Calculate funding fees for perpetual futures positions with real-time Hyperliquid rates. See hourly, daily, monthly and annual funding costs for long and short positions.
You pay funding as a long when the rate is positive. Funding is settled every hour on Hyperliquid.
A funding rate is a periodic payment exchanged between long and short traders in perpetual futures markets. Unlike traditional futures contracts that expire on a set date, perpetual futures have no expiry — the funding rate mechanism keeps their price anchored to the underlying spot price.
When the perpetual price trades above the spot price (contango), the funding rate is positive — longs pay shorts. When it trades below (backwardation), the funding rate is negative — shorts pay longs. This creates a financial incentive that continuously pulls the perpetual price toward spot.
Hyperliquid settles funding every hour, unlike centralized exchanges like Binance and Bybit that use 8-hour intervals. This means more frequent but smaller payments, and more responsive funding rate adjustments to market conditions.
The funding rate displayed is the hourly rate. To calculate your funding cost: multiply your position size in USD by the funding rate. For a $10,000 long position with a 0.001% hourly rate, you would pay $0.10 per hour, or $2.40 per day.
Funding Fee = Position Size × Funding Rate
Daily Cost = Hourly Fee × 24
Annual Cost = Hourly Fee × 8,760
If the funding rate is positive and you are long, you pay the funding fee. If you are short, you receive it. The opposite applies when the rate is negative. The funding fee is deducted from (or added to) your margin balance every hour on Hyperliquid.
A "normal" funding rate typically ranges from -0.01% to 0.01% per hour. Rates significantly above or below this range indicate strong directional bias in the market. Very high positive rates can signal overleveraged longs and a potential correction.
Yes. Negative funding rates mean short holders pay long holders. This happens when the perpetual price is below spot, typically during bearish conditions. Traders sometimes open long positions specifically to earn negative funding.
Funding rate arbitrage involves holding a position on the perpetual futures market while taking the opposite position on spot or another exchange. Traders collect funding payments while staying market-neutral. This strategy works best when funding rates are consistently high in one direction.
Yes. Funding rates vary across exchanges because they depend on each platform's own supply and demand dynamics. The same asset can have a positive rate on one exchange and a negative rate on another. Settlement intervals also differ — some settle hourly, others every 8 hours.
Funding payments accumulate continuously. For large positions held over days or weeks, funding can significantly impact your total PnL — sometimes more than the price movement itself. Always factor in projected funding costs when planning to hold leveraged positions for extended periods.