SMH para para:SMH

Indices

SMH is an ETF tracking a basket of the largest global semiconductor companies; this contract references its share price. Tracked here on Hyperliquid (para) with live mark, funding, open interest and premium to oracle.

550.7 −4.61%

— Not graded history 9 / 14 days

Zones and levels Screener

How good a synthetic is it?

How this is graded ›

Measured against the venue's own oracle — the price the perp is pulled toward, over the last 30 days of 15-minute samples.

Tracking

Good

4.7 bps

Typical distance between the traded price and the venue’s oracle while the underlying market is open. It sits within 10 bps of it 87.8% of the time.

Cost to trade it: the venue’s impact bid/ask spread runs 13.8 bps, median over the same window. It is context, not part of the rating.

median, 30 days

Reopen fidelity

Good

7.5 bps

How far the price moves when the underlying market reopens — how close the venue’s closed-hours price was to reality. It was closer than the last real price 0% of the time.

median of 1 reopens

Cost of carry

Weak

97.1% a year

Funding actually paid over the last 30 days — longs pay at this rate. This is the running cost of holding the position, before fees.

30 days

Liquidity

Weak

$27.4K 24h volume

Open interest $35.3K. Weekend liquidity is not yet available.

latest snapshot

Every reopen

When the underlying market reopens, the oracle snaps back to the real price. The jump is how far the venue's closed-hours price was from reality.

Median jump 7.5 bps across 1 rated closures. The venue’s closed-hours price was closer to the reopening price than the last real price 0% of the time. Rows below are the last reopens captured, which can cover a different set of closures than the median.

Date	Closure	Venue price	Real reopen	Jump	Beat the close?
14 Oct 2026	Daily break	563.201	563.905	+12.5 bps	No
13 Oct 2026	Daily break	589.287	590.414	+19.1 bps	Yes
12 Oct 2026	Daily break	590.088	590.315	+3.9 bps	Yes
11 Oct 2026	Weekend	604.14	603.685	-7.5 bps	No
8 Oct 2026	Daily break	607.608	608.485	+14.4 bps	No
7 Oct 2026	Daily break	625.487	625.751	+4.2 bps	Yes

Download this reopen record (CSV) Open data, licensed CC BY 4.0: copy, adapt and publish it, commercially included, with credit — “AlgoTraderPro HIP-3 reopen record (2026), CC BY 4.0” — and a link to this page.

90-day history

Open interest (USD), 90 days

Funding APR, 90 days

Premium to oracle, 90 days

Contract mechanics

What it tracks: VanEck Semiconductor ETF — indices. This is a perpetual contract that references that price; it is not the underlying security, and it never expires or rolls.
Trading hours: Follows the CME futures session: Sunday 18:00 to Friday 17:00 New York time, with a one-hour break every day at 17:00, and CME holidays. The contract itself trades on Hyperliquid 24/7.
When the real market is closed: The oracle does not freeze. With no external price it starts from the last one and then drifts with Hyperliquid’s own book — a 30-minute exponential average of the gap between the impact bid/ask and the oracle — and snaps back to the real price on the first tick after the market reopens. Funding is charged against that oracle throughout, which is why the jump at each reopening is worth measuring.
Leverage: Up to 10×
Margin mode: Isolated only
Settles in: USDC — margin and profit are in this token, not the quote of the underlying market.