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How far a perp trades from its oracle price: the input that moves funding.
Hyperliquid samples a premium every 5 seconds: how far the prices to buy and to sell a set size (the impact prices) lie from the oracle price, as a share of it. On the main exchange the premium is zero while the oracle lies between the two; builder exchanges measure it from their midpoint.
The hour's average premium sets the funding rate whenever it leaves the band around the interest rate. One sample says little about the hour: on 2026-10-04 the latest sample and the hour's rate disagreed about the band on 50 of 330 perps.
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The perp with the most open interest right now: hourly funding (bars) and that hour's premium (line), last 7 days.