01Strategy 01 backtest · simulated

Three years of ETH funding, earned from the short side

Long spot ETH, short an equal amount of ETH perpetuals on Hyperliquid, and collect the funding that longs pay shorts every hour. This page shows what that generic position would have earned from May 2023 to September 2026, computed from Hyperliquid's public funding history.

Data to 11 Sep 2026Instrument ETH-PERP on HyperliquidWindow 1,219 days

How the data was collected

  1. Pulled every ETH funding payment from the Hyperliquid public API, back to the first ETH record on 12 May 2023.
  2. Aggregated 28,668 payments into 1,219 daily rates. Hyperliquid paid funding every 8 hours in the first weeks of data (until 7 June 2023) and every hour since 8 June 2023.
  3. Took the short's view. A positive rate means longs pay shorts, so it is income for this position. Negative days count as losses.
  4. Annualised without compounding and scaled to the 71.25% of NAV that earns funding at 3× leverage with a 5% liquidity buffer: (1 − 5%) ÷ (1 + 1/3).
Source
Hyperliquid API, fundingHistory, ETH
Window
12 May 2023 to 11 Sep 2026
Payments
28,668, grouped into 1,219 days
Leverage
3× short (cap), 0.71× capital efficiency
Buffer
5% of NAV held in USDC
Not included
Trading fees, rebalancing, slippage, basis moves, any product fees or costs

Headline figures

Simulated at 3× leverage, before all fees and costs
10.09%
Simulated effective APR at 3×, full window
3.8–15.7%
Effective APR range by calendar year
4 of 41
Months with negative funding
87.3%
Days with positive funding
+33.69%
Cumulative, simple sum, share of NAV
28,668
Funding payments observed

Cumulative funding earned, share of NAV

Running sum of daily funding on the short leg, scaled to the 71.25% of NAV that is hedged at 3×. Negative-funding days reduce the total.

Monthly effective APR

Each month's funding, annualised and scaled to the 71.25% of NAV hedged at 3×. 4 of 41 months were negative, and the carry has compressed since 2025.

Positive monthNegative month
Show monthly table
MonthDaysReturnEffective APRWin rate

By year

Funding income was highest in 2023–24 and has compressed as the market matured.

YearDaysEffective APR at 3×Win rate
2023 from 12 May23414.33%85.5%
202436615.71%94.5%
20253656.08%84.4%
2026 to 11 Sep2543.84%82.7%

Read with these limits

  • Returns are the funding earned on the short leg, before trading fees for entry, exit and rebalancing. We estimate those fees at 0.3–0.5% a year with daily netting and maker execution.
  • The ETH spot–perp basis is assumed flat. Short-term basis moves change mark-to-market, not the funding earned.
  • APR figures are simple averages and do not compound. Funding income was lower in 2025 and 2026 than in 2023–24.
  • The simulation assumes 3× leverage, so 71% of capital earns funding instead of 91% in a 10× structure. That lowers the yield but leaves the short with far more margin.
  • Figures are before all fees and costs. Returns vary and can be negative. Past funding is not a forecast, and a real portfolio would differ from this simulation.