Hyperliquid Open Interest and Funding Rates
Open interest, hourly funding and day volume for every Hyperliquid perp market, read from HyperCore state and pinned to its L1 block.
HyperliquidTable · StrataPlanned
Perp DEX Funding Rates: BTC, ETH and Major Markets
What are BTC and ETH perpetual funding rates on decentralized exchanges right now, and how do venues compare?
Current and average funding rates for BTC, ETH and other major perpetuals on each covered perp DEX, annualized so venues can be compared.
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Blueprint
What the table will hold.
The table as it will open in Strata. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
One row One row per market per venue, at the latest settled funding intervalSorted by Open interest, highest first
| Market | Venue | Chain | Funding interval | Current rate, annualized | 7-day average, annualized | 30-day average, annualized | Gap to median venue | Open interestUSD | Source | Receipt |
|---|---|---|---|---|---|---|---|---|---|---|
- Market market Token
- The perpetual's underlying asset, such as BTC or ETH, as the venue lists it.
- Venue venue Text
- The perp DEX the rate comes from.
- Chain chain Chain
- The chain the venue settles on, or the chain whose state the rate is read from.
- Funding interval interval Text
- How often the venue settles funding: hourly, every eight hours or continuously.
- Current rate, annualized rate_now Percent
- The latest settled rate scaled to a year without compounding; positive means longs pay shorts.
- 7-day average, annualized rate_7d Percent
- The time-weighted average of every settled rate over the last seven days, annualized.
- 30-day average, annualized rate_30d Percent
- The time-weighted average of every settled rate over the last thirty days, annualized.
- Gap to median venue gap_to_median Percent
- This venue's current annualized rate minus the median across venues for the same market.
- Open interest open_interest Exact amount
- Open interest in this market on this venue at the same read, one side.
- Source source Text
- On-chain where the rate is read from chain state, venue-reported where the venue publishes it.
- Receipt receipt Link
- The settlement, block and read behind the current rate.
Filter by Market, Venue, Source.
About
What it answers, and for whom.
A perpetual future stays close to its index price through funding: when the perp trades above the index, longs pay shorts, and when it trades below, shorts pay longs. Each perp DEX sets funding its own way. Hyperliquid and dYdX settle it every hour and GMX moves a rate that adapts to the imbalance between longs and shorts, while Jupiter Perps charges borrow fees instead of funding.
This table puts them on one footing. Every rate is converted to the same annualized percentage, with its settlement interval and sign convention stated, and shown now and averaged over seven and thirty days. Rates read from a chain's own state are marked on-chain; rates published by venues that match off-chain are recorded with their source and marked venue-reported.
Sort by the current rate to see which venues pay longs or shorts the most, or filter to one market to line its venues up side by side. Each row opens the settlements behind its current rate and its averages.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Hyperliquid funding is read from HyperCore's hourly funding history per coin, dYdX funding from dYdX Chain's hourly settlements, and GMX funding from each market's funding factor in its DataStore at the read block.
- Every rate is converted to an annualized percentage from its own interval: an hourly rate is scaled by the hours in a year and a continuous factor by the seconds in a year, never compounded.
- The sign convention is the same everywhere: positive means longs pay shorts. Venues that charge borrow fees instead of funding are labelled rather than forced into the rate columns.
- Seven-day and thirty-day averages are time-weighted over every settled interval in the window, so a venue that settles hourly and one that accrues continuously are averaged the same way.
The data it needs
Chain data, with some off-chain sources
- perps_markets_dailyTo buildOn-chain perpetualsVolume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- HyperCore hourly funding history per coin, with the L1 block of each read
- dYdX Chain hourly funding settlements per market
- GMX v2 funding factors per market from its DataStore at the read block
- Velocity, Lighter and Aster funding from chain state where it exists, or from their published data with its source
- Open interest per market and venue at the same reads
Questions
Questions people ask.
What is a funding rate?
A periodic payment between longs and shorts on a perpetual future that keeps its price near the index. When the perp trades above the index, longs pay shorts; when it trades below, shorts pay longs. The rate is set from that gap, often plus a small interest component.
How is an annualized funding rate calculated?
The rate for one interval is scaled by the number of such intervals in a year: an hourly rate by the hours in a year, a rate paid every eight hours by the number of eight-hour periods. The table scales without compounding, so venues with different intervals compare on the same basis.
Why do funding rates differ between perp DEXs?
Venues use different formulas, caps, intervals and price sources, and they serve different traders. Where most traders on a venue are long, its longs pay more funding until arbitrage narrows the gap, so rates for the same asset can stay apart for a while.
What does negative funding mean?
Shorts are paying longs, because the perp is trading below its index. On a venue that settles hourly, a negative rate means each hour's payment flows from shorts to longs until the price gap closes.
Why are some rates marked venue-reported?
Some venues match and settle funding off-chain or publish it only through their own interface. Their rates are recorded with that source and the time of the read, while rates read from Hyperliquid's, dYdX Chain's or GMX's own state are marked on-chain.
- Funding interval
- How often a venue settles funding: every hour, every eight hours or continuously.
- Premium
- The gap between a perp's price and its index price, which funding formulas are built on.
- Annualized rate
- A per-interval rate scaled to a year without compounding, so venues with different intervals can be compared.
- Mark price
- The price a venue uses to value positions and margin, usually blended from its order book and an index.
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