FIXED-RATE FUNDING · HYPERLIQUID · HYPEREVM
Your position is perpetual.
Your funding cost
doesn’t have to be.
A perp never expires, so nothing ever forces its carry to settle. Every hour Hyperliquid recomputes a funding rate from the premium of mark over spot and moves cash between longs and shorts. Hold a position for a month and you have paid an interest rate you never agreed to and could not have quoted in advance.
Clamp separates the two decisions. Keep the perp exactly as it is — same venue, same size, same liquidation price. Alongside it, buy the funding stream for a fixed term at a rate you can see before you sign. The floating leg Clamp pays you is the floating leg you pay Hyperliquid, so the two cancel and what is left is a single number, known at open.
Someone has to take the other side, and that makes it a market. Anyone who thinks the next thirty days of funding will land below the quoted rate can stand there, and the shape of the rate across maturities becomes a thing worth trading in its own right.
BTC 30D FIXED
+0.00%
pay fixed, annualised
HYPE 30D FIXED
0.00%
pay fixed, annualised
POOL LIQUIDITY
$0.00M
USDC in the vault
UTILISATION
0.0%
pledged to open swaps
01 / 04 — T0
Funding floats.
Every hour Hyperliquid recomputes the rate from the premium of mark over spot and moves cash between longs and shorts. Nobody quoted you this. It is simply what the position costs, discovered one hour at a time.
The clamp is already in Hyperliquid’s funding formula.
This is not a metaphor we reached for. It is the operator sitting in the middle of the rate the venue charges, and it is the reason a fixed-rate product on top of it can be settled trustlessly rather than reported.
premium = (markPx − oraclePx) / oraclePx funding₈ = premium + clamp(i − premium, −0.05%, +0.05%) funding₁ = funding₈ / 8 capped at ±4% / hour
At parity
The clamp is inactive and funding sits at the flat interest rate, 0.01% per eight hours. Nothing to hedge, and nothing to trade.
When the premium runs
The clamp saturates and funding tracks the premium minus five basis points. This is where every real market lives, and it is why the product exists.
At the cap
Funding stops at 4% an hour. The floating leg is a bounded payoff — and an uncapped one cannot be fully collateralised at any margin level.
Funding has a term structure. Now it has a market.
Every tenor prices separately, and the spread between the two sides widens where the pool is carrying the most duration. Steepness, inversion and the roll between maturities are all positions you can take.
Hover the curve for the two sides at each tenor
One of you wants the number to stop moving. One of you thinks it is wrong.
You are long a perp and paying funding every hour. You buy the floating leg from Clamp and pay a fixed rate instead. Your carry becomes a line item you can put in a spreadsheet before the month starts. Basis desks, delta-neutral books, anyone running a levered position they intend to hold.
- — The perp position is untouched, on its own venue.
- — Cost is fixed at open, not at expiry.
- — The swap is an ERC-721, so the locked rate is itself transferable.
Depositors are not betting on funding going up or down. The pool quotes around the oracle’s own average of realised funding, charges a half-spread in both directions, and only ends up directional to the extent flow is one-sided — at which point the curve has already repriced to be paid for it.
- — ERC-4626 over USDC, share price marks the open book.
- — Withdrawals cannot touch capital pledged against live positions.
- — Bad debt hits an insurance fund built from fees before it hits LPs.
The parts people ask about twice.
Does Clamp touch my Hyperliquid position?
No. It never sees it. Clamp is a separate contract on HyperEVM holding USDC collateral; your perp stays on HyperCore with the same size and the same liquidation price. The hedge works because both legs reference the same funding rate, not because they share an account.
What exactly settles at expiry?
The difference between the funding index frozen at your maturity and the index frozen at your open, times your notional, minus the fixed rate you locked times the hours you held it. Expiries sit on a daily grid at 08:00 UTC, and the index for each one is frozen the first time an accrual crosses it.
What if the keepers stop poking the oracle?
Accrual freezes rather than extrapolating a stale rate across a gap of unknown length, and the market stops accepting new positions. Funding the venue charged during that window is not recovered. This is the protocol’s largest single source of basis and the reason the keeper set matters.
Can I get out before expiry?
Yes. Unwinding is opening the opposite trade over the remaining stub, so it crosses the spread the same way opening did and prices at whatever the curve says at that moment. There is no lockup.
Why does the quote move when I change my size?
Because the pool is the counterparty and price impact is charged on inventory measured in notional-hours, not notional. A ninety-day swap loads the pool with roughly thirteen times the funding exposure of a seven-day swap at the same size, and the quote says so.
Is there a token?
CLAMP, fixed supply, minted once. It governs the parameters that actually matter — skew coefficients, spreads, margin rates, which markets exist — and stakers receive the protocol’s share of opening fees in USDC.