diff --git a/src/app/api/fee-compare/route.ts b/src/app/api/fee-compare/route.ts
index d6d53301..dde1e296 100644
--- a/src/app/api/fee-compare/route.ts
+++ b/src/app/api/fee-compare/route.ts
@@ -1260,7 +1260,8 @@ async function fetchHlFundingHistory(
 }
 
 // Compute projected HL funding cost for a set of position slices.
-// Uses absolute funding rates so direction doesn't matter for the projection.
+// Returns signed net: positive = wallet pays, negative = wallet receives.
+// Rate > 0 = longs pay; < 0 = shorts pay (HL convention).
 function computeHlFunding(
   positions: PositionSlice[],
   history: Map<string, Array<{ time: number; rate: number }>>
@@ -1270,10 +1271,10 @@ function computeHlFunding(
     const rates = (history.get(pos.coin) ?? []).filter(
       (r) => r.time >= pos.openMs && r.time <= pos.closeMs
     );
-    // Each HL funding entry = one 8h interval. Rate > 0 = longs pay; < 0 = shorts pay.
     for (const r of rates) {
+      // positive cost = this position is on the paying side
       const cost = pos.isLong ? r.rate : -r.rate;
-      total += pos.notionalUsd * Math.max(0, cost);
+      total += pos.notionalUsd * cost;
     }
   }
   return total;
@@ -1683,7 +1684,7 @@ export async function GET(req: Request) {
               borrowFees: 0,
               fundingFees: hlFunding,
               borrowProjected: false,
-              fundingProjected: hlFunding > 0.01,
+              fundingProjected: Math.abs(hlFunding) > 0.01,
             };
           }
 
@@ -1821,9 +1822,9 @@ export async function GET(req: Request) {
             projectedCarry = {
               takerFees,
               borrowFees: 0,
-              fundingFees: hlFunding,
+              fundingFees: hlFunding, // signed: positive = pays, negative = receives
               borrowProjected: false,
-              fundingProjected: hlFunding > 0.01,
+              fundingProjected: Math.abs(hlFunding) > 0.01,
             };
           }
 
diff --git a/src/components/fee-compare-client.tsx b/src/components/fee-compare-client.tsx
index be240467..ce765c3f 100644
--- a/src/components/fee-compare-client.tsx
+++ b/src/components/fee-compare-client.tsx
@@ -560,7 +560,7 @@ function WalletSide({
     if (crossSim) {
       const carry = crossSim.projectedCarry;
       const takerFees = carry ? carry.takerFees : crossSim.equivFees;
-      const hasCarry = carry && (carry.borrowFees > 0.01 || carry.fundingFees > 0.01);
+      const hasCarry = carry && (carry.borrowFees > 0.01 || Math.abs(carry.fundingFees) > 0.01);
       const netLabel = hasCarry
         ? "incl. est. carry"
         : carry
@@ -602,18 +602,24 @@ function WalletSide({
                   <p className="font-mono text-xs font-semibold text-red-400">+{fmtUsd(carry.borrowFees)}</p>
                 </div>
               )}
-              {carry && carry.borrowProjected === false && carry.fundingFees < 0.01 && (
+              {carry && carry.borrowProjected === false && Math.abs(carry.fundingFees) < 0.01 && (
                 <div className="flex items-center justify-between">
                   <p className="text-[11px] text-ink-faint">Borrowing fees</p>
                   <p className="text-[11px] text-ink-faint/50 italic">not applicable</p>
                 </div>
               )}
-              {carry && carry.fundingFees > 0.01 && (
+              {carry && carry.fundingProjected && carry.fundingFees > 0.01 && (
                 <div className="flex items-center justify-between">
                   <p className="text-[11px] text-ink-faint">Est. funding (projected)</p>
                   <p className="font-mono text-xs font-semibold text-red-400">+{fmtUsd(carry.fundingFees)}</p>
                 </div>
               )}
+              {carry && carry.fundingProjected && carry.fundingFees < -0.01 && (
+                <div className="flex items-center justify-between">
+                  <p className="text-[11px] text-ink-faint">Est. funding (projected)</p>
+                  <p className="font-mono text-xs font-semibold text-emerald-500">−{fmtUsd(Math.abs(carry.fundingFees))} received</p>
+                </div>
+              )}
               {carry && !carry.fundingProjected && carry.borrowFees > 0.01 && (
                 <div className="flex items-center justify-between">
                   <p className="text-[11px] text-ink-faint">Funding</p>
@@ -691,11 +697,11 @@ function WalletSide({
       {/* Venue-specific extra stats */}
       {venue.slug === "hyperliquid" && (() => {
         const hlW = w as HlWalletData;
-        const hasFunding = Math.abs(hlW.fundingUsd) > 0.5;
+        const hasFunding = Math.abs(hlW.fundingUsd) > 0.01;
         return (
           <div className="bg-ink/4 rounded-xl p-3 space-y-2">
             <div className="flex items-center justify-between">
-              <p className="text-[10px] uppercase tracking-[0.14em] text-ink-faint">Volume</p>
+              <p className="text-[10px] uppercase tracking-[0.14em] text-ink-faint">Total position value</p>
               <p className="font-mono text-xs font-semibold text-ink">{fmtUsd(volume)}</p>
             </div>
             <div className="border-t border-ink/8 pt-2 space-y-1.5">
@@ -766,7 +772,7 @@ function WalletSide({
               )}
               {hasBorrowing && (
                 <div className="flex items-center justify-between">
-                  <p className="text-[11px] text-ink-faint">Borrowing fees</p>
+                  <p className="text-[11px] text-ink-faint">Borrowing fees <span className="text-[9px] text-ink-faint/50">(vault)</span></p>
                   <p className="font-mono text-xs font-semibold text-red-400">
                     −{fmtUsd(gW.borrowingFeesUsdc)}
                   </p>