Hyperliquid Funding Rate Calculator

Hourly payments from an 8-hour formula

Hyperliquid’s funding page says it plainly: “The funding rate formula applies to 8 hour funding rate. However, funding is paid every hour at one eighth of the computed rate for each hour.”

That produces the most common mistake with this venue: taking a rate normalised to 8 hours and entering it as though it were paid three times a day. The calculator defaults to 24 payments per day, and the rate field expects the hourly rate. If you have the 8-hour figure, divide by 8.

The funding interval and the cap are the same for every asset, so there is no per-market interval to look up.

How the rate is computed

The published formula, with the clamp bounds written as symbols because their values live on the funding page:

F = P + clamp(interest_rate - P, -c, c)

• P is the average premium index. The premium is sampled at a fixed interval and averaged over the hour.
• Premium = impact_price_difference / oracle_price, where impact_price_difference = max(impact_bid_px - oracle_px, 0) - max(oracle_px - impact_ask_px, 0). Impact prices are the average execution prices for a set notional on each side of the book (the contract specifications page gives that notional).
• The interest component is fixed and paid to shorts. Because of the clamp, when the premium is close to the interest rate the funding rate settles at the interest rate.
• A per-hour cap applies, which the docs describe as “much less aggressive capping than CEX counterparts”.

HIP-3 perps use a different, more responsive premium formula, so if you trade a HIP-3 market, read that section of the funding page before relying on the description above.

Notional uses the oracle price, not mark

The payment is:

payment = position_size × oracle_price × funding_rate

and the docs underline it: “the spot oracle price is used to convert the position size to notional value, not the mark price.”

This matters because Hyperliquid runs two prices with different jobs:

	Oracle price	Mark price
Built from	Stake-weighted median of validators’ weighted medians of external spot prices	Median of three inputs mixing oracle, Hyperliquid’s book and external perp mids
Used for	Computing funding rates and the funding notional	Margining, liquidations, TP/SL triggers, unrealised PnL

So the calculator’s notional field should be size × oracle price, not the position value shown next to your PnL.

Worked example

Illustrative numbers only — read the live rate on Hyperliquid. A long of 2 units, oracle price 3,000, mark price 3,010, and an hourly rate of 0.002% (equivalent to 0.016% on the 8-hour basis the formula uses).

	Value
Notional (oracle)	2 × 3,000 = 6,000 USDC
Per hour	6,000 × 0.002% = 0.12 USDC paid
Per day (24 payments)	2.88 USDC
Over 30 days, rate held constant	86.40 USDC
Annualised	0.002% × 24 × 365 = 17.52% of notional

Using mark notional instead would give 0.1204 per hour — a small error on one payment, but it repeats on every one of the 720 payments in a month.

Enter the same position in a calculator set to 3 payments per day and the result is eight times too small. Annualized funding cost explains why the annualised row is the one to compare across venues.

Who pays whom

A positive rate means longs pay shorts; a negative rate reverses it. Funding is peer-to-peer: “no fees are collected on the payments”, so the amount one side pays is the amount the other side receives. The general method for any venue is in how to calculate funding payments.

Funding and your liquidation price

Hyperliquid’s liquidations page notes that a position’s liquidation price can move because of funding payments. With hourly settlement that erosion is continuous rather than arriving in three steps a day. If you are paying, the Hyperliquid liquidation price calculator gives the level at today’s margin — subtract accrued funding from your margin to see where it has moved.

FAQ

How often is funding paid on Hyperliquid?

Every hour. Hyperliquid's funding formula produces an 8-hour rate, and each hour one eighth of that rate is paid. The docs state that the funding interval and the funding cap do not depend on the asset.

Why does Hyperliquid use the oracle price for funding?

Hyperliquid's funding page specifies that the payment is position size × oracle price × funding rate, and that the spot oracle price, not the mark price, converts the position to notional. The oracle is built from external spot prices, while mark price is used for margining and liquidations. The two can differ, so enter size × oracle price as the notional.

How do I compare Hyperliquid funding with an 8-hour exchange?

Put both on the same interval. Multiply Hyperliquid's hourly rate by 8 to get an 8-hour equivalent, or divide the other venue's 8-hour rate by 8. Comparing an hourly rate directly with an 8-hour rate makes Hyperliquid look eight times cheaper than it is.

Does Hyperliquid take a fee on funding payments?

No. The docs describe funding as purely peer-to-peer, with no fees collected on the payments. What a long pays, shorts receive, and the reverse when the rate is negative.

Is there a cap on Hyperliquid funding?

Yes, a per-hour cap that is the same for all assets, which the docs describe as much less aggressive than centralised-exchange counterparts. The current cap and the interest-rate component are published on Hyperliquid's funding page; read them there rather than from a third-party table.

Related

• Funding rate calculator (general)
• How to calculate funding payments
• Annualized funding cost
• Hyperliquid liquidation price calculator
• Why your liquidation price changes after you open