Funding is paid every hour
Hyperliquid funding is settled hourly. A positive rate means longs pay shorts; a negative rate means shorts pay longs. The direction matters more than the color on a dashboard.
The payment uses oracle notional
The funding payment is based on position size multiplied by oracle price and the funding rate. Mark price movement, leverage, and position size can matter more than an annualized headline.
APR is only a first filter
A high receive APR can disappear when the rate flips, the position is too large, or the wallet enters late. Check margin headroom, fees, slippage, and the next funding window before treating carry as an opportunity.