Hyperliquid funding brief, September 12, 2026: who is paying to hold

Funding on September 12, 2026

Funding is the small payment perpetual traders exchange, usually every hour, to keep the contract tethered to spot. When a market's funding is positive, longs pay shorts, which usually means the crowd is leaning long. When it is negative, shorts pay longs instead.

Here is where funding sits across Hyperliquid.

Longs are paying the most here - PURR: +367.9% APR (+0.0420% per hour) - xyz:BMNR: +162.0% APR (+0.0185% per hour) - xyz:RKLB: +132.0% APR (+0.0151% per hour) - xyz:SHAZ: +123.7% APR (+0.0141% per hour) - xyz:IREN: +114.7% APR (+0.0131% per hour)

Shorts are paying the most here - SOPH: -264.3% APR (-0.0302% per hour) - xyz:SOFTBANK: -223.8% APR (-0.0256% per hour) - ACE: -202.3% APR (-0.0231% per hour) - BLUR: -151.9% APR (-0.0173% per hour) - xyz:BIRD: -145.1% APR (-0.0166% per hour)

The largest absolute rate in this snapshot is PURR at +367.9% annualized, equivalent to +0.0420% at the observed hourly rate. The next settlement rate may differ.

Why this matters Funding accumulates across settlement intervals and can change sign. Annualized figures extrapolate the observed rate; they are not fixed yields. Funding needs to be considered alongside price P&L and trading fees.

Hypertrade AI brings market context, strategy decisions and positions into one terminal. Each strategy follows its own entry and position-management rules. Explore the strategy overview or the demo terminal.

The bottom line Funding is income for one side of every perpetual and a cost for the other. See the full board on the live markets page.

This brief is a snapshot of public Hyperliquid market data and is for education only. Figures move constantly and may lag the venue. Trading perpetual futures involves substantial risk of loss and is not suitable for everyone. Nothing here is financial advice or a recommendation to trade.