Annualized funding rate for the ZEC and BTC perpetual-swap contracts on Hyperliquid. Funding is exchanged directly between longs and shorts every hour to tether the perp price to spot: a positive rate means longs pay shorts (crowd is net-long / bullish positioning), negative means shorts pay longs (net-short / bearish).
Shown annualized (hourly rate × 8760) as a percentage, both coins on the same axis so the magnitude gap is visible — ZEC funding runs far hotter and more volatile than BTC. Click a legend chip to hide either series, or the “7-day avg” chip to switch between 7-day-smoothed (default) and raw daily.
ZEC perp funding history begins at its Hyperliquid listing (~Oct 2025); BTC goes back further. Source: Hyperliquid fundingHistory.
BTC Perp Funding (APR) was 11.16% on 2026-09-26, the last full day of data. That is 7.6% lower than 28 days ago, when it was 12.08%.
🔗 permalink ⇆ comparePerpetual swaps have no expiry, so nothing forces their price back to spot. Funding is the mechanism that does it: every few hours the side that is crowded pays the side that is not. The figure plotted here is that payment annualised, so it is comparable with any other yield.
Positive means longs pay shorts — the market is leaning long, and holding a long position costs that much a year on top of any price move. Negative means shorts pay longs, which is the rarer and more interesting state: it means traders are paying for the privilege of being short.
The level matters as much as the sign. A rate a few percent either way is ordinary. Sustained double digits means leverage is stacked on one side, and that is the condition a liquidation cascade needs — funding tells you the positioning, not the direction.
ZEC is plotted against BTC because the absolute number means little alone. Bitcoin is the market's baseline cost of leverage; the gap between the two is the part that says something specific about Zcash.