Measured against the venue's own oracle — the price the perp is pulled toward, over the last 30 days of 15-minute samples.
Tracking
Not applicable
— bps
Typical distance between the traded price and the venue’s oracle while the underlying market is open.
Cost to trade it: the spread between the venue’s impact bid and ask is not measured yet. It is context, not part of the rating.
median, 30 days
Reopen fidelity
Not applicable
— 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 —% of the time.
no reopens recorded yet
Cost of carry
Weak
483.2% 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
$19.4K 24h volume
Open interest $4.5K. Weekend liquidity is not yet available.
latest snapshot
90-day history
Open interest (USD), 90 daysFunding APR, 90 daysPremium to oracle, 90 days
Contract mechanics
What it tracks
HO — other. This is a perpetual contract that references that price; it is not the underlying security, and it never expires or rolls.
Trading hours
Not published for this market — its asset class is not classified. 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.