Hyperliquid (HYPE) Perpetual Futures

The open-interest-weighted HYPE funding rate is +0.0075% per 8 hours, or +8.19% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0040% on Crypto.com to +0.0129% on Kraken. Compare all funding rates.

HYPE perpetual open interest is $3.20B (39.63M HYPE), down 1.77% in 24 hours. Hyperliquid holds the most at $1.68B. That is 15.64% of Hyperliquid's market cap.

Hyperliquid is a blockchain built around a fully on-chain order book exchange for perps and spot trading. HYPE is its native token, used for staking and gas, and the protocol uses trading fees to buy it back. Traders keep custody of funds in their own wallets instead of depositing with a centralised exchange.

Hyperliquid perps traded $1.68B in the last 24 hours, +3.66% on the day before. Binance leads with 35%, followed by Hyperliquid ($324.21M) and Bybit ($138.39M).

Over the last 24 hours 48.6% of accounts are long and 51.4% short, a long/short ratio of 0.95. See the long/short ratio by exchange.

Yes. Binance lists a HYPE/USDT perpetual contract, and it is one of the most traded HYPE markets alongside Hyperliquid itself. OKX, Bybit, Bitget and other centralised exchanges also offer HYPE perps, so traders can choose between on-chain and centralised venues.

The Assistance Fund uses most of Hyperliquid's trading fees to buy HYPE on the open market, which creates steady buying pressure tied to platform activity. Higher exchange volume means larger buybacks, so traders follow Hyperliquid's own volume and fee data as a guide to that demand.

$479.7K of HYPE positions were liquidated in 24 hours, $300.8K longs and $178.9K shorts. Binance saw the most at $227.2K. See where liquidations cluster.

Many HYPE holders are active Hyperliquid users, and the token launched on Hyperliquid's own spot market, so traders keep positions where their collateral already sits. That makes Hyperliquid's order book and funding rate a key guide to positioning, and the HYPE liquidation heatmap shows where leverage clusters.

HYPE perpetual futures are derivatives contracts that track the price of HYPE and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any HYPE.

Funding is a payment between longs and shorts. When HYPE perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

HYPE perps trade on 13 tracked exchanges. By volume the largest are Binance, Hyperliquid and Bybit. Compare fees and features on the best perpetual exchanges or the top decentralized perpetual exchanges.

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.