Purchase Analytics Dataset

💰 Funding Rate (%)

The funding rate shows the small fee that long and short traders pay each other to keep a Token’s perpetual price close to its real market (spot) price.

On Hyperliquid, this rate updates every day, and it’s shown as a percentage (%).

How it works:

• Positive funding rate: Long traders (betting price will rise) pay short traders.
  → Market is more bullish — most traders are buying.
• Negative funding rate: Short traders (betting price will fall) pay long traders.
  → Market shows bearish sentiment — more traders are selling.

What it tells you:

• High positive funding rate → market is overly bullish; many longs could get liquidated if price drops.
• High negative funding rate → market is overly bearish; a short squeeze could occur if price jumps.
• Near-zero funding rate → balanced market with no strong bias.

Example:

• If a Token’s funding rate is +0.012%, then for every $100,000 position, long traders pay $12 each funding period to short traders.

📊 Open Interest ($)

Open interest (OI) represents the total value of all open perpetual contracts for the Token — how much money is currently “locked in” active positions.

It’s measured in U.S. dollars ($) and includes both long and short trades.

How to interpret:

• Rising OI → new traders entering or adding leverage → higher activity and volatility.
• Falling OI → traders closing positions → less participation, lower volatility.

Why it matters:

• If OI rises while price goes up → shows confidence and fresh money supporting the rally.
• If OI is high but funding is extreme → indicates a crowded trade and risk of liquidations.

Example:

• If a Token’s open interest is $8.5 billion, that means $8.5 billion worth of long and short positions are still active on Hyperliquid.

📈 Volume ($)

Volume is the total amount traded in a specific period (like the past 24 hours). It measures market activity — how much buying and selling happened.

Like OI, it’s also measured in U.S. dollars ($).

How to interpret:

• High volume → strong market participation; price moves are more reliable.
• Low volume → weak participation; price moves may be less reliable.

Together with open interest:

• Volume ↑ + OI ↑ → new positions entering → strong trend forming.
• Volume ↑ + OI ↓ → traders closing positions → possible trend exhaustion.

Example:

• If a Token has $6 billion in 24h volume, it means $6 billion worth of trades occurred in the past day.