What a funding rate is attached to

A funding rate is negative this hour. You are long. What happens?

• You pay, because longs always pay funding
• You receive, because a negative rate means shorts pay longs
• Nothing, because negative rates are not settled

Which of these can you compare directly with Hyperliquid's 0.00125% per hour?

• "0.01%" with no interval shown
• "438% APR" copied from a post about a spike
• "0.01% per 8 hours" from an exchange screen, once you divide it by 8