How it works
A Hyperpetua swap is a fixed-for-floating funding-rate swap on Hyperliquid perpetual funding. You trade against a pooled liquidity vault, not another individual — so a swap opens instantly.
The two sides
You pick one side; the vault automatically takes the other.
- Long funding (fixed payer) — you pay the fixed coupon and receive the realized floating funding. You profit if funding comes in above the coupon. A clean way to go long funding.
- Fixed (fixed receiver) — you receive the fixed coupon and pay the realized floating funding. Combined with a real position that earns funding, the two offset and you net a flat coupon regardless of where funding goes — the side a funding-earner takes to make its yield predictable.
The coupon (quoted, not negotiated)
The vault quotes one fixed coupon — the funding rate you lock in for the term — as mid ± spread:
| Side | Coupon |
|---|---|
| Long funding (fixed payer) — pays the coupon | mid + spread |
| Fixed (fixed receiver) — receives the coupon | mid − spread |
The mid tracks the trailing median of Hyperliquid's HYPE funding (refreshed by a keeper); the spread is the vault/LP edge — the price of an instant, always-available counterparty.
What you post
You post a single USDC buffer — your entire stake and your maximum profit or loss. The vault locks an equal buffer of pooled LP capital as your counterparty, so the swap is fully collateralized on both sides from the moment it opens. The notional is reference-only — never deposited; it's just the size the funding rate applies to. (The app sizes the buffer for you from the notional, term, coupon and a per-hour rate cap, so it always covers the worst in-cap outcome.)
Worked example
$1,000,000 notional · 1-month (28-day) term · coupon C = 10% APR, taking the Long funding side:
| Realized funding over the term | Result |
|---|---|
| 15% APR | funding beat the coupon → you profit |
10% APR (= C) |
≈ break-even |
| 2% APR | funding lagged the coupon → you pay |
Your P&L lands somewhere between losing your whole buffer and gaining your whole buffer — it can never exceed the buffer. The Fixed side is the mirror image, and offsets a real funding-earning position to a flat coupon.
Settlement
At maturity, a keeper reads Hyperliquid's public funding history, computes the cumulative
realized funding over the term, and submits it on-chain via settle. The contract pays each side
its net (buffer ± P&L, bounded by the buffer) as a claimable balance. See Transparency.