By Keel Research Team · Updated May 12, 2026
Project the funding cost (or income) of holding a Hyperliquid perp position over time. Enter side, size, hours, and funding rate — see the USD amount you'll pay or receive, plus the annualized rate if the regime persists.
HL convention: positive = longs pay shorts. Typical 1h rates: ±0.001% to ±0.05%.
Hyperliquid funding settles every hour. The trader-facing math is:
funding_cost = side_sign × size × rate_per_hour × hoursWhere side_sign is +1 for long, −1 for short. A long in a positive-funding regime pays; a short in the same regime receives. The calculator surfaces both the USD impact and the annualized projection (rate × 8760).
Why the annualized number matters less than it looks: HL funding rates flip routinely — a pair carrying 100% APR for hours can flatten or invert around a news event or large flow shift. Use the APR as order-of-magnitude framing, not a projection.
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Hyperliquid settles funding every hour. The protocol computes a per-hour rate based on the divergence between perp price and an oracle reference. When the perp trades above oracle, longs pay shorts; below, shorts pay longs. The exact rate is small per hour (typically ±0.001% to ±0.05%) but compounds meaningfully on multi-day holds.
Multiply by 8760 (hours in a year). A 0.01%/hr rate → 87.6% APR. The number won't materialize because funding rates flip routinely, but it's the right unit for comparing the carry across pairs and against other yield sources.
Positive funding means longs pay shorts. If you're long and funding is positive, every hour you're net paying that rate × your position size. Multi-day longs in heavily-positive funding regimes can wipe out reasonable gross PnL — that's why the funding cost layer matters.
Yes — that's the carry trade. Short the perps with the highest positive funding, hedge directional exposure with spot or another long perp, collect funding while market-neutral. The Funding Rate Screener finds the candidate pairs; the Funding Carry strategy template walks through the full pipeline.
Build a strategy in Keel that filters HL perps by funding-rate percentile, sizes the position, hedges directional exposure, and rolls hourly. Backtest with realistic fees + funding modeled, optimize parameters, deploy live with funding-aware execution.
Top-30 HL perps by current funding rate, annualized. Find the highest-carry pairs right now.
Cross-sectional screen for high-funding low-volatility carry candidates.
Documented carry strategy with real backtest numbers — Sharpe 2.17 on a HL implementation.