crowded

How it is computed

Crowded reads Hyperliquid's public market data: the main book and every builder-deployed (HIP-3) dex. It ranks markets by how one-sided they are right now. Crowded is a state, not a call: nothing here says what a price will do next.

The columns

funding /yr, and who pays
This hour's funding rate as Hyperliquid reports it, times 8,760 (the hours in a year), not compounded. Funding is paid every hour, on the main book and on HIP-3 dexes. Positive: longs pay shorts. Negative: shorts pay longs. The rate moves during the hour and is fixed when the hour settles, so the yearly figure is this hour's rate projected, not a forecast. The hourly rate itself is shown next to it.
the resting rate
On the main book, funding is the premium plus an interest part of 0.00125% an hour, and whenever the premium is small the formula's clamp makes funding exactly that interest part: +0.00125% an hour, +11.0% a year, longs paying. That is why many markets sit at exactly +11.0%; a market is crowded when its rate moves away from it. HIP-3 dexes set their own interest part (for example +0.000625% an hour, +5.48% a year, on one of them), visible on each market's chart.
hours
How many settled hours in a row were paid in the same direction as the rate now, counted back from the latest settlement over the last 7 days (168 hourly settlements). "7d+" means all 7 days; "new" means every hour since the market was listed, less than 7 days ago; "flipped" means this hour's rate points the other way from the last settled one.
open interest
Open positions (one side) times the mark price, in dollars.
OI ÷ day vol
Open interest divided by the last 24 hours' traded volume. High: positions are being held, not churned.
premium
Hyperliquid's own premium figure: how far the market's prices sit from its oracle price, the input to funding.
24h
The mark price against the price 24 hours ago.

The tabs

By default the board shows markets with open interest of at least $1M and day volume of at least $100k: tiny markets with absurd rates would top every list. "Show small markets" lifts the filter. Top 3 is the three most extreme funding rates among markets that pass the filter.

A market's page

The numbers above, plus 168 bars of hourly settled funding for the last 7 days (each bar's number is one tap away, in the list under the chart), the 7-day average and the count of hours each side paid. For the main book it also shows Hyperliquid's predicted rate for the coming settlement; Hyperliquid publishes no predicted rate for HIP-3 markets, so their pages show the current hour's rate only. Every market page and the top 3 have their own image: post the link and it unfurls as that market's card, dated to the minute.

Freshness

The board is read at most once a minute and refreshes itself every minute; each market's history is read once an hour, after the hour settles. If the data source does not answer, the page shows its last answer and says so, with the time it is from.

What it does not show

Counting

To know whether anyone uses it, the site counts market pages opened, once per visitor per day, with the site that sent the visit. A visitor is a hash of the IP address with a random salt that is replaced every day and then deleted: the IP address itself is never stored, and days cannot be linked. Your browser keeps the date of your first visit (local storage) and sends only whether today is a later day. No cookies and no advertising trackers; page views are counted by cookieless analytics.

Source

Data: Hyperliquid's public info endpoint. Crowded is not affiliated with Hyperliquid.

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