Hyperliquid CAKE/USDT Funding Rate

CAKE/USDT on Hyperliquid has maintained a 87.8% positive rate frequency across 19,358 funding settlements since 2023-12-30. This translates to an annualized yield of 12.5% for delta-neutral positions.

The funding rate ranged from a low of -0.3496% to a high of 0.0375% per settlement period. With 1-hour intervals, Hyperliquid settles this pair 24 times per day — each settlement is a tradeable event.

The consistently high positive rate (87.8%) indicates persistent long-side demand for CAKEperpetual futures. This creates a structural alpha for short-side collectors — and a highly predictable binary market for Settled traders. When the current rate is positive, there is historically >95% probability the next settlement will also be positive.

Funding rates are periodic payments between long and short traders on perpetual futures contracts. When the rate is positive, longs pay shorts — indicating bullish sentiment and excess leverage on the long side. When negative, shorts pay longs.

Hyperliquid settles CAKE/USDT funding every 1 hours. The rate is determined by the premium/discount between the perpetual contract price and the spot index price. Over 19,358 historical settlements, we observe a strong positive bias — making this pair highly predictable for Settled markets.