Funding
Perpetual futures stay anchored to the underlying index through funding: periodic payments between longs and shorts. When the perp trades above the index, longs pay shorts; when it trades below, shorts pay longs.
The essentials
- Rates come from Hyperliquid. HyperFlow passes the venue’s funding rate through to your positions at cost — funding is never a revenue source for the platform. Because all users trade through one master account, the venue charges funding on the platform’s net position — see One-sided funding periods below.
- Charged hourly. Funding is applied to open positions once per hour, proportional to position notional (your position size in USDC) — e.g. a 0.01% hourly rate on a $10,000 position is $1 for that hour.
- Visible before it happens. The market header shows the predicted rate for the current period and a countdown to the next funding time.
- Fully auditable. The Funding History table lists every payment with its signed amount, the rate, and the funding period.
One-sided funding periods
Occasionally the app will show a notice that only long (or only short) positions are subject to funding for a period.
This is a consequence of the aggregated model. Orders are forwarded to the venue individually, but user longs and shorts naturally offset at the position level, so the venue charges funding on the platform’s net position. When longs and shorts partially offset, only the net side has venue funding to pass through — positions on the net side pay (or receive) it, and the offsetting side neither pays nor receives for that period. The tooltip in the market header tells you which side is affected.
This cuts both ways: in an hour where your side is offset, you don’t pay funding you would have paid trading directly — but you also don’t receive funding you would have received.
Where funding shows up
- Hourly payments are settled against each position’s margin and reflected in its unrealized PnL.
- Cumulative funding per position and the full payment log are available in the Funding History tab on both the trade page and the portfolio page.