# BTC · 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 2026-10-29 16:54 UTC · https://afterfees.xyz/fixed-floating/229

## BTC · Hyperliquid · 2026-12-25

|   |   |
|---|---|
| Underlying funding | Hyperliquid BTC |
| Maturity | 2026-12-25 · 56 days left |
| Settlement period | 1 h |
| Implied APR (mark) | 7.84% |
| Latest floating APR | 10.95% |
| Open interest | $280.2K |
| 24 h volume | $4.5K |
| 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) | 7.51% | 7.52% | 10.13% | 8.50% | −0.01% | 50% | $72.4K | Watch |
| Lock a cost (long YU) | 8.23% | 7.52% | 10.13% | 8.50% | −0.71% | 40% | $0 | 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 BTC funding at Hyperliquid until 2026-12-25?**

7.51% a year net of Boros fees at $10,000, against a term-matched floating benchmark of 7.52%; up to $72.4K 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._