Hyperliquid charges funding every hour, and it quotes the rate per hour too. That makes the numbers look tiny next to exchanges that settle every 8 hours: 0.00125% sounds like nothing. Held for a year at that rate, though, a position pays or collects about 11% of its value. This post shows how the rate is set, how to convert it so you can compare it with other exchanges, and what funding does to a real trade.
How the hourly rate is set
Hyperliquid's funding rate has two parts.
An interest part, fixed at 0.01% per 8 hours, which is 0.00125% an hour. This is the rate you see when the perp trades in line with its oracle price.
A premium part, which measures how far the perp is trading from the oracle price. Hyperliquid samples the premium every 5 seconds and averages it over the hour. When the perp trades above the oracle, the premium pushes the rate up and longs pay more. When it trades below, the rate falls and can go negative, and then shorts pay longs.
When the premium is small, the formula pulls the rate to the interest part, which is why funding so often sits at exactly 0.00125%. The rate is capped at 4% an hour.
Each payment is your position size times the oracle price times the rate. Hyperliquid uses the oracle price here, not the mark price, so the payment can differ slightly from what you would get from the price on your screen.
Comparing it with 8-hour exchanges
To compare Hyperliquid with an exchange that settles every 8 hours, multiply the hourly rate by 8. To see what a rate costs over a year, multiply it by 24 and then by 365.
| Hourly rate on Hyperliquid | Same rate per 8 hours | Over a year |
|---|---|---|
| 0.00125% | 0.01% | 10.95% |
| 0.0025% | 0.02% | 21.9% |
| 0.01% | 0.08% | 87.6% |
So Hyperliquid's baseline of 0.00125% an hour is the same as the 0.01% per 8 hours that Binance and Bybit charge when their perps trade near the index. The year column assumes the rate never changes, which it does, but it shows why a rate that looks like rounding error matters on a position you hold for weeks.
You can run your own numbers in the free funding fee calculator: enter the position value, the hourly rate, 1 hour as the funding interval and how long you plan to hold.
A worked example: a short that collects funding
When the rate is positive, longs pay and shorts collect. Say you short 10 ETH at $4,000, a position worth $40,000. Longs are crowded, and funding averages 0.0025% an hour, twice the baseline, for the 72 hours you hold. You close at $3,960. Both fills are taker fills at Hyperliquid's base rate of 0.045%.
| Line | How it is worked out | Amount |
|---|---|---|
| Price move | 10 × ($4,000 − $3,960) | $400.00 |
| Entry fee | $40,000 × 0.045% | −$18.00 |
| Exit fee | $39,600 × 0.045% | −$17.82 |
| Funding received | 72 hours × ($40,000 × 0.0025%), so 72 × $1.00 | +$72.00 |
| Net PnL | $436.18 |
A journal that has the fees but not the funding records $364.18. The account made $436.18, about 20% more. For a long the error runs the other way: the same 72 hours would have cost a long $72, and a journal without funding would show that trade as better than it was. To keep the arithmetic simple, funding here is worked out on the $40,000 entry value; in reality each hour uses the oracle price at that hour.
If you trade on Hyperliquid, connect your wallet address to a free Viktury journal and every trade's PnL includes the hourly funding it paid or received.
What Viktury does with it
In Viktury's Hyperliquid trading journal, you add an account with your wallet address and no key. Each hourly funding payment, paid or received, is attached to the perp trade that was open when it was charged, so a three-day short carries all 72 payments and its net PnL includes them. Fees come in as each fill actually paid them, and a maker rebate shows as a negative fee.
For what a Hyperliquid perp costs once fees and funding are both counted, and how the wallet-address sync works, see the Hyperliquid trading journal post.
Open a free Viktury account and paste your Hyperliquid wallet address.