# ETH · Hyperliquid · 2026-12-25: fixed vs floating

Both sides at $10,000: lock an income (short YU) or lock a cost (long YU), priced from the order book, after the Boros taker and settlement fees.

Updated 2026-10-30 00:28 UTC · https://afterfees.xyz/fixed-floating/128

## ETH · Hyperliquid · 2026-12-25

|   |   |
|---|---|
| Underlying funding | Hyperliquid ETH |
| Maturity | 2026-12-25 · 55 days left |
| Settlement period | 1 h |
| Implied APR (mark) | 7.10% |
| Latest floating APR | −51.70% |
| Open interest | $6.9M |
| 24 h volume | $1M |
| Taker + settlement fee | 0.05% + 0.10% |

## Locked rate at $10,000, net of fees

| Side | Net locked | Floating, same term | Floating 7d | Floating 30d | Advantage | Win rate | Capacity | Status |
|---|---|---|---|---|---|---|---|---|
| Lock an income (short YU) | 6.88% | 7.29% | 7.09% | 7.55% | −0.41% | 43% | $0 | Watch |
| Lock a cost (long YU) | 7.33% | 7.29% | 7.09% | 7.55% | −0.04% | 50% | $176.9K | Watch |

_Advantage = net locked rate minus the term-matched floating benchmark (income side) or the reverse (cost side). Win rate = share of past windows of the same length in which locking would have won. Capacity = the largest size whose advantage stays above zero._

## Questions

**What fixed rate can I lock on ETH funding at Hyperliquid until 2026-12-25?**

6.88% a year net of Boros fees at $10,000, against a term-matched floating benchmark of 7.29%; up to $0 keeps an advantage.

_The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you._