The Bitcoin funding market on Hyperliquid.
Funding obligations accrue continuously. Historically, hedging this exposure required complex basis baskets or opaque OTC execution. Now, institutions can price and trade the funding rate directly, at its source of formation.
Perpetual futures discover the asset price. Nunchi rates tracking indices isolate the underlying cost of leverage.
Every leveraged market generates a continuous rate. Nunchi engineers the definitive reference indices to measure this cost of capital and delivers the infrastructure to trade it. BTCSWP is the first executable expression: Bitcoin funding, priced and traded directly.
Executing the primary benchmark: BTC funding. Index live, perp launching on Hyperliquid.
Every market generates a rate representing the cost of capital over time. Historically, these benchmarks arrived on fixed schedules—quarterly central bank decisions, daily SOFR fixings, or discrete funding epochs. For the first time, the cost of capital is observable in real time, 24/7.
Funding serves as the most precise of these metrics: a live measure of leverage demand, priced moment to moment. This continuous index provides the market's most concrete directional signal, stripping away price action to reveal underlying capital flows.
Nunchi rates-tracking indices are constructed from observed funding prints across live perpetual markets.
Rates used to arrive on a schedule. In a live Hyperliquid orderbook the rate is discovered continuously — 24/7 — the way any market's price forms. Read the funding index, history, and settlement as a feed.
BTCSWP data feeds →Take a position on the rate itself — price it, trade it, or hedge it. The first perp in the reference-rate series, launching on Hyperliquid.
Get launch access →Bitcoin perpetuals continuously discover a funding rate — the price of leverage. Nunchi publishes that rate as a reference rate and lists a perp on it; BTCSWP is the first in the series.
Funding is observed — the price of leverage, repriced continuously.
Funding is traded — direct exposure to the rate itself.
// live — Hyperliquid BTC perp (price discovery) + the Nunchi funding oracle (rate discovery). How the index is computed →
Trade it. Systematize it. Build on it.
Desks, market makers and treasuries use Nunchi to hedge funding cost, manage carry exposure, and price funding-linked products against a reference rate.
Take a direct position on BTC funding, or hedge funding exposure without carrying a basis basket. Already making markets on funding? Capture the attribution you're leaving on the table.
Get launch access → Trading desk or treasury? Talk to the desk →Systematize funding-momentum, carry, and rate strategies against a live reference rate. Backtest on historical funding and paper-trade against live feeds, then trade over MCP in private beta.
MCP · private betaRead the funding index, history, and settlement as a feed. One integration replaces a custom data build and your own oracle wrangling — feed it straight into trading, analytics, and risk systems.
Access Feeds →Nunchi runs a hosted MCP so your agent can read live rates, reason about funding regimes, and act under scoped, risk-limited permissions. Access is a private beta — request an invite to start.
Read live rates. Your agent reads BTCSWP reference data through Nunchi's hosted MCP, with more markets on the roadmap.
Reason before action. Strategy prompts compare funding against its expected trend and explain the regime before proposing orders.
Scoped & permissioned. Live trading runs under scoped tokens with network, tool-tier, and order-size limits you grant — reviewed against the beta disclosures.