Funding rate of the HYPE perpetual on the Hyperliquid exchange, shown annualized.

Perpetual futures have no expiry; to keep their price close to the spot price, longs and shorts pay each other a funding rate every hour. When it is positive, longs pay shorts; when it is negative, shorts pay longs.

The chart shows the daily mean of the hourly rate, annualized (hourly rate × 24 × 365).

High positive values point to crowded long positions and leverage-driven optimism, which can precede corrections. Negative values show that shorts dominate. Compare it with the funding rate on centralized exchanges.

API: Funding Rate · CEX Funding Rate