+9.11%
longs are paying shorts · 0.0083% per 8h
Perpys DEX Funding Index
Index · annualised
Change · 24h
-1.35 pts
7 days: +1.75 pts
Range · archive
-8.7% … 11.2%
average 6.95% over 169 hourly readings
Weight
$11.89B
375 markets · Hyperliquid $11.36B · Lighter $530.8M
Open-interest-weighted funding across every Hyperliquid and Lighter perp, annualised. Above zero longs pay shorts; below zero shorts pay. A positioning gauge, not a yield.
Index, last 7 days
Hourly, annualised. Readings before 16 Oct 2026 are backfilled with launch-day open interest; the APIs do not publish OI history.
Components
Hyperliquid
+9.07%
178 markets · $11.36B OI · 89% of markets with longs paying
Lighter
+10.03%
213 markets · $530.8M OI
DEX vs Binance premium
+1.63%
Hyperliquid minus Binance on the same tokens, OI-weighted. Positive: DEX traders are longer.
Hyperliquid component
Lighter component
What it adds up to
On the 50 largest Hyperliquid markets, the last 24 settlements moved an estimated $2.7M from longs to shorts (each hour's rate × current open interest, so an estimate). Per token: "cost of holding" on each token page.
Method
- Universe. Every active perpetual market on Hyperliquid and Lighter with a published funding rate and non-zero open interest (375 markets at this snapshot). Aster is excluded from the index because its API reports open interest per market only; Aster rates appear on token pages.
- Weight. Open interest in USD on that venue (contracts × mark price), so BTC and ETH dominate the way they dominate positioning. Equal-weighting would let hundred-market long tails with tiny OI drive the number.
- Rate. The venue's current hourly rate (Hyperliquid publishes hourly; Lighter's 8h-basis rate is divided by 8). Index = Σ(rate × OI) ÷ Σ OI, then × 8,760 for the annualised figure. Simple, not compounded.
- Components are the same calculation restricted to one venue. DEX vs Binance premium = Σ((HL rate − Binance rate) × HL OI) ÷ Σ HL OI over tokens with a Binance reference rate (from Hyperliquid's
predictedFundings, interval-adjusted). - History. One reading per hourly rebuild, stored in index.csv. Backfilled readings are marked
src=backfillin the file. - Limits. Open interest is a snapshot, funding is settled on positions open at each timestamp, and the index does not include spot-hedged or cross-venue positions; it describes payments, not who is right. Not a trading signal. Full methodology.