Hyperliquid perpetual funding settles hourly. A positive rate means longs pay shorts; a negative rate means shorts pay longs. This monitor loads the current hourly rate for active main perpetual and HIP-3 markets, then sums official hourly history for the visible rows to calculate the exact trailing 24-hour rate. Annualized values are clearly labeled comparisons, not forecasts or guaranteed returns.
Which number is the funding rate?
Three related numbers answer different questions, so the tool keeps them in separate columns:
- Current 1h is the market’s current hourly funding rate. It identifies which side pays if that rate applies at settlement.
- Trailing 24h is the sum of the hourly funding records returned during the preceding 24-hour window. It describes what happened; it is not
current rate × 24. - Current-rate annualized multiplies the current hourly rate by 8,760 hours. This is a sensitivity comparison that assumes an unchanged rate, not an expected return.
The 24h annualized column performs a different comparison: it multiplies the observed trailing one-day sum by 365. If the current rate recently changed, the two annualized values can be very different. That disagreement is useful context rather than an error.
How to read who pays
When funding is positive, long positions pay short positions. When it is negative, shorts pay longs. The table colors the economic effect from the payer’s perspective: positive funding is a cost to longs, while negative funding is a cost to shorts.
Receiving funding is not the same as earning a risk-free yield. A trader still carries mark-price risk, liquidation risk, fees, spread, and any change in position size. The actual amount transferred depends on the position at each settlement, so a rate history alone cannot reconstruct one wallet’s realized funding cash flow.
Why 24-hour history loads only for visible rows
Current market contexts can be loaded in a small number of official requests: one for main perpetuals and one for each active HIP-3 DEX namespace. Funding history is different because the official request takes a single coin. Loading hundreds of histories immediately would create avoidable latency and rate-limit pressure.
The monitor therefore loads live current fields for the complete active universe, then requests exact hourly history for the first 20 visible rows. Search, filter, or change the sort to bring another market into view; its history is then loaded and cached in the browser. “Show 20 more” expands both the table and the history queue.
What open interest and volume add
An extreme rate in a thin market is not directly comparable with the same rate in a market carrying much larger open interest. Open interest is converted to dollars using the current mark, while 24-hour volume uses the official day-notional field. These fields help distinguish a broad positioning cost from an isolated, low-liquidity reading.
They still do not turn funding into a signal. In the reference research, extreme rates could persist for only a few hours before the premium converged. Use funding to understand holding cost and crowding, then inspect price, liquidity, position concentration, and the reason for the trade separately.
Reproducibility and limits
Every refresh obtains live public data directly from Hyperliquid in the browser. URL parameters retain market set, payer, minimum open interest, search, and sort filters. CSV export includes current fields for every filtered market and the 24-hour fields already loaded during the session; unloaded histories remain blank rather than being replaced with projections.
API availability, newly listed markets, delistings, and missing hourly records can change coverage. The table reports the number of history observations for each loaded row, shows unavailable history as unavailable, and never converts a missing series into zero funding.