Hyperliquid
Hyperliquid funding rates: hourly costs explained
Hyperliquid settles perpetual funding hourly. With a positive rate, longs pay shorts; a negative rate reverses that direction. Payments use position size, the settlement oracle price and the applicable rate. WalletFollow’s Markets page shows an observed hourly rate with a timestamp, which is useful context rather than a promise of the next payment or a wallet’s historical funding total.
Where can you check observed Hyperliquid funding rates?
Open WalletFollow’s Markets page and compare the Hourly funding column. Select a market for its Hourly funding rate, Oracle price, Mark price and observation time. The public catalog covers main-dex perpetual markets; it does not establish a complete view of builder-deployed markets.
Keep the sign and timestamp in your research note. An observed rate can change after collection, and an unavailable snapshot should remain unavailable. The BTC page is one example of the same market view, not a recommendation to trade BTC.
Calculate an hourly funding example
Hypothetical example: two units at an oracle price of $5,000 give $10,000 of funding notional. At a positive hourly rate of 0.01%, that interval’s payment is $1 from the long side to the short side. Eight identical intervals would total $8 only if position size, oracle price and rate all stayed the same.
Use the oracle valuation for funding arithmetic; the displayed mark-price notional is a different measurement. Apply the hourly rate once per hourly settlement, rather than treating an eight-hour formula or an annualized display as a second hourly charge.
Separate the current rate, market history and wallet payments
These answer three different questions: the current market context describes a rate observed now; historical market rates describe past settlements; an account’s funding ledger describes what that account actually paid or received. Hyperliquid documents separate market fundingHistory and account userFunding reads. WalletFollow’s public market snapshot is not a funding-history chart or an individual account ledger.
For a wallet comparison, record the held position and time window, then reconcile actual ledger payments where available. Do not multiply today’s displayed rate across an old holding period and label the result historical cost. If an account’s funding history is unavailable, say so instead of assuming zero.
Funding is separate from entry and exit fees
An execution fee arises when an order fills; funding can affect a held perpetual without another fill. Compare the funding ledger with the fee and PnL definitions before adding costs. A displayed unrealised price gain is not necessarily the full net outcome.
Leader and follower accounts can enter at different times and hold different quantities. Their funding totals can therefore differ even when they follow the same directional idea. A copy-performance comparison needs each account’s own evidence.
Annualized displays can be misleading
A large annualized percentage can result from multiplying one short interval across a year. It does not show that the same payment will persist. Funding can vary, reverse or be outweighed by market losses. Treat an annualization as a conditional arithmetic display rather than a yield guarantee.
A delta-neutral-looking position also has basis, execution and margin risk. Public wallet data may show only one side of a hedge. Do not call an account a funding strategy merely because its observed direction currently receives payments.
What to review when funding looks expensive
Revisit the reason for the exposure, its size and the intended holding duration. Reducing notional or holding through fewer intervals changes the funding arithmetic, but reducing or closing exposure can incur execution costs and change the strategy. Changing a leverage setting alone does not reduce funding if position size remains unchanged.
For a long-only objective, compare whether spot exposure fits the purpose instead of assuming a perpetual is required. Spot is a different instrument with different capital and trading risks; it is not a replacement for every hedge or short position. This guide does not establish spot copy-execution availability in WalletFollow. A high funding rate alone is not a reason to reverse direction or choose an instrument.
- Check position direction, rate sign and observation time.
- Compare funding with intended duration and other costs.
- Keep actual ledger payments separate from estimates.
- Reassess market and margin risk as well as funding.