Funding Rate Indices

BTC Funding Rate Perpetual (BTCSWP‑USDYP)

A tradable swap index on the Hyperliquid BTC funding rate. It tracks excess funding; the difference between realized BTC funding and a trailing average reference (K1).

This creates a two‑sided instrument to:

hedge funding costs,
speculate on regime shifts,
and trade deviations from medium‑term funding trends.

Key Parameters

Details

Collateral

USDYP

Initial Oracle Price

50,000.00

Open Interest Cap

$10,000,000

Funding Multiplier

Oracle model

During the hour, the oracle nowcasts the pending rate using a premium‑based model. At the hourly boundary, it ingests the final realized funding rate from Hyperliquid and true‑ups the cumulative index for accuracy.

Additional constraints:

wire price moves are clamped (±1% per update),
quantized to 6 decimals.

Because this is a synthetic index, MarkPx is designed to track OraclePx closely.

Funding setup

Configured with a fixed‑leg component:

setFundingInterestRates: -0.000097232 per 8hr (≈ 2.54% APY magnitude)

Economic interpretation:

Longs receive the fixed leg as compensation for what the cumulative index subtracts,
the combined return is designed to track the underlying funding stream more directly.

Strategies

Hedge (long BTC perp): go long BTCSWP for a portion of notional to stabilize funding costs.
Speculate: long if you expect funding to exceed its trailing average; short for the opposite.