Hyperliquid BTC funding did not stay negative for long. The floating rate reversed from -10.98% to +9.69% into 14 September, a 20.7pp swing in a day, and both 25 September collateral books repriced: BTC-HL · BTC (25 Sept) rose 2.60pp to an 8.19% implied APR, BTC-HL · USDT (25 Sept) 2.39pp to 7.87%. The BTC book turned over $9.05M (up 57%), the USDT book $5.08M (up 114%).

Settlements confirm the shift: longs won 21 of the 24 hourly settlements on each book at a 9.00% average settlement APR, while the 7-day floating average holds at 4.96%, 3.23pp below the BTC book's fixed rate. The market is pricing hotter funding than the trailing week delivered.

Positioning shows two sides responding. 0x19fd…9989 added 51.03 YU short (~$3.96M), now 46.86% of short-side open interest, the session's largest position move. Against it, 0x264d…d2c6 added ~$1.58M long on the USDT book and 0xf9b2…82fd opened an 18.78 YU long (~$1.46M) on the BTC book. The volatility spike generated new risk in both directions.