Worked example
Using an impact-price formula, suppose the index is $100, the impact bid is $100.20 and the impact ask is $100.30. The premium is [max(0, 100.20 − 100) − max(0, 100 − 100.30)] ÷ 100 = 0.002, or 0.20%. Impact prices represent average fills for a specified order size, not just the best bid and ask. A single sample is not the settled funding rate.
Using Swolecharts
The BTC Hyperliquid funding page separates impact premium from mark versus oracle. Compare these rows before interpreting funding: the displayed mark gap and the premium sampled for funding can differ.
Common confusion
A positive premium is not a direct promise of an equally positive funding payment. Averaging, interest components, clamps and venue-specific limits sit between a sample and settlement.
Checked against exchange documentation on 13 October 2026: Bybit: funding rate calculation · Hyperliquid: funding. Examples are illustrative, not live market readings.