Hyperliquid原油永续合约资金费率飙升至500%
There’s a 500% penalty on Hyperliquid oil short-selling
资金费率分化提供了明确的跨期套利或对冲观察窗口，适合关注衍生品定价效率的读者留意风险与机会。
Crypto exchange Hyperliquid is paying traders 500% a year to hold long oil derivatives. Payouts are hourly as an additional reward atop the price appreciation of oil itself which has regained $100 per barrel.
加密交易所 Hyperliquid 正以年化 500% 的收益率支付交易者，让他们持有原油衍生品多头头寸。 payouts（收益）按小时发放，作为对油价本身已回升至每桶 100 美元的额外奖励。
Of course, if it sounds too good to be true, it probably is. There are no free lunches on Wall Street.
当然，如果听起来好得令人难以置信，那它很可能就是如此。华尔街没有免费的午餐。
First of all, Hyperliquid offers extreme leverage — up to 20x on Brent oil, for example — so unremarkable, intraday price fluctuations can easily wipe out a portfolio.
首先，Hyperliquid 提供极高的杠杆——例如布伦特原油最高可达 20 倍——因此，看似普通的日内价格波动很容易就能抹平整个投资组合。
Moreover, even unlevered trades on Hyperliquid inherit innumerable financial risks from bugs, hackers, market manipulators, vulnerable technologies, and offshore counterparties.
此外，即使在 Hyperliquid 上进行无杠杆交易，也会继承来自漏洞、黑客、市场操纵者、脆弱技术和离岸交易对手方的无数金融风险。
Still, Brent and WTI oil perpetuals on the crypto exchange printed deeply negative hourly funding rates today, meaning that the short side of the trade is overcrowded and must pay fees to borrow margin exposure from less popular longs.
尽管如此，该加密交易所上的布伦特原油和 WTI 原油永续合约今天录得了深度负值的每小时资金费率，这意味着空头头寸过于拥挤，必须向较少人持有的多头头寸支付费用以借入保证金敞口。
Traders on the venue are so one-sided that shorts must pay 500% annualized fees to anyone willing to go long.
该平台上的交易者持仓方向极度单一，以至于空头必须向任何愿意建立多头头寸的人支付年化 500% 的资金费率。
Hyperliquid funding rates, September 10, 2026. Source: LearnHyper.com
Hyperliquid 资金费率，2026 年 9 月 10 日。来源：LearnHyper.com
Of course, many Hyperliquid short-sellers are day traders who incur minimal funding fees during a quick trade of a few minutes or hours. Still, the funding rate mismatch between shorts and longs is incredible.
当然，许多 Hyperliquid 的空头卖家是日内交易者，他们在几分钟或几小时的快速交易中产生的资金费率微乎其微。尽管如此，空头与多头之间的资金费率差异仍然令人难以置信。
Although Brent oil is trading below its $126 peak on April 30 as a reward for long-term shorts since that date, longs have been winning recently.
虽然布伦特原油在 4 月 30 日触及 126 美元的高点后一直在交易，这是对自该日期以来长期持空头者的回报，但近期多头一直占据上风。
As shorts stare in disbelief at rapidly rising prices, longs not only benefit from leveraged gains but also receive hourly funding payouts.
当空头难以置信地盯着迅速上涨的价格时，多头不仅从杠杆收益中获利，还收到按小时发放的资金费率 payout。
Oil has rallied 6% today alone, and the world’s most actively traded commodity is 24% more expensive than 30 days ago amid escalating tensions in the tanker straits of Hormuz and Bab el-Mandeb.
仅今天，油价就上涨了 6%，在全球油轮海峡霍尔木兹海峡和曼德海峡紧张局势升级的背景下，全球交易量最大的大宗商品比 30 天前贵了 24%。
Year to date, oil is up 75%.
年初至今，油价已上涨 75%。
The Iran war that began in February has kept squeezing seaborne supply and global logistics for millions of barrels that the world burns daily.
始于二月的伊朗战争持续挤压着海运供应和全球物流，而全球每天消耗数百万桶石油。
Oil price surge sparks billion-dollar trading frenzy on crypto platforms
油价飙升引发加密货币平台上的十亿美元交易狂热
Read more: Crypto traders paid 8,700% annualized fees to bet on Anthropic
阅读更多：加密交易者支付年化 8,700% 的费用押注 Anthropic
Hyperliquid isn’t literally paying from a corporate account
Hyperliquid 并非字面意义上从公司账户付款
Technically, funding rates on Hyperliquid aren’t an exchange fee. Hyperliquid isn’t generally in the business of discretionary choices about these fees.
从技术上讲，Hyperliquid 上的资金费率并非交易所收取的费用。Hyperliquid 通常不负责对这些费用做出自由裁量决定。
Instead, funding fees are algorithmically determined and occur as hourly transfers between traders.
相反，资金费率是通过算法确定的，并以交易者之间的小时转账形式发生。
The intention of funding rates is to tug Hyperliquid’s crypto-native perpetual contract for oil back toward the so-called “oracle” price. Oracle data providers attempt to monitor real-world, off-blockchain prices and broadcast that data onto blockchains in a well-formatted, standardized, and reliable way.
资金费率的目的是将Hyperliquid上以加密货币为原生资产的WTI原油永续合约拉回所谓的“预言机”价格。预言机数据提供商试图监控现实世界中链外的价格，并以格式良好、标准化且可靠的方式将该数据广播到区块链上。
When the contract trades cheaply relative to the oracle price, shorts pay longs, and vice versa.
当合约相对于预言机价格交易较便宜时，空头支付给多头，反之亦然。
Hyperliquid News blamed the monthly futures contract roll for today’s particularly egregious funding rates. Writers at the publication opined, “It’s simply due to the roll schedule.”
Hyperliquid News将今天异常高昂的资金费率归咎于月度期货合约的换月。该刊物的撰稿人认为：“这仅仅是由于换月时间表所致。”
Specifically, Trade[XYZ] does roll WTI oil from V6 to X6, and Brent from X6 to Z6, between September 8 and September 14.
具体而言，Trade[XYZ]在9月8日至9月14日期间将WTI原油从V6合约换月至X6合约，并将布伦特原油从X6合约换月至Z6合约。
However, funding rates don’t normally spike this high during futures contracts rolling dates. Given the volatility of oil itself, Hyperliquid’s contracts are particularly popular and one-sided for a variety of reasons this week.
然而，资金费率通常不会在期货合约换月期间如此剧烈飙升。鉴于原油本身的高波动性，加之本周出于各种原因，Hyperliquid的合约特别受欢迎且呈现单边行情。
Earlier this year, US exchanges ICE and CME asked Washington to police Hyperliquid’s anonymous oil books, warning the venue could distort the global price.
今年早些时候，美国交易所ICE和CME要求华盛顿方面监管Hyperliquid匿名原油订单簿，警告该平台可能扭曲全球价格。
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