Hourly funding — the part CEX calculators get wrong
Funding regimes: calm vs squeeze
Same position, same 24 hours — just the hourly rate changes. This is why Hyperliquid's hourly cadence + wide ±4%/hour cap can compound into a very different bill than an 8h CEX perp.
| Regime | Hourly rate | Annualized APR | Cost over 24h |
|---|
Mark price, not last price, decides liquidation
Hyperliquid — and most serious perp venues — liquidate against a mark price, a smoothed blend of the internal oracle, recent trades, and external CEX prices. That's designed specifically to resist single-wick liquidation cascades from thin order-book manipulation. It also means the liquidation price this calculator shows is where your margin ratio crosses the maintenance threshold against mark price, not necessarily the exact print you'll see on a chart. Model volatility against that distance on the historical volatility calculator.
Why a perp-DEX calculator needs its own math
Every CEX funding calculator on the internet — including most of ours — assumes an 8-hour settlement window, because that's how Binance, Bybit and OKX have always done it. Hyperliquid broke that convention: funding accrues and pays out every single hour. A 0.01%/hour rate looks negligible next to a "0.01%/8h" number from a CEX, but it isn't — it's 8× more frequent, and annualizes to roughly 88% if sustained, versus roughly 11% for the same-looking 8h number. Anyone porting CEX funding intuition to Hyperliquid without adjusting for cadence will misprice carry cost by a full order of magnitude.
The other Hyperliquid-specific wrinkle is the funding cap: ±4% per hour, far looser than the ±0.375%-ish per-8h caps common on CEXs (roughly ±0.05%/hour equivalent). That headroom is why hourly funding on high-beta perps like HYPE has briefly spiked past 0.05%/hour during real squeezes — about 12%/day in carry cost, a regime a standard CEX calculator literally cannot represent because its rate ceiling is lower. If you're carrying a position through a squeeze on a perp-DEX, the funding line item can rival or exceed the price move itself.
Liquidation mechanics diverge too: maintenance margin on Hyperliquid is tiered by asset risk rather than one blanket number, and it's checked against a manipulation-resistant mark price rather than last traded price. A 20x position on a major typically liquidates on a 4-5% adverse move; the same leverage on a thin meme perp liquidates far sooner because its tier carries a wider maintenance-margin band. Sizing leverage off a BTC intuition on a small-cap perp is a common way traders get liquidated well before they expected to.