# Updates
*11/21 Update (Oracle Time Constant)*:
We reduced the internal oracle time constant from 8 hours to 1 hour for equity perpetuals.
Effect in Practice
* Faster reflection of price discovery - during closed sessions, the oracle now tracks orderflow with a shorter time constant, reducing the gap between “traded price” and oracle.
* Lower funding drag on genuine moves - traders who are directionally right on gap moves keep more of the move (87% vs 10%); shorts who sit through those gaps receive much less funding compensation.
* Same safety properties - the 1 / max\_leverage band on mark vs last external spot still limits single-tick jumps and weekend bands in mark.
*12/19 Update (scaling factor for funding rate formula)*:
The default funding rate for crypto perps has remained unchanged at 0.01% / 8 hours since Bitmex first introduced the mechanism in 2016. Borrow rates for traditional asset classes (e.g., equities, commodities) are typically closer to SOFR + 1-2%. We reduced the funding rate across all XYZ markets by applying a scaling factor of 0.5 to Hyperliquid’s funding rate formula. This lowers baseline funding to \~5.5% annualized and results in less aggressive funding during weekend price discovery as well.
The specific formula is `Funding Rate XYZ (F) = 0.5 [Average Premium Index (P) + clamp (interest rate - Premium Index (P), -0.0005, 0.0005)]`.
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