Funding on Hyperliquid io markets: who pays, and when

median apr = median over markets of each market's mean rate in that session over the last 30 days markets above neutral = share of markets whose session mean exceeded their own neutral rate hours = market-hours observed in the session, all markets summed sessions as in the liquidity data

last = the last settled hourly rate, annualised next est = the running estimate of the next rate at the as-of time, "—" when it is older than 2 hours 24 h, 7 d, 30 d = mean of the hourly rates observed in the 24, 168 or 720 hours ending at the last settlement; "n of N h" below a value = observed of expected hours max, min = highest and lowest single hour in 30 days above neutral = share of observed hours settled above the market's neutral rate in force at that hour sum = what a long paid over the observed hours, in bps of notional other venues = the same symbol on another HIP-3 deployer: 30 d APR and its observed hours, listed when it has at least 7 "neutral varies" = the market's neutral rate changed within the 30 days, with its range; each hour is compared with the neutral rate in force when it settled definitions in methodology

settled = settlement time, New York (ET) with UTC below; the rate covers the hour before it session = the US session of that hour rate = the hourly rate in bps of notional APR = that one hour annualised, which is why a single hour can read in the thousands of percent

each venue's 30 d APR is over its own observed hours (shown) neutral = that deployer's carry: base interest 0.01% per 8 h × its funding multiplier, so the same price premium settles at different rates on different deployers; compare the gap above each venue's neutral, not the raw APRs io − xyz = difference in percentage points, positive when longs pay more on io listed when the other venue has at least 7 observed hours in 30 days sorted by the largest difference