Hyperliquid Funding Rate
Hyperliquid annualized funding rate
| Property | Value |
|---|---|
| Category | Market Data |
| Unit | % |
| Resolution | 1d |
| Assets | BTC |
| Tier | Pro |
| API Endpoint | GET /v1/funding/exchange |
| Field | annualized_apr |
Overview
Annualized perpetual funding rate on Hyperliquid, the leading decentralized perpetual futures exchange. Built on its own L1 blockchain, Hyperliquid represents the cutting edge of on-chain derivatives — all trades, liquidations, and funding settlements happen transparently on-chain.
How Hyperliquid Calculates Funding Rate
Hyperliquid uses a unique hourly funding settlement model:
Funding Rate = clamp(Premium / 8, −cap, +cap)
- Premium: The deviation between the mark price and the oracle price (Pyth Network price feeds), measured at settlement time.
- Hourly settlement: Unlike CEXs that settle every 8 hours, Hyperliquid settles every hour. The rate is divided by 8 to keep it comparable to 8-hour rates.
- Fully on-chain: Every funding payment is verifiable on Hyperliquid's L1 — there is no trust assumption in the calculation.
For cross-exchange comparison, Blocklens normalizes Hyperliquid's hourly rate to an 8-hour equivalent by aggregating 8 consecutive hourly settlements.
Interpretation
- Hyperliquid funding reflects DeFi-native and on-chain trader positioning — a distinct cohort from CEX users
- Hourly settlement creates more granular funding data, useful for intraday analysis
- Hyperliquid funding can diverge from CEXs during periods of on-chain vs off-chain sentiment disagreement
- As a fully decentralized venue, Hyperliquid funding is immune to exchange manipulation — the rate is purely market-driven
- Hyperliquid has grown rapidly, often ranking 4th–5th by BTC perp open interest
Use Cases
- DeFi-native sentiment: Hyperliquid funding reflects what on-chain traders think, separate from CEX positioning
- Comparing DEX (Hyperliquid) vs CEX (Binance) funding to detect on-chain/off-chain divergence — a powerful market structure signal
- Monitoring the growing structural importance of decentralized derivatives in the BTC market
- Transparency analysis: funding data is fully verifiable on-chain, unlike CEX self-reported rates
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/funding/exchange?exchange=hyperliquid&start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- Annualized Funding Rate (OI-Weighted) — OI-weighted average annualized funding rate across 7 exchanges
- Futures Open Interest — Total futures open interest across all exchanges in USD
- Binance Funding Rate — Binance annualized funding rate