SMH xyz xyz: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 (xyz) with live mark, funding, open interest and premium to oracle.

556.2 −1.03%

B Grade B

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

4.4 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 87.9% of the time.

Cost to trade it: the venue’s impact bid/ask spread runs 10.0 bps, median over the same window. It is context, not part of the rating.

median, 30 days

Reopen fidelity

Good

4.5 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 100% of the time.

median of 5 reopens

Cost of carry

Fair

14.7% 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

Fair

$1.1M 24h volume

Open interest $3.9M. 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 4.5 bps across 5 rated closures. The venue’s closed-hours price was closer to the reopening price than the last real price 100% of the time. Rows below are the last reopens captured, which can cover a different set of closures than the median.

DateClosureVenue priceReal reopenJumpBeat the close?
27 Oct 2026 Daily break 556.32 555.29-18.5 bpsNo
26 Oct 2026 Daily break 544.56 543.86-12.8 bpsYes
25 Oct 2026 Weekend 529.13 529.37+4.5 bpsYes
21 Oct 2026 Daily break 555.52 553.6-34.6 bpsNo
20 Oct 2026 Daily break 556.45 558.65+39.5 bpsYes
19 Oct 2026 Daily break 550.56 550.16-7.3 bpsYes
18 Oct 2026 Weekend not rated 538.06 538.15+1.7 bpsYes
15 Oct 2026 Daily break 558.12 558.5+6.8 bpsYes
14 Oct 2026 Daily break 563.41 563.85+7.8 bpsNo
13 Oct 2026 Daily break 589.74 589.61-2.2 bpsYes
12 Oct 2026 Daily break 590.02 590.5+8.1 bpsNo
11 Oct 2026 Weekend 605.59 605.32-4.5 bpsYes
8 Oct 2026 Daily break 607.73 608.31+9.5 bpsYes
7 Oct 2026 Daily break 625.52 625.51-0.2 bpsYes
6 Oct 2026 Daily break 633.2 633.0-3.2 bpsNo
5 Oct 2026 Daily break 634.79 634.41-6.0 bpsYes
4 Oct 2026 Weekend 633.87 633.73-2.2 bpsYes
1 Oct 2026 Daily break 618.07 617.51-9.1 bpsNo
30 Sep 2026 Daily break 607.41 607.82+6.8 bpsYes
29 Sep 2026 Daily break 607.29 607.92+10.4 bpsNo

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 20×
Margin mode
Isolated only
Settles in
USDC — margin and profit are in this token, not the quote of the underlying market.
Deployer’s documentation
trade.xyz docs →