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Funding rate
The hourly payment between longs and shorts that keeps a perp's price near its oracle price.
A perpetual future never expires, so nothing forces its price back to the asset's price elsewhere. Funding does: every hour, one side pays the other a share of their position's value.
On Hyperliquid the rate has two parts. A small interest rate makes longs pay shorts by default: 0.01% per 8 hours on the main exchange, about 11% a year. The premium, how far the perp trades from its oracle price, takes over once it leaves a band around that interest rate: the further above, the more longs pay; far enough below, shorts pay longs.
Payments are made at the top of every hour and are capped at 4% an hour. Builder exchanges set their own interest rate, band and a multiplier that scales the whole rate.
On 2026-10-04, 154 of the 178 live main-exchange perps sat exactly at the base rate of 10.95% a year; across all 330 live perps the rate ran from −469% to +540% a year.
Live
Every live perp by its funding rate per year, now: grey at the base rate, blue where the premium sets it.