Hyperliquid Oil Shorts Face 500% Annualized Funding Fees as Oil Rallies 6%

Hyperliquid oil shorts are paying longs annualized funding fees of 500%, with the transfers occurring hourly between traders. According to NS3.AI, deeply negative funding rates indicate that short positions are overcrowded. Oil rallied 6% today and is now 24% more expensive than 30 days ago.