Clean Hyperliquid funding & open-interest data, explained

Most "crypto market data" you can buy is scraped from centralised exchanges whose terms forbid redistribution. Hyperliquid is different in a way that matters commercially: it is an on-chain perpetual-futures DEX, and its market context is published to a public archive. That makes it one of the few crypto microstructure sources you can legally clean, redistribute and train on — no exchange ToS to trip over.

The catch is that the archive is *raw*. It is minute-level snapshots, hundreds of coins wide, in tiny fractional units, with the long tail of small-cap perps that tidy vendor feeds quietly drop. Here is what is in it and what each field means.

The asset-context feed

For every listed coin, at high frequency, the feed carries: funding, open interest, mark price, oracle price, mid price, premium, 24h notional volume, and impact bid/ask prices. That is enough to reconstruct most of what a perp trader cares about — carry, positioning, basis and liquidity — without ever touching a centralised exchange.

Funding: the carry signal

On a perpetual, funding is the periodic payment between longs and shorts that tethers the perp to spot. Persistently positive funding means longs are paying to stay long — crowded, and expensive to hold. The raw number is a tiny per-interval fraction; to make it human you annualise it (multiply out to a yearly percentage). Our cleaned feed does this rescaling so funding does not round to zero next to a price column.

Open interest and the squeeze

Open interest — the total value of contracts outstanding — is the positioning gauge. Rising OI into a rising price is fresh money; falling OI into a rising price is short-covering. Extremes in OI plus one-sided funding are the ingredients of a squeeze, which is exactly what our derived Hyperliquid Squeeze / Crowding Index distils into trailing z-scores.

Basis and impact spread: the parts vendors omit

Two fields do quiet, valuable work:

• Mark vs oracle — the gap between the perp's mark price and the oracle (spot-reference) price is a basis in basis points, a dislocation proxy distinct from funding.
• Impact bid/ask — Hyperliquid's on-chain quotes for trading a standard notional. The gap between them, over mid, is an effective spread — a genuine liquidity and slippage measure. On the long tail it is the difference between a tradable market and a trap, which is what the Hyperliquid Friction- Adjusted Carry metrics surface.

Why cleaning it is real work

• The raw files are minute snapshots — hundreds of thousands of rows per day — that need resampling to a manageable, documented grain.
• 200-plus coins, including ones listed and delisted mid-history, so the panel is ragged and needs gap-aware handling, not forward-fill.
• Funding and premium are tiny fractions that collapse to zero unless rescaled into readable units before rounding.
• Absence is not zero: a coin going quiet is a gap, and averaging over it lies.

Our Hyperliquid Funding & Open Interest dataset is the output: the full context feed for every coin, resampled to one tidy long Parquet — funding annualised, prices and OI aligned, the small-cap tail kept rather than dropped. Pure on-chain DEX data, aggregate market context only (no wallets), with the provenance and licence documented so you can build on it — or train on it — without inheriting someone else's terms of service.