Funding payments
The small hourly payment between longs and shorts, and what it means for a copy that stays open for days.
Guide 5 of 8 · 3 min
Why funding exists
A perp has no expiry, so something must keep its price close to the real coin's price. That something is funding: when the perp trades above the coin, longs pay shorts a little; when it trades below, shorts pay longs. The payment nudges traders toward the cheaper side.
How much and how often
Hyperliquid pays funding every hour, on the hour. The rate is usually tiny, around 0.001% per hour (about 0.03% a day) in calm markets, but it can reach ten times that when everyone is on one side. The market strip above the chart shows the current rate and a countdown; the Funding tab lists every payment you made or received.
The payment is a share of the position size, not of your margin: a $5,000 position at 0.001% pays or receives $0.05 that hour.
What it means for copies
A trader who holds a position for weeks pays (or earns) funding the whole time, and so does your copy. It is normally small next to the price moves, but a long held through a strongly positive funding period costs a little each day. Position history shows funding per trip so you can see it.