HYPE funding rate: what holding a HYPE perp cost, measured
A $1,000 HYPE long on Hyperliquid paid a median $9.65 in funding per 30 days, the most of 24 coins we measured. Daily, weekly and monthly numbers.
On Hyperliquid, holding a $1,000 HYPE long for 30 days cost a median 0.97% of the position in funding alone, or $9.65. That is from April 2025 to September 2026. It is the highest of the 24 Hyperliquid coins we measured, above BTC (0.68%), ETH (0.64%) and SOL (0.39%). HYPE funding was negative in only 7.76% of the 13,152 hours we measured. These are past cases, not a forecast.
For the same measures across all 24 coins, see Hyperliquid funding rate history.
What is funding on a perp?
A perp is a futures contract that never expires. Funding is a small payment that traders on one side of a perp pay the other side. On Hyperliquid it is paid every hour. When the rate is positive, longs pay shorts. When it is negative, shorts pay longs. A long profits if the price rises, and a short profits if it falls. Our funding explainer covers why it exists.
We write rates in basis points (bp). One bp is one hundredth of one percent. So 1/8 bp per hour is 0.00125% per hour.
How often was HYPE funding negative?
The table shows all recorded hourly rates on Hyperliquid for four coins, from April 1, 2025 to September 30, 2026. No hours were missing. The last column is the average hourly rate stretched over a year, with no compounding. It is a simple way to compare coins, not money anyone earned.
| Coin | Hours measured | Negative hours | Median hour | 95th percentile hour | Average on a yearly scale |
|---|---|---|---|---|---|
| HYPE | 13,152 | 7.76% | 1/8 bp | 0.52 bp | 13.34% |
| BTC | 13,152 | 15.37% | 1/8 bp | 0.16 bp | 7.93% |
| ETH | 13,152 | 16.99% | 1/8 bp | 0.18 bp | 7.47% |
| SOL | 13,152 | 30.47% | 0.11 bp | 0.14 bp | 2.92% |
The 95th percentile is the rate that 95 out of 100 hours stayed below. HYPE's typical hour matched BTC's and ETH's. The difference is in the high hours: HYPE's 95th percentile hour was 0.52 bp, more than three times BTC's 0.16 bp. Of all 24 coins in our Hyperliquid funding history, HYPE had the highest yearly-scale average.
What does a HYPE long cost to hold for 1, 7 or 30 days?
We took every recorded hour as a start and added up the next 24, 168 or 720 hourly rates (1, 7 or 30 days). That sum is the cost of a long worth the same as the money behind it (1x), held with no change in size. A positive cost means the long paid.
| Hold time | Windows | Median cost | 90th percentile | Worst 1% | Windows where the long was paid |
|---|---|---|---|---|---|
| 1 day | 13,129 | 0.03% ($0.30 per $1,000) | 0.07% ($0.74) | 0.16% ($1.59) | 4.74% |
| 7 days | 12,985 | 0.21% ($2.10) | 0.51% ($5.11) | 0.87% ($8.68) | 1.89% |
| 30 days | 12,433 | 0.97% ($9.65) | 1.97% ($19.65) | 2.87% ($28.72) | 0.00% |
Read the 90th percentile as a "bad case": 9 in 10 windows cost less. A 7-day window cost 0.51% or less in 90% of cases. For scale, our studies use an example taker fee of 0.05% per side, or 0.10% for going in and out. A median week of HYPE funding was larger than that fee. A median day was smaller.
One warning about the 30-day row. The windows overlap, because every hour is a start. They cover only 18 separate 30-day blocks. So the "worst 1%" of 2.87% is really the worst month of the 18, not a 1-in-100 event.
Did a HYPE short pay or get paid?
The short side is the mirror image. When the long pays, the short is paid.
| Hold time | Short was paid | Median for a short | Worst 1% for a short |
|---|---|---|---|
| 1 day | 95.26% of windows | received 0.03% | paid 0.02% ($0.19 per $1,000) |
| 7 days | 98.11% | received 0.21% | paid 0.03% ($0.31) |
| 30 days | 100.00% | received 0.97% | still received 0.31% ($3.14) |
In this period, funding was mostly a payment from HYPE longs to HYPE shorts. That is a fact about funding. It does not make a short a good idea. Funding leaves out the price. If the HYPE price rises while you are short, the loss on the price can be much larger than the funding you collect. We did not measure price moves here.
How did HYPE funding compare with BTC, ETH and SOL?
The table shows the median cost of a 1x long in dollars per $1,000, and how often the long was paid, using the same windows.
| Coin | 1 day | 7 days | 30 days | 30-day windows where the long was paid |
|---|---|---|---|---|
| HYPE | $0.30 | $2.10 | $9.65 | 0.00% |
| BTC | $0.25 | $1.56 | $6.84 | 4.01% |
| ETH | $0.25 | $1.46 | $6.37 | 2.87% |
| SOL | $0.16 | $0.92 | $3.86 | 33.68% |
SOL's longs were paid in a third of 30-day windows. HYPE's were paid in none. The bad case was also worse for HYPE: the worst 1% of 30-day windows cost a long 2.87% for HYPE and 1.60% for BTC. For both, that is in effect the worst month of the 18.
Did HYPE funding change by month?
Yes, a lot. The median hour stayed at 1/8 bp in all 18 months. What changed was how often hours were far above or below that level.
| Month | Negative hours | Average on a yearly scale | Median 30-day long cost |
|---|---|---|---|
| Apr 2025 | 7.92% | 11.62% | 1.51% |
| May 2025 | 2.69% | 32.88% | 2.73% |
| Jun 2025 | 3.89% | 19.82% | 1.57% |
| Jul 2025 | 1.48% | 26.77% | 1.81% |
| Aug 2025 | 5.91% | 14.06% | 1.20% |
| Sep 2025 | 7.08% | 17.26% | 1.40% |
| Oct 2025 | 9.01% | 10.23% | 0.95% |
| Nov 2025 | 5.97% | 12.27% | 1.00% |
| Dec 2025 | 0.40% | 12.06% | 0.97% |
| Jan 2026 | 1.88% | 11.71% | 0.92% |
| Feb 2026 | 14.14% | 7.02% | 0.38% |
| Mar 2026 | 13.84% | 6.87% | 0.59% |
| Apr 2026 | 21.39% | 5.08% | 0.56% |
| May 2026 | 14.65% | 7.44% | 0.90% |
| Jun 2026 | 3.89% | 13.95% | 0.88% |
| Jul 2026 | 6.85% | 9.39% | 0.76% |
| Aug 2026 | 8.74% | 11.76% | 0.93% |
| Sep 2026 | 10.69% | 9.12% | 0.75% (1 window) |
The last column counts windows that start in that month. September 2026 has only one, because the data ends on September 30. A 30-day long starting in May 2025 cost a median 2.73%. One starting in February 2026 cost 0.38%. A month of high funding did not tell you what the next month would be.
What does this data not show?
It shows funding only: no price move, no fee to open and close, no spread, and not the money you must put up. Those can be larger than the funding. It covers one exchange and 18 months. Besides BTC, ETH, SOL and HYPE, the 24 coins were picked by how complete their data was, not by size. The windows overlap, so they are far from independent samples. And we did not study why HYPE funding behaved this way.
How we measured this
We used the hourly funding rates Hyperliquid recorded for each coin from April 1, 2025 to September 30, 2026, converted from the archive's rate per eight hours to a rate per hour. We filled no missing hours. For each start hour we added the next 24, 168 or 720 hourly rates, and dropped windows with a gap over 2 hours or that ran past the end. The short cost is the long cost with the sign flipped. Nothing is compounded.
Try this in Comparand
Ask your connected AI agent: "Which days hold funding data for HYPE on Hyperliquid, and are any days incomplete?"
- hl_coverage_calendar shows which archive days hold 1-minute bars, 5-minute bars, funding and labels for one coin, with a status and provenance for each day. It is free.
Then ask: "Get HYPE funding for September 2026 and add up the hourly rates for each 24 hours."
- hl_funding returns the funding rates for one coin over a time window. It costs $0.005 per call on pay as you go, and it is included on a plan under fair-use limits.
- Every answer shows where the data came from and what the call cost.
The Hyperliquid archive starts in April 2025 and covers Hyperliquid only. See the docs to connect your agent, or try 3 coins free to explore past charts. These are past cases, not a forecast.
The short version
- From April 2025 to September 2026, HYPE funding was negative in 7.76% of hours, against 15.37% for BTC and 30.47% for SOL.
- Holding a $1,000 HYPE long cost a median $0.30 over a day, $2.10 over a week and $9.65 over 30 days, in funding only.
- The 30-day worst case of 2.87% is the worst month of 18, not a 1-in-100 tail.
- HYPE shorts received funding in most windows. Funding is not the price move, and it is not a return.
- Funding changed a lot by month, so the past month told little about the next. For whether high funding came before price drops, see does high funding predict a drop.
Questions people ask
What is the HYPE funding rate on Hyperliquid?
From April 2025 to September 2026, the median hourly HYPE funding rate was 1/8 of a basis point, which is 0.00125%. The 95th percentile hour was 0.52 basis points. Positive means longs pay shorts.
How often is HYPE funding negative?
HYPE funding was negative in 7.76% of the 13,152 hours we measured. That is less often than BTC (15.37%), ETH (16.99%) or SOL (30.47%). The share changed by month, from 0.40% in December 2025 to 21.39% in April 2026.
How much does it cost to hold a HYPE long for 30 days in funding?
The median was 0.97% of the position, or $9.65 per $1,000, across 12,433 overlapping 30-day windows. The worst month of the 18 cost 2.87%, or $28.72 per $1,000. This is funding only. Price moves and fees are not included.
Do HYPE shorts get paid funding?
In this history, mostly. A short received funding in 95.26% of 24-hour windows, 98.11% of 7-day windows and every 30-day window. Funding says nothing about the price move, which can cost far more than the funding earned.