💰 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.
