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BTCSWP™

BTCSWP tracks cumulative Bitcoin perpetual funding relative to an expected-funding baseline. Its reference input is core Hyperliquid BTC perpetual funding.

How BTCSWP™ Works​

The index measures excess funding:

excess funding = f - K
  • f is the reference BTC perpetual funding rate.
  • K is the dynamic expected-funding baseline.

Funding above the baseline contributes positively to the cumulative index; funding below it contributes negatively. The baseline follows the funding trend over time.

BTCSWP describes funding exposure rather than the price of Bitcoin. Its movement can differ from BTC spot-price returns.

Data access​

Request data access for calculation parameters, endpoint details, and integration documentation.

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