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Funding rates,
split in two.

Pindar is the first market for Hyperliquid funding rates. Lock the rate on your position, or trade it as an asset of its own.

Try it with paper moneyFollow the testnet on X

One rate goes in. Two assets come out.

Every perp position carries a funding rate its trader did not choose. Pindar takes it off the position, the way Pendle takes the yield off a token, and sells it as two separate things.

Fixed, for hedgers.

You are short DOGE, longs are paying you, and you would rather not find out what happens when they stop. Lock the rate, at 20% APY for example, and keep earning it whatever funding does next.

Floating, for degens and HFT.

The fixed rate is paid by whoever buys the floating one. Take it cheap, with leverage: if DOGE funding runs to 100% you keep the difference, and if it collapses you lose your stake.

And when the market falls off a cliff.

A fixed rate is only fixed if the other side can always pay. So the floating leg is margined, and when that margin runs thin it is liquidated, in part or in full, inside one 100 to 200 ms block. The hedger keeps the rate.

Scroll to split it

Same rate, two outcomes. Move it and see.

Fixed side

$2,000

on a $10,000 DOGE short, locked at 20%. Left unhedged, the same position would have paid $3,400.

Floating side

+70%

on margin. It pays 20% and receives 34%, a 14-point spread at 5×.

Illustration only. The 20% rate is an example, and the result ignores fees and the path funding takes on the way.

The rates you can split, right now.

The app runs on live Hyperliquid funding with a paper account: lock a rate, buy the floating side, and watch the position accrue against the real market before the testnet opens.

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MarketFunding now, annualisedOpen interestOpen

Read live from Hyperliquid every 15 seconds.

Why this could not exist before Elysium.

Splitting a funding rate means rebalancing margin continuously and liquidating instantly. HyperEVM is deliberately capped near 3M gas per second so it stays in step with HyperCore’s order book. Run this workload there and you risk congestion at the worst moment, and bad debt after it.

Pindar is built natively on Elysium instead, the high-performance Arbitrum Orbit chain from Kinetiq.

300M gas per second
A hundred times the headroom, so a liquidation wave does not queue behind itself.
100 to 200 ms blocks
Margin is rebalanced several times a second rather than once in a while.
HyperCore, read live
Contracts read the order book in real time and push orders back to it without leaving the chain.

What gets built, in order.

  1. A contract that reads HyperCore

    One funding rate, read from the order book by a contract on the Elysium testnet.

  2. The rate model

    The split itself, and a fixed APY that moves with supply and demand for each side.

  3. The liquidation engine

    Partial and full liquidations, stress-tested at Elysium block speed.

  4. The app

    Markets, ticket and portfolio wired to the contracts, with rates streaming live.

The testnet is close.

Until then the app runs on paper money and real rates. Dates and access are announced on X first.

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