Live Hyperliquid (HYPE) Perp Price

The chart shows the HYPE perp price in Solflare Perps over the window you select. A HYPE perpetual futures contract tracks the price of Hyperliquid rather than representing ownership of it, so the HYPE perp price sits close to the Hyperliquid spot price but rarely matches it exactly. The gap between the two is the basis, and the funding rate is the mechanism that keeps it narrow. The 24-hour change above the chart is the move in the HYPE perp price over the previous day.

Hyperliquid market data

Open interest

$400.18K

Notional value of all open HYPE positions

24h volume

$2.40M

Max leverage

10x

Open interest is the notional value of the HYPE perpetual futures positions still open in Solflare Perps. The 24-hour volume is the notional value of HYPE traded over the previous day. The two measure different things: open interest describes exposure that is still held, while volume describes how much changed hands. Neither figure shows on its own whether traders are net long or net short. Maximum leverage is the highest multiple Phoenix Trade allows on HYPE. It is set per market and Phoenix Trade can change it. Higher leverage increases the risk of liquidation.

HYPE funding rate

1 hour

−0.0000%

8 hours

−0.0001%

24 hours

−0.0003%

APR

−0.1063%

The HYPE funding rate is a recurring payment between traders holding HYPE perpetual futures positions. A positive rate means traders holding long HYPE positions pay traders holding short positions, and a negative rate means the payment flows the other way. Funding settles every hour on Phoenix Trade, so the 1-hour figure is the one that is charged. The 8-hour, 24-hour and annualized figures are comparison horizons for that same rate, not separate rates and not price forecasts.

What the HYPE funding rate tells you

A positive rate usually means the HYPE perp is trading above the Hyperliquid spot price and positioning is skewed towards longs. A negative rate usually means the opposite. It describes what traders are doing now, not what the price will do next.

The size matters as much as the sign. A rate near zero costs little to hold in either direction. A persistently high rate makes the paying side expensive to hold over time, and because funding comes out of your collateral, it moves your liquidation price closer even when the market itself has not moved against you.

HYPE perpetual contract specification

No expiry

Unlike dated futures, a HYPE perpetual futures contract does not expire. A HYPE position remains open until you close it or the position is liquidated.

Contract type

Perpetual futures, no expiry

Quote currency

USD

A HYPE perpetual futures contract has no expiry date, so a HYPE position stays open until you close it or it is liquidated. That is what separates a perpetual contract from a dated futures contract, which settles on a fixed date. The HYPE contract is quoted in USD and margined in USDC, and both the collateral and the position stay on Solana. Funding is exchanged every hour. Phoenix Trade on Solana is the venue for every HYPE perp order placed through Solflare.

How HYPE liquidations use mark price

Phoenix Trade uses the mark price to determine HYPE liquidations. The mark price is an average drawn from the wider market rather than the last HYPE trade printed on the chart, which is why a HYPE liquidation can happen at a price the chart never showed. Each HYPE position uses only the collateral you assign to it, so a liquidation on one position does not draw on your other positions or the rest of your wallet.