Hyperliquid Native Perps as the Study Venue

Which price does Hyperliquid use to compute funding payments?

• The mark price
• The oracle price
• The last trade on the order book

Your short leg is in a coin whose funding rate is negative this hour. What happens on that leg?

• The short pays the longs, because negative funding means shorts pay longs
• The short receives funding, because shorts always receive
• Nothing, because negative rates are rounded to zero