Hourly funding

Funding is a cash flow#

Iceberg uses actual hourly rates from Hyperliquid’s funding history. Funding can debit or credit your simulated cash and affects account risk. It is separate from trading fees.

Funding cash flow = − signed quantity × recorded oracle × hourly rate

Long quantity is positive and short quantity is negative. For a positive funding rate, a long pays and a short receives under this formula. Unfilled orders do not create a position or a funding charge.

Which position is charged?#

The server reconstructs signed quantity at the UTC hour from immutable executed fills. Fills after that boundary do not change the earlier hour. It does not substitute the current position for a historical one.

Position-generation records keep funding attached to the correct cross or isolated lifecycle after a close, reopen or reversal. Delayed funding is reconciled without silently taking another isolated compartment’s collateral.

The oracle sample#

The simulation stores the first fresh server oracle sample received within ten seconds after the UTC boundary. The ledger identifies that sample. It is not claimed to be the exchange’s exact settlement oracle.

Funding at midnight#

Midnight funding settles before the daily baseline. The baseline reconstructs fills before midnight, funding and effective margin adjustments through midnight, and payout cash events strictly before midnight. Same-day trades and payouts cannot leak into that opening cash balance.

See Hyperliquid’s funding documentation for the venue rate model, and loss limits for how Iceberg uses the resulting cash.