itself: median difference 0.20% over 678 days (2024-12-13 to 2026-10-21); 95% of days within 0.93%. Funding: No independent archive of Hyperliquid's funding history exists without an API key, so the checks use Hyperliquid's own data. Every one of the 16,484 hourly rates since 2024-12-05 is reproduced from the premium Hyperliquid publishes with it, by its documented formula (rate = [premium + clamp(0.01% − premium, ±0.05%)] / 8, capped at 4% an hour): 0 mismatches. The daily sums equal those of Hyperliquid's separate legacy statistics series (frozen on 2026-04-03) on 477 of 483 common days; the other 6, from 2024-12-06 to 2024-12-14, differ by up to 50.9 percentage points of annualized funding. Over the last 365 days the daily mean premium tracks the price gap we observe between the HYPE perpetual and Hyperliquid's HYPE/USDC spot market (correlation 0.82, median gap 0.9 basis points). Checked 2026-10-23. Data status
Recent daily values
The last seven closed UTC days. These values remain daily when you change the chart range.
| Date (UTC) | Funding Rate (annualized) | 7D Mean (annualized) | 30D Mean (annualized) | Cumulative Funding | HYPE price |
|---|---|---|---|---|---|
| 2026-10-22 | 4.95% | 8.14% | 8.65% | 37.69% | $77.26 |
| 2026-10-21 | 4.57% | 8.67% | 8.86% | 37.68% | $80.68 |
| 2026-10-20 | 10.42% | 9.58% | 9.70% | 37.67% | $80.39 |
| 2026-10-19 | 9.39% | 9.58% | 9.72% | 37.64% | $79.23 |
| 2026-10-18 | 9.88% | 9.40% | 9.78% | 37.61% | $78.86 |
| 2026-10-17 | 9.03% | 9.53% | 9.92% | 37.59% | $77.89 |
| 2026-10-16 | 8.77% | 9.80% | 10.15% | 37.56% | $80.18 |
Formula
Hourly rate = [P + clamp(0.01% − P, −0.05%, +0.05%)] ÷ 8, capped at ±4%, where P is the hour's average premium of the contract over Hyperliquid's oracle (spot) price. Daily funding = sum of the 24 hourly rates settled in the UTC day. Annualized = daily funding × 365. 7D and 30D = means of the last 7 and 30 annualized days. Cumulative funding = running sum of the daily funding since 2024-12-06.
How to read it
A perpetual futures contract has no expiry date, so something else has to keep its price close to the token's spot price: funding. Every hour on Hyperliquid, one side of the HYPE perpetual pays the other. When the contract trades above the spot price, long positions pay short ones; when it trades clearly below, shorts pay longs. Each bar adds up the 24 hourly payments of a UTC day and scales them to a year: a bar at 20% means that, at that day's pace, a long position would pay 20% of its size over a year.
Even a contract trading exactly at the spot price pays a small fixed interest component, 0.00125% an hour or 10.95% a year: the dotted line above zero. Bars well above it mean traders are paying up to hold leveraged longs; bars below zero mean shorts are the crowded side. The 7- and 30-day lines smooth the day-to-day swings, and the cumulative column in the table and downloads adds up every daily rate since December 2024: what a long position held all along would have paid, as a share of its size.
Funding measures how much traders pay for leverage, not how much leverage there is. Up to October 2026 the highest daily reading was about 226% annualized, on 19 January 2025, and the lowest about −63%, on 10 October 2025, the day of a market-wide crash. Extreme readings show crowded positioning, but the rate itself does not say where the price goes next.
Limitations
- One venue and one contract: the HYPE perpetual on Hyperliquid. Glassnode's funding rate averages several exchanges; Binance and Bybit settle HYPE funding every 4 or 8 hours with their own formulas, and their rates move with ours only loosely.
- The figures come from Hyperliquid's public API, which carries no explicit data licence. No independent archive of Hyperliquid's funding exists without an API key, so the checks use Hyperliquid's own data: every hourly rate is recomputed from the premium it is published with, the daily sums are compared with Hyperliquid's separate legacy statistics series (which stopped updating on 3 April 2026), and the premium with the price gap between the perpetual and Hyperliquid's HYPE/USDC spot market.
- Annualized values are simple (daily × 365), not compounded, and assume one day's rate lasts a year; spikes rarely last more than a few days.
- Each UTC day sums the settlements stamped 00:00 to 23:00, as Hyperliquid's own statistics do, so the 00:00 payment covers the last hour of the previous day. The history starts on 2024-12-06, the first full day after the contract listed; Hyperliquid's legacy series reports different sums for 6 of the first 9 days.
Historical examples
Selected mechanically: the lowest and highest closed-day Funding Rate (annualized) in the available history (2024-12-06 to 2026-10-22). These are observations, not forecasts or trading signals.
2025-01-19
Funding Rate (annualized): 226.12%.
HYPE price in the same daily row: $20.01. This is a descriptive reference point in this dataset; it does not establish a market top, bottom or future return.
Download these closed daily observations (JSON)
Source: Computed by Black Almanak from the hourly funding rates of the HYPE perpetual on Hyperliquid, summed by UTC day and annualized (x 365). Price source: Coin Metrics Community Data, HYPE (CC BY-NC 4.0). Daily history since 2024-12-06, the first full UTC day after the HYPE perpetual listed on Hyperliquid (2024-12-05). Methodology and sources.