Hyperliquid Funding Data
Hyperliquid funding recorded hourly, one entry per account and perpetual market: the rate applied, the USDC amount paid, and the position size it covered.
Funding on Hyperliquid is a payment between traders holding opposite sides of a perpetual position, paid every hour, peer to peer, with no fee collected on the payment. Funding data records each hourly funding round with one entry per account and market that held a position: the rate applied, the amount that moved, and the position size the payment was computed against. Funding moves account value, the quantity a liquidation is measured against.
What funding is on Hyperliquid
Funding on Hyperliquid is a payment between traders holding opposite sides of a perpetual position. Hyperliquid’s documentation gives it two properties: “The funding rate on Hyperliquid is paid every hour”, and “Funding is purely peer-to-peer and no fees are collected on the payments”.
Two parameters shape the number. The rate is “capped at 4%/hour”, and the interest rate component is “predetermined at 0.01% every 8 hours, which is 0.00125% every hour”. The computed rate is an 8-hour rate, and “funding is paid every hour at one eighth of the computed rate”. Notional is taken at “the spot oracle price”, not the mark price. The formula and the clamp are in Hyperliquid’s funding documentation.
What the data records
Funding is applied once an hour. Each hourly round carries one entry per account and market that held a position at that moment: the coin, the funding rate for the hour, the signed position size the payment was computed against, and the USDC amount that moved. Entries carry the block height and time of the round.
Why funding belongs in a liquidation study
Funding moves account value, and account value is the quantity a liquidation is measured against. Hyperliquid liquidates a cross position “when the account value (including unrealized pnl) is less than the maintenance margin times the total open notional position”, and it notes that a position’s displayed liquidation price may not be the actual one “due to funding payments or changes in unrealized pnl in other positions”.
A funding series read alongside Hyperliquid liquidations data accounts for part of the drift in an account’s equity between the moment a position opened and the moment it closed. Funding is also the input to basis and carry series in its own right. Available history is delivered as a Snowflake datashare or as files to your own bucket, and real time via Kafka Streaming.
Hyperliquid fields SonarX indexes
| Hyperliquid field | What it is | SonarX indexes it |
|---|---|---|
time | the payment timestamp | ✓ |
coin | the perpetual market | ✓ |
usdc | the funding amount paid or received, in USDC | ✓ |
szi | the signed position size the payment was computed against | ✓ |
fundingRate | the funding rate applied for the hour | ✓ |
Field definitions and mechanics: Hyperliquid's own documentation. Chain overview: indexed Hyperliquid blockchain data.
Frequently asked questions
What is funding on Hyperliquid?
Funding is a payment between traders holding opposite sides of a perpetual position. Hyperliquid's documentation gives it two properties: the funding rate is paid every hour, and funding is purely peer to peer with no fees collected on the payments. The rate is capped at 4% per hour, and the interest rate component is predetermined at 0.01% every 8 hours.
How often is funding paid on Hyperliquid?
Every hour. The computed rate is an 8-hour rate and funding is paid every hour at one eighth of it, with notional taken at the spot oracle price rather than the mark price. The formula and the clamp are in Hyperliquid's funding documentation.
What does Hyperliquid funding data record?
Each hourly funding round, with one entry per account and market that held a position when funding was applied: the coin, the funding rate for that hour, the signed position size it was computed against, and the USDC amount paid or received. Entries carry the block height and time of the round, so they join to fills and position snapshots on the same height.
Why does funding matter for Hyperliquid liquidation analysis?
Funding moves account value, and account value is the quantity a liquidation is measured against. Hyperliquid liquidates a cross position when the account value including unrealized PnL is less than the maintenance margin times the total open notional, and it notes that a displayed liquidation price may not be the actual one due to funding payments. A funding series explains part of the equity drift between a position opening and closing.
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Other Hyperliquid datasets
Hyperliquid Liquidations Data
Hyperliquid marks liquidations on the fill that closes the position, carrying the liquidated user, the mark price and the method used to close it.
Hyperliquid Fills Data
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