Tools › Funding cost
Funding cost calculator
What it costs to hold a position, using the venue's real settlement interval. Opens on BTC at $62,678.00 on Hyperliquid, which settles every 1 hour.
You pay
$90.00
Reading the rate as daily
$3.75
Share of your margin
9.00%
Per settlement
$0.13
Funding is charged on notional, not on your margin. At 10× the same position
costs 10× more relative to the capital you put up — which is why a carry that
looks negligible as an APR can be the largest line in a leveraged position's P&L.
Where the daily reading goes wrong
Venues quote funding per settlement, not per day. Hyperliquid settles every 1 hour, so a 30-day hold crosses 720 settlements, not 30. Treating the quoted figure as a daily rate understates the cost by 24× on this venue.
Same position, every venue
Identical notional and holding period. The ordering by cost is frequently not the ordering by quoted rate.
| Venue | Quoted | Interval | Settlements | APR | Cost over 30d |
|---|---|---|---|---|---|
| Binance | 0.000005 | 8h | 90 | 0.54% | −$4.46 |
| Hyperliquid · yours | 0.0000125 | 1h | 720 | 10.95% | −$90.00 |
| Bybit | -0.0000078 | 8h | 90 | -0.86% | +$7.06 |
Rates change at every settlement; this projects the current rate forward and is a cost of carry at today's price, not a forecast. How the rates are normalised →