Who pays whom?
Funding is exchanged between traders on opposite sides of the perpetual market. On Hyperliquid:- when funding is positive, longs pay shorts
- when funding is negative, shorts pay longs
How often?
Hyperliquid funding is paid hourly. That matters most when you hold a leveraged position for longer periods. A funding rate that looks small for one hour can add up if the position stays open.Where to see it in Leap
Pro mode shows Funding / hour in the market header. There is also a Funding activity tab below the chart where you can review funding-related account activity.Funding is not the same as a trading fee
A trading fee is associated with executing a trade. Funding is a periodic transfer between long and short holders of a perpetual position. You can therefore pay or receive funding while keeping the same position open, even when you do not place another trade.Example
If funding is positive and you hold a long position through the funding interval, your account pays funding based on the position and the applicable rate. If the rate turns negative, the direction of the payment reverses.Why it matters
Before holding a perpetual position for a long time, check:- the current funding rate
- whether you are paying or receiving
- position value
- how long you plan to keep the trade open