Glossary
Open interest
The total value of open positions in a market. High open interest with a high funding rate marks a crowded trade, which is where squeezes come from.
Checked against the Hyperliquid documentation 8 Sept 2026 · how we check
Related terms
- Funding rate A periodic payment between long and short holders of a perpetual contract. On Hyperliquid it is charged every hour and the exchange takes none of it.
- Notional value The full value of a position, as opposed to the collateral backing it. Fees and funding are charged on notional, which is why leverage does not change your fee rate.