Hyperliquid Funding Rates Held Up While Binance's Went Negative

Hyperliquid funding rates held close to their baseline over the past five days while Binance's turned negative. On Hyperliquid's own data, BTC funding was never below zero in 120 hourly prints. Binance's history for BTCUSDT shows seven negative settlements out of 15 in the same window.

Hyperliquid's BTC market header on October 9, with $3.23 billion of open interest and about $3.44 billion of 24-hour volume.

Hyperliquid funding rates against Binance's

Hyperliquid pays funding every hour, and its public API returns each print. Averaged to an eight-hour equivalent, BTC funding there ran at about 0.0095% across the five days. Binance's BTCUSDT averaged 0.0011% over the same stretch, with a low of minus 0.0037%.

ETH tells a similar story. Eight of Hyperliquid's 120 hourly prints were negative, against six of 15 settlements on Binance. SOL had 11 negative hours on Hyperliquid and five negative settlements on Binance.

XRP shows the widest gap. Hyperliquid logged two negative hours, and its eight-hour equivalent averaged 0.0092%. Binance printed eight negatives out of 15, with a low of minus 0.0167%. HYPE leaned negative more often on Hyperliquid, 15 hours out of 120, yet its average stayed near 0.007%.

Where Hyperliquid open interest sits

Total open interest across Hyperliquid perps was about $12.0 billion on October 9. BTC accounted for $3.23 billion, ETH $2.81 billion and HYPE $1.73 billion. SOL held $631 million, ZEC $580 million and XRP $281 million.

Compared with Binance's USDT-margined contracts, Hyperliquid's BTC book is about 42% the size, at $3.23 billion against $7.67 billion. For ETH it is 48%, SOL 66% and XRP 67%. Binance also lists coin-margined and USDC contracts, so these ratios overstate Hyperliquid's share of the whole market.

What explains the Hyperliquid funding rates gap

Different mechanics are part of it. Hyperliquid settles hourly and Binance every eight hours, so a brief dip can show up as a few negative hours on one venue and a full negative print on the other. Traders on each venue may also be positioned differently during the October 6 to 8 slide.

The data cannot settle that. It does show that a funding signal on one venue can look different on another. Anyone using Binance prints as a market-wide read of short pressure should compare Hyperliquid before drawing a broader conclusion about Hyperliquid funding rates or any other venue.

ZEC and the latest prints

ZEC stands out as the one coin with no negative prints on either venue. Hyperliquid carried $580 million of ZEC open interest, with funding sitting at the 0.01% level at last read. That matches the picture in the Zcash ETF outflows report, where ZEC fell sharply without funding turning negative.

The most recent hourly prints, converted to an eight-hour equivalent, were 0.0014% for BTC and minus 0.0043% for ETH on Hyperliquid. SOL read 0.0016% and XRP 0.0098%. Only ETH was negative at that moment.

Price and positioning right now

BTC traded near $82,600 on Hyperliquid on October 9, down about 0.45% on the day, with a mark price close to the oracle price. ETH changed hands near $2,506 and HYPE near $86. The premium, mark minus oracle, was slightly negative for most majors, around minus 0.04%. The figures come from public exchange data and are not advice to trade perpetuals. Another read of the same hourly history in a day or two would show whether the gap in Hyperliquid funding rates persists.