Cost of carry
17.7% 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
Zhipu AI is a private Chinese large-language-model developer behind the GLM models — a pre-IPO company with no shares to trade, so this contract tracks a synthetic reference price rather than a market price. Tracked here on Hyperliquid (xyz) with live mark, funding, open interest and premium to oracle.
67.99 −7.16%
—
Not graded
No traded underlying — priced on Hyperliquid alone
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.
Liquidity
$8.7M 24h volume
Open interest $14.3M. Weekend books hold 8% of weekday hourly volume.
latest snapshot
90-day history
Contract mechanics
- What it tracks
- Zhipu AI (pre-IPO) — equities. This is a perpetual contract that references that price; it is not the underlying security, and it never expires or rolls.
- Trading hours
- No traded underlying, so there is no external session — this contract trades on Hyperliquid continuously. The contract itself trades on Hyperliquid 24/7.
- When the real market is closed
- There is no external market at any hour. The price is set by trading on Hyperliquid alone, and funding is charged against that price.
- 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.
- Deployer’s documentation
- trade.xyz docs →
In the news
2 Updated 10m ago2 stories in 24h · leaning bullish · neither moved the price
Southbound Capital Movements | Southbound capital records net sell-off of HKD 804 million; continues to increase holdings in large model concept stocks for several consecutive days, accumulating over HKD 500 million in Zhipu (02513) throughout the day
Southbound net outflow HKD 804M; bought over HKD 500M of Zhipu (02513) shares.
▲ Bullish
Southbound Funds Retreat for 11th Straight Session; Zhipu Bucks Trend With Over HK$500 Million Inflow, Pop Mart Sees HK$655 Million Pulled
Southbound funds drew over HK$500M into Zhipu while outflows hit other names.
▲ Bullish
Earlier · last 7 days
Hong Kong Market Quick Look | All three major indices declined, with the tech index down 1.48%; tech stocks fell, as Xiaomi dropped nearly 5% and Meituan slipped nearly 3%; HSBC Holdings tumbled more than 5% after reporting earnings; Zhipu surged nea
Hong Kong indices fell as the tech index lost 1.48%, while Zhipu shares surged.
▲ Bullish
Trader Takes Over 20% of Open Interest in Both Zhipu and MiniMax Contracts - www.tokenpost.com
One trader took over 20% of open interest in Zhipu and MiniMax contracts.
● Unclear
Anthropic's push for a trillion-dollar IPO triggers market resonance; Zhipu AI surges nearly 9%, leading the market.
Zhipu AI rose nearly 9% as Anthropic's IPO plans lifted the market.
▲ Bullish
Hyperliquid ZHIPU and MiniMax large long positions remain in loss despite the price rebound.
Large ZHIPU and MiniMax positions on Hyperliquid remain in loss after a price rebound.
● Unclear
Hong Kong Stock Market Midday Review | The three major indices edged lower, with the tech index down 0.77%; tech stocks broadly declined, with Xiaomi falling more than 4%; meanwhile, most AI-related stocks rose, led by Zhipu, up over 9%, and Yangtze O
Zhipu AI rose over 9% in Hong Kong midday trading as most AI stocks gained.
▲ Bullish
Anthropic is racing toward the largest IPO in its history, while Hong Kong‑listed "AI model duopoly" stocks have both risen, with Zhipu surging more than 10%.
Zhipu shares rose more than 10% in Hong Kong as Anthropic's IPO plans advanced.
▲ Bullish
Southbound Funds Retreat HK$2.075 Billion in One Day; Zhipu Draws HK$431 Million Against the Tide, Alibaba Cut by HK$602 Million - finance.biggo.com
Southbound funds drew HK$431M into Zhipu while cutting HK$602M from Alibaba.
▲ Bullish
Moved +7.6% in 4h
3.1× normal
Southbound Capital Tracker | Net Selling Approaches HK$2.1 Billion; Reduction in Alibaba and CNOOC Holdings, Inflows into Zhipu
Southbound investors net sold HK$2.1B, cutting Alibaba and adding Zhipu.
▲ Bullish
ZAI, Minimax shares fall after Chinese rival Moonshot releases upgraded model
ZAI and Minimax shares fell after rival Moonshot released an upgraded AI model.
▼ Bearish
Tang Jie Signed Paper Unveils Zhipu AI’s In-House Multimodal Model: Is Next-Gen GLM Nearing Launch?
Report says Zhipu AI has an in-house multimodal model; next GLM launch timing unclear.
● Unclear
Moved +4.2% in 4h
1.9× normal
ZHIPU in our tools
▲ bullish · ▼ bearish · ● unclear: our read of each headline for ZHIPU. Headlines belong to their outlets. Our notes describe the event, not a forecast.