BTCSWP Hedge Calculator

BTCSWP lets traders hedge or express views on the BTC funding-rate stream. A BTCSWP position is not BTC spot exposure; it is exposure to the excess funding stream between live Hyperliquid BTC perpetual funding and the expected-funding baseline.

Inputs

Input	Symbol	Description
BTC perp notional	N_perp	USD notional of the BTC perpetual position you want to hedge.
Hedge fraction	h	Fraction of the funding exposure to hedge, from 0 to 1.
BTCSWP multiplier	L	Embedded BTCSWP multiplier. Launch value: 15.
BTCSWP price	P_swp	Current BTCSWP mark or oracle price.

Hedge Notional

BTCSWP embeds L = 15, so the approximate BTCSWP hedge notional is:

BTCSWP hedge notional = (BTC perp notional / 15) * hedge fraction

In symbols:

N_hedge = (N_perp / L) * h

For a full hedge, use h = 1.

Direction

Underlying BTC perp exposure	BTCSWP hedge direction
Long BTC perp	Long BTCSWP
Short BTC perp	Short BTCSWP

Long BTCSWP is designed to benefit when realized BTC funding runs above the expected-funding baseline. Short BTCSWP is designed for the opposite exposure.

Convert Notional to Size

On Hyperliquid-style perps:

notional ~= absolute size * price

So the approximate BTCSWP size is:

BTCSWP size = N_hedge / P_swp

Worked Examples

$1,000,000 BTC Perp

Inputs:

Input	Value
BTC perp notional	$1,000,000
Hedge fraction	1.0
BTCSWP multiplier	15
BTCSWP price	75,000

N_hedge = (1,000,000 / 15) * 1.0 = 66,666.67
BTCSWP size = 66,666.67 / 75,000 = 0.8889

$100,000 BTC Perp

Inputs:

Input	Value
BTC perp notional	$100,000
Hedge fraction	1.0
BTCSWP multiplier	15
BTCSWP price	75,000

N_hedge = (100,000 / 15) * 1.0 = 6,666.67
BTCSWP size = 6,666.67 / 75,000 = 0.0889

JavaScript Helper

function btcswpHedge({ btcPerpNotionalUsd, hedgeFraction = 1, btcswpPrice, multiplier = 15 }) {
  const hedgeNotionalUsd = (btcPerpNotionalUsd / multiplier) * hedgeFraction;
  const btcswpSize = hedgeNotionalUsd / btcswpPrice;

  return { hedgeNotionalUsd, btcswpSize };
}

console.log(
  btcswpHedge({
    btcPerpNotionalUsd: 1_000_000,
    hedgeFraction: 1,
    btcswpPrice: 75_000,
  })
);

Validate the live BTCSWP price, leverage, and margin settings in the trading UI before placing orders.