Perpetuals on Hyperliquid

Funding is paid every hour, computed as one eighth of an eight-hour rate. It combines a fixed interest component of 0.01% per 8 hours, which is 11.6% APR paid to shorts, with a premium tracking the gap to the oracle price. The total is capped at 4% per hour.

Open interest is the total notional value of perpetual positions currently open. Read it next to volume: rising open interest alongside a rising price means new positions are funding the move, while a drop points to positions closing or being liquidated.

Crypto majors and long-tail assets trade on the core venue. Builder-deployed markets under HIP-3 extend the range to equities, foreign exchange and commodities, each run by its own deployer on the same matching engine.