What changed
- On XMR perpetuals, longs are paying shorts 59% a year in funding.
- The most extreme funding among markets over $5M of open interest is TRX, at −167.49% a year: shorts are paying longs.
Largest perpetual markets
Sorted by open interest, the value of open positions.
| Market | Funding (yearly) | Open interest |
|---|---|---|
| BTC | +10.95% | $3.18B |
| ETH | +10.95% | $2.20B |
| HYPE | +16.47% | $1.91B |
| ZEC | +12.70% | $635.6M |
| SOL | +10.95% | $517.8M |
| NEAR | +10.95% | $246.4M |
| XRP | +10.95% | $194.4M |
| XMR | +59.47% | $136.7M |
| LIT | +10.95% | $109.9M |
| ENA | +10.95% | $97.2M |
Most extreme funding
Markets with at least $5M of open interest, furthest from zero.
| Market | Funding (yearly) | Open interest |
|---|---|---|
| TRX | −167.49% | $16.6M |
| PURR | +141.19% | $13.3M |
| PONS | +116.98% | $17.1M |
| ZRO | +64.96% | $68.7M |
| XMR | +59.47% | $136.7M |
Funding over the week
Daily average a week ago against today's, for the largest markets.
| Market | 7 days ago | Today | Change (points) |
|---|---|---|---|
| BTC | +9.56% | +10.95% | +1.39% |
| ETH | +9.69% | +6.88% | −2.81% |
| HYPE | +9.86% | +38.78% | +28.92% |
| ZEC | +10.94% | +13.41% | +2.47% |
| SOL | +8.40% | +8.77% | +0.37% |
| NEAR | +4.78% | +10.95% | +6.17% |
| XRP | +10.21% | +10.95% | +0.74% |
| XMR | +25.32% | +85.32% | +60.00% |
| LIT | −4.29% | +10.95% | +15.24% |
| ENA | +10.59% | +10.95% | +0.36% |
How this is measured
Funding is an hourly payment between longs and shorts that keeps a perpetual's price close to the spot price. A positive rate means longs pay shorts; a negative rate means shorts pay longs. The hourly rate is multiplied out to a year. Markets are the largest by open interest.
Source: Perpetual futures on Hyperliquid's order book. Data as of 31 Oct 2026, 13:42 UTC.
Why it matters
Funding shows which side is crowded and is paying to stay there.
10.95% a year is Hyperliquid's baseline rate, which is what you see when longs and shorts are roughly balanced. Rates well above it mean longs are paying a premium to stay long; negative rates mean shorts are.
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Sources & notes
- Perpetual futures on Hyperliquid's order book, read through the Fexr API at 31 Oct 2026, 13:42 UTC.
- Market data, not investment advice. Positions and rates change minute to minute.
- How Fexr reports · Weekly editions