Hyperliquid BTC-Perp Funding-Rate Perpetual

Field	Details
Oracle Feed	Hyperliquid's 8-hour funding rate prints in real-time.
Market Type	Funding-Rate Perp. This is a "meta-perp" that allows traders to hedge or speculate on the funding rate of one of the most liquid BTC perpetual markets in crypto.
Floating-Rate Definition	The floating index, r_float, is the 8-hour funding print from Hyperliquid, annualized and expressed in basis points.
dPnL Formula	This market uses the standard fixed-vs-float model.
Use Cases	Long: - Receive fixed, pay HL funding → “Cap my funding-cost if I’m long BTC elsewhere.” - Lock-in predictable APR when running basis trade. -Get paid when BTC funding spikes. - Speculate on bull-run long premium. -Hedge a long BTC position on HL or binance (which pays funding) Short: - Pay fixed, receive HL funding → “Get paid when BTC funding collapses.” - Hedge a short-BTC position on HL or Binance (which receives funding). - Profit if funding collapses negative in bear market.
Target Users	Hyperliquid Power Users, Basis Traders, Market Makers, CEX Arbitrageurs.
Volatility ((\sigma))	Historicalof HL's BTC funding rate is estimated at 40 bps/yr.
Leverage Math	The volatility cap is ~100x. The platform hard-cap limits this to 50x.
Margin Numbers	IM approx 0.03% of notional; MM = IM / 2.
Cross-Margin Note	Posting yield-bearing collateral (like OUSG) can help offset the "cost of carry" on the short side, as the collateral's native yield provides a stable income stream against the floating funding payments.
Special Oracle Handling	If a new funding print from the feed is missed by more than 10 minutes, the relayer will rebroadcast the last known value with a staleFlag, and the LeverageManager will automatically double the initial margin requirement for this market until the feed resumes.