# Hyperliquid Open Interest and Funding Rates

> Hyperliquid open interest by market, the funding rate each market pays every hour and daily volume, read from HyperCore state, with open interest history.

Markdown copy of https://voltfincrypto.com/apps/hyperliquid-open-interest-funding

**Question:** How much open interest does Hyperliquid carry, and what is each market paying in funding?

- Kind: Dashboard in Voltfin Vantage
- Topic: [DeFi](https://voltfincrypto.com/topics/defi)
- Chains: Hyperliquid
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Hyperliquid runs its perpetual futures on HyperCore, the order book layer of its own chain, so every market's open interest, funding and volume is part of chain state. This dashboard reads that state for each market: how much leverage is open, what longs or shorts pay each hour and how much traded over the last day.

Open interest is counted once: the size of all open longs, which always equals the size of all open shorts, valued at the market's oracle price. Funding is the hourly rate the chain settled: positive means longs pay shorts, negative means shorts pay longs. Every figure names the L1 block it was read at.

Use it to see which markets carry the most leverage, where funding runs unusually high or low and how open interest built up or unwound around a sharp move. The history page keeps one snapshot per day, so each change compares the same moment of the day.

## Blueprint

### Now

Open interest, funding and volume across every market at the latest read.

- **Open interest, all markets** (USD): The one-sided open interest of every listed perp market at the latest read, each valued at its oracle price and added up.
- **Volume, last 24 hours** (USD): Notional traded across all markets over the trailing day, from each market's dayNtlVlm at the same read.
- **Funding, weighted by open interest** (%): The hourly funding rate of every market weighted by its open interest: what holding leverage costs across the venue this hour.
- **BTC funding, this hour** (%): The hourly funding rate of the BTC perp at the latest read; positive means longs pay shorts.
- **Open interest by market** (USD): Each market's share of open interest at the latest read, sized by its USD value at the oracle price.
- **Every market**: Each market with open interest in coins and USD, hourly and annualized funding, the premium of mark over oracle, day volume and maximum leverage.

### History

How open interest and funding moved by day and by hour.

- **Open interest, 30-day change** (%): Change in total open interest between today's daily snapshot and the one thirty days earlier.
- **Average funding, 30 days** (%): The average hourly funding rate of the selected market over the last thirty days.
- **Hourly funding** (%): The funding rate the selected market settled each hour over the period, with its premium component.
- **Open interest by day** (USD): Open interest at each day's first L1 block after 00:00 UTC, the largest markets shown apart and the rest grouped.

Filters: Market (Every perp market Hyperliquid lists, or all markets together); Period (Last 7, 30 or 90 days).

## How it will be measured

- Open interest, funding, premium, mark price, oracle price and day volume come from the metaAndAssetCtxs read of HyperCore for every listed perp market, stored with the L1 block height of the read.
- Open interest is one side of the book, in coins and in USD at the oracle price; longs and shorts are never added together, so the figure is not doubled.
- Hourly funding comes from fundingHistory per market, the rate settled each hour with its premium component; annualized funding is the hourly rate times the hours in a year, a plain multiple.
- History uses a snapshot at the first L1 block after 00:00 UTC each day, and every figure carries a receipt: the block height, the request sent and the time of the read.

## Data it needs

- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- Source: HyperCore metaAndAssetCtxs per perp market: openInterest, funding, premium, markPx, oraclePx and dayNtlVlm, stored with the L1 block height of the read
- Source: HyperCore fundingHistory per coin: the hourly funding rate and premium
- Source: HyperCore perp universe metadata per market: szDecimals, maxLeverage and onlyIsolated
- Source: Daily snapshots at the first L1 block after 00:00 UTC for open interest history

## Questions

### What is open interest on Hyperliquid?

The total size of perpetual positions still open in a market. Every long is matched by a short, so this dashboard counts one side only, in coins and in USD at the oracle price, rather than adding longs and shorts together.

### How often is funding paid on Hyperliquid?

Every hour. The rate comes from how far the order book's impact prices sit from the oracle price, sampled through the hour and averaged, plus a small interest component, within a cap. A positive rate means longs pay shorts; a negative one means shorts pay longs.

### Why do Hyperliquid open interest figures differ between sources?

Some sources add longs and shorts together, which doubles the figure, and some value positions at the mark price instead of the oracle price. This dashboard states its choice, one side at the oracle price, and names the block of every read.

### What does a high funding rate mean?

Traders on one side are paying heavily to keep their positions open, usually because demand to be long or short outweighs the other side. It describes the cost of holding a position, not where the price will go next.

### Are HIP-3 markets included?

Not in the main view, which covers the perp markets Hyperliquid lists itself. Builder-deployed HIP-3 markets run as separate perp DEXs with their own oracles and fee settings, so they have their own dashboard.

## Glossary

- **Open interest**: The total size of open perpetual positions in a market, counted on one side, since every long has a matching short.
- **Funding rate**: A periodic payment between longs and shorts that keeps a perpetual's price close to its oracle price. Hyperliquid settles it every hour.
- **Oracle price**: The reference price Hyperliquid validators publish for each market from external spot prices; funding measures the book against it.
- **HyperCore**: The part of the Hyperliquid chain that runs order books, margin and funding natively, beside the HyperEVM smart-contract layer.

## Related apps

- [Hyperliquid HIP-3 Markets: Equity and RWA Perps](https://voltfincrypto.com/apps/hyperliquid-hip3-markets)
- [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share)
- [Hyperliquid Whale Tracker: Largest Open Positions](https://voltfincrypto.com/apps/hyperliquid-whale-tracker)
- [Bitcoin Open Interest and Funding Rates by Venue](https://voltfincrypto.com/apps/bitcoin-open-interest-funding-rates)
- [DeFi Liquidations Tracker: Lending and Perp DEXs](https://voltfincrypto.com/apps/defi-liquidations-tracker)
- [Hyperliquid HLP Vault Returns and Equity](https://voltfincrypto.com/apps/hyperliquid-hlp-vault)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F