HO Perp on Hyperliquid (HIP-3)
HO perpetual futures on Hyperliquid's HIP-3 dexes (Oil, gold & commodities): live mark vs oracle, hourly funding, open interest against the deployer's cap, and volume spikes.
HO trades on 1 HIP-3 dex; on trade.xyz the mark is 4.440 against an oracle of 4.459, a basis of -41.9 bps. Funding is -0.02410% per hour (-211.1% APR), so shorts pay longs. Open interest is $712K, with trade.xyz at 6% of its $25.00M cap, and $859K traded in 24 hours.
Market health
no active flags- ✓No flagsNo HO market is more than 1% from its oracle while the underlying is closed, and none is at 90% or more of its open interest cap.
- ×Funding multipliertrade.xyz applies a funding multiplier of ×0.5 to xyz:HO, scaling the rate Hyperliquid's funding formula would otherwise give.
HO perp markets on Hyperliquid
Oil, gold & commodities · by open interest| Dex | Mark | Oracle | Basis | 24h | Funding /h | APR | Funding × | OI | OI cap | Cap use | 24h vol | Max lev. | Trade |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| trade.xyz xyz:HOgrowth | 4.440 | 4.459 | -41.9 bps | -4.11% | -0.02410% | -211.1% | ×0.5 | $712K | $25.00M | 6% | $859K | 10× | Trade |
Funding is Hyperliquid's hourly rate (APR = hourly × 24 × 365). Basis is the mark against the deployer's oracle. Trade links go to the exchange and may be referral links.
HO volume spikes
HO across exchanges →No recent HO volume spikes. Spikes on every Hyperliquid market show on the Hyperliquid pump scanner.
HO perp FAQ
What is the HO funding rate on Hyperliquid?
-0.02410% per hour on trade.xyz right now (-211.1% APR), so shorts pay longs. Hyperliquid settles funding every hour, so multiply by 8 to compare with an 8-hour rate on Binance or Bybit (-0.1928% per 8h).
How closely does the HO perp track the underlying?
The trade.xyz mark is 4.440 against an oracle of 4.459, a basis of -41.9 bps. Hyperliquid Guide measured 30-day tracking error (the standard deviation of the basis) across 101 HIP-3 markets: from 2.0 bps (SP500) to 43.3 bps (BIRD), with a median of 7.6 bps (source).
What is the HO open interest cap?
trade.xyz caps xyz:HO open interest at $25.00M, measured the way Hyperliquid counts it (long and short sides together); 6% of the cap is in use right now. When a market reaches its cap, orders that would add open interest are rejected until it falls.