What are perpetual futures (perps)?

Perpetual futures are leveraged contracts that track an asset's price with no expiry date. Traders post margin and pay or receive funding to hold a position. Bathymark reads them as a leverage tide: where leverage is building and where it is unwinding.

What is open interest?

Open interest is the total value of perp contracts currently open. Rising open interest means new leverage is entering the market; falling open interest means positions are closing. It measures how much leverage is in the system, not its direction.

What is a funding rate?

Funding is a periodic payment between longs and shorts that keeps a perp's price near spot. Positive funding means longs pay shorts (crowded longs); negative means shorts pay longs. It is the cost of holding leverage, not a buy or sell signal.

Where does Bathymark's perps data come from?

Open interest, funding, and the visible order book are read live from Hyperliquid's public API, with cross-venue funding as predicted by Hyperliquid. Information, never advice.

sounding open dataReading the waterlineLive sources are loading. Nothing is filled with placeholder market data.

Perps · live from Hyperliquid

The leverage tide, read as depth.

$7.12B of leverage is open across Hyperliquid's perps, and longs and shorts are paying near evenly (1 vs 1) across 25 observed major markets. The sharpest lean is XMR, funding +66% a year.

What this page answers

Bathymark reads perps through open interest, funding rates, visible order-book depth, and cross-venue funding dispersion. It shows where leverage is building, where it is unwinding, and where traders are paying to keep crowded positions open.

Perps open interest tracker Leverage Tide signal What perps are

open data · api.hyperliquid.xyz · funding observed for 25 of 25 major markets · open interest retained when funding is unavailable

perps open interest tracker

Leverage pressure map

$7.12BHyperliquid open interest

A perps funding tracker answers the greedy question without feeding the gamble: where is leverage crowded, how expensive is it to hold, and how much visible depth sits under the trade.

Read Leverage Tide

At a glance

longs paying: 1
neutral: 23
shorts paying: 1
funding coverage: 25/25 major
hottest: XMR

Breakdown

BTC: $2.49B OI · +11% funding APR
ETH: $1.6B OI · +2% funding APR
HYPE: $1.19B OI · +11% funding APR
SOL: $383.12M OI · +11% funding APR
ZEC: $205.01M OI · +5% funding APR
XRP: $111.22M OI · +11% funding APR

Crowding, counted

Who is paying to stay open

25/25 funding rates observed

Each segment is a count of major Hyperliquid markets with an observed funding rate. It shows which side pays funding, not whether price will rise or fall. Coverage is 25 of 25 markets above $20M open interest.

Longs pay1funding above +0.002% per hour

Neutral band23between -0.002% and +0.002% per hour

Shorts pay1funding below -0.002% per hour

Most extremeXMR+66.4% annualized

Source: Hyperliquid public info API
Method: 25 of 25 markets above $20M OI had valid funding, counted only outside a ±0.002% hourly funding band
Limit: One venue's current book. Missing funding is unavailable, never zero. Annualized rates are a comparison scale, not a forecast

Order-book depth

dollars resting near mid

How much capital sits in the visible book on each side, and which way it leans. Bid depth draws from the left, ask depth from the right; the mark is the balance.

BTCbid $9.56M$4.65M ask$14.21M0.2 bps spread

ETHbid $14.5M$17.18M ask$31.68M0.5 bps spread

HYPEbid $147.5K$218.6K ask$366.1K0.2 bps spread

SOLbid $452.8K$643.9K ask$1.1M0.1 bps spread

ZECbid $101.9K$66.9K ask$168.8K0.2 bps spread

XRPbid $2.19M$1.86M ask$4.05M1.0 bps spread

The leverage tide

Funding, live from Hyperliquid

live book

$7.12B of leverage is open across Hyperliquid's perps, and longs and shorts are paying near evenly (1 vs 1) across 25 observed major markets. The sharpest lean is XMR, funding +66% a year.

BTC$2.49B+11.0%longs pay

ETH$1.6B+1.9%longs pay

HYPE$1.19B+11.0%longs pay

SOL$383.12M+11.0%longs pay

ZEC$205.01M+5.2%longs pay

XRP$111.22M+11.0%longs pay

PUMP$100.35M+11.0%longs pay

What funding tells you →open data · api.hyperliquid.xyz · funding 25/25 major markets

Funding dispersion

annualized · where venues disagree

The same market, funded differently across venues. A wide spread is crowd-positioning tension: one venue’s traders leaning harder than another’s. Annualized so the hourly and 8-hour venues compare honestly.

marketHyperliquidBinanceBybitspread

KAITO-1827.1%-1571.5%-1590.7%255.6%

JELLY+0.0%+99.6%+84.2%99.6%

MOVE-88.2%+0.2%+11.0%99.1%

GRASS+98.1%+11.0%+11.0%87.2%

CC+11.0%-70.0%+4.5%80.9%

ZETA-70.0%+11.0%+11.0%80.9%

CHILLGUY+0.0%+76.9%+11.0%76.9%

SKY-5.9%-70.9%-10.1%65.1%

STABLE-141.4%-94.1%-78.7%62.7%

ZEREBRO+0.0%+61.3%+11.0%61.3%

Perps, in plain language

Open interest, funding, and leverage, explained.

What are perpetual futures (perps)?: Perpetual futures are leveraged contracts that track an asset's price with no expiry date. Traders post margin and pay or receive funding to hold a position. Bathymark reads them as a leverage tide: where leverage is building and where it is unwinding.
What is open interest?: Open interest is the total value of perp contracts currently open. Rising open interest means new leverage is entering the market; falling open interest means positions are closing. It measures how much leverage is in the system, not its direction.
What is a funding rate?: Funding is a periodic payment between longs and shorts that keeps a perp's price near spot. Positive funding means longs pay shorts (crowded longs); negative means shorts pay longs. It is the cost of holding leverage, not a buy or sell signal.
What is cross-venue funding dispersion?: The same market can be funded differently on different exchanges. A wide spread between venues is crowd-positioning tension, one venue's traders leaning harder than another's. Bathymark annualises the rates so hourly and eight-hour venues compare honestly.
Where does Bathymark's perps data come from?: Open interest, funding, and the visible order book are read live from Hyperliquid's public API, with cross-venue funding as predicted by Hyperliquid. Information, never advice.

Perps · live from Hyperliquid

The leverage tide, read as depth.

$7.12B of leverage is open across Hyperliquid's perps, and longs and shorts are paying near evenly (1 vs 1) across 25 observed major markets. The sharpest lean is XMR, funding +66% a year.

What this page answers

Perps open interest tracker Leverage Tide signal What perps are

open data · api.hyperliquid.xyz · funding observed for 25 of 25 major markets · open interest retained when funding is unavailable

perps open interest tracker

Leverage pressure map

$7.12BHyperliquid open interest

A perps funding tracker answers the greedy question without feeding the gamble: where is leverage crowded, how expensive is it to hold, and how much visible depth sits under the trade.

Read Leverage Tide

At a glance

longs paying: 1
neutral: 23
shorts paying: 1
funding coverage: 25/25 major
hottest: XMR

Breakdown

BTC: $2.49B OI · +11% funding APR
ETH: $1.6B OI · +2% funding APR
HYPE: $1.19B OI · +11% funding APR
SOL: $383.12M OI · +11% funding APR
ZEC: $205.01M OI · +5% funding APR
XRP: $111.22M OI · +11% funding APR

Crowding, counted

Who is paying to stay open

25/25 funding rates observed

Longs pay1funding above +0.002% per hour

Neutral band23between -0.002% and +0.002% per hour

Shorts pay1funding below -0.002% per hour

Most extremeXMR+66.4% annualized

Source: Hyperliquid public info API
Method: 25 of 25 markets above $20M OI had valid funding, counted only outside a ±0.002% hourly funding band
Limit: One venue's current book. Missing funding is unavailable, never zero. Annualized rates are a comparison scale, not a forecast

Order-book depth

dollars resting near mid

How much capital sits in the visible book on each side, and which way it leans. Bid depth draws from the left, ask depth from the right; the mark is the balance.

BTCbid $9.56M$4.65M ask$14.21M0.2 bps spread

ETHbid $14.5M$17.18M ask$31.68M0.5 bps spread

HYPEbid $147.5K$218.6K ask$366.1K0.2 bps spread

SOLbid $452.8K$643.9K ask$1.1M0.1 bps spread

ZECbid $101.9K$66.9K ask$168.8K0.2 bps spread

XRPbid $2.19M$1.86M ask$4.05M1.0 bps spread

The leverage tide

Funding, live from Hyperliquid

live book

$7.12B of leverage is open across Hyperliquid's perps, and longs and shorts are paying near evenly (1 vs 1) across 25 observed major markets. The sharpest lean is XMR, funding +66% a year.

BTC$2.49B+11.0%longs pay

ETH$1.6B+1.9%longs pay

HYPE$1.19B+11.0%longs pay

SOL$383.12M+11.0%longs pay

ZEC$205.01M+5.2%longs pay

XRP$111.22M+11.0%longs pay

PUMP$100.35M+11.0%longs pay

What funding tells you →open data · api.hyperliquid.xyz · funding 25/25 major markets

Funding dispersion

annualized · where venues disagree

marketHyperliquidBinanceBybitspread

KAITO-1827.1%-1571.5%-1590.7%255.6%

JELLY+0.0%+99.6%+84.2%99.6%

MOVE-88.2%+0.2%+11.0%99.1%

GRASS+98.1%+11.0%+11.0%87.2%

CC+11.0%-70.0%+4.5%80.9%

ZETA-70.0%+11.0%+11.0%80.9%

CHILLGUY+0.0%+76.9%+11.0%76.9%

SKY-5.9%-70.9%-10.1%65.1%

STABLE-141.4%-94.1%-78.7%62.7%

ZEREBRO+0.0%+61.3%+11.0%61.3%

Perps, in plain language

Open interest, funding, and leverage, explained.

What are perpetual futures (perps)?: Perpetual futures are leveraged contracts that track an asset's price with no expiry date. Traders post margin and pay or receive funding to hold a position. Bathymark reads them as a leverage tide: where leverage is building and where it is unwinding.
What is open interest?: Open interest is the total value of perp contracts currently open. Rising open interest means new leverage is entering the market; falling open interest means positions are closing. It measures how much leverage is in the system, not its direction.
What is a funding rate?: Funding is a periodic payment between longs and shorts that keeps a perp's price near spot. Positive funding means longs pay shorts (crowded longs); negative means shorts pay longs. It is the cost of holding leverage, not a buy or sell signal.
What is cross-venue funding dispersion?: The same market can be funded differently on different exchanges. A wide spread between venues is crowd-positioning tension, one venue's traders leaning harder than another's. Bathymark annualises the rates so hourly and eight-hour venues compare honestly.
Where does Bathymark's perps data come from?: Open interest, funding, and the visible order book are read live from Hyperliquid's public API, with cross-venue funding as predicted by Hyperliquid. Information, never advice.