Funding rates

Pepe funding rate now

PEPE on Hyperliquid

+11.0% a year

That is between zero and the neutral rate: no strong lean either way. Neutral is about +11.0%. Open interest on Hyperliquid is $26.3M.

VenueFunding, annualised
Hyperliquid+11.0%
Binance-14.9%
Bybit-20.2%

The gap between venues is 31.1 points a year: highest on Hyperliquid, lowest on Bybit.

Pepe funding rate history, last 30 days

Over the last 30 days, Pepe funding on Hyperliquid averaged +14.5% a year, above the neutral +11.0%. Shorts paid longs in 9% of hours. The highest day was Sep 19 at +68.4%, the lowest Oct 8 at -14.7%.

Daily averages of Hyperliquid's hourly PEPE funding, annualised, in UTC days; today is so far. Binance and Bybit show only their predicted next rate, so they have no history here.

30-day average
+14.5%
7-day average
+3.2%
Hours shorts paid longs
9%
Sep 15: +10.9% a yearSep 16: +10.6% a yearSep 17: +13.5% a yearSep 18: +39.6% a yearSep 19: +68.4% a yearSep 20: +26.9% a yearSep 21: +39.5% a yearSep 22: +59.8% a yearSep 23: +22.9% a yearSep 24: +10.9% a yearSep 25: +11.0% a yearSep 26: +11.0% a yearSep 27: +10.6% a yearSep 28: +10.8% a yearSep 29: +10.4% a yearSep 30: +11.0% a yearOct 1: +11.0% a yearOct 2: +7.9% a yearOct 3: +7.6% a yearOct 4: +5.9% a yearOct 5: +11.0% a yearOct 6: +8.4% a yearOct 7: -9.8% a yearOct 8: -14.7% a yearOct 9: -3.4% a yearOct 10: +7.6% a yearOct 11: +6.3% a yearOct 12: +11.0% a yearOct 13: +7.6% a yearOct 14 (so far): +8.6% a year
Sep 15 to Oct 14 (UTC)Neutral, +11.0%

Questions

What is a funding rate?

Perpetual futures never expire, so exchanges keep their price close to the spot price with periodic payments between longs and shorts. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. Hyperliquid charges it every hour, Binance and Bybit usually every 8 hours.

Why are the rates shown as a yearly percentage?

Venues charge at different intervals (1, 4 or 8 hours), so each rate is annualised before they are compared: the rate per interval times the number of intervals in a year.

What counts as a neutral funding rate?

About +10.95% a year. Hyperliquid and Binance add a fixed interest component of 0.01% every 8 hours when the perp trades in line with spot, so a market at that rate is balanced, not crowded long. Clearly above it, longs are paying a premium; below zero, shorts are paying.

Watch PEPE funding next to its price, news and whale flows in Cockpit.

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Data: Hyperliquid's public API, which also reports the next funding rate on Binance and Bybit. Live rates refresh every minute, the history every hour. Not investment advice.