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IREN Perp on Hyperliquid (HIP-3)

IREN perpetual futures on Hyperliquid's HIP-3 dexes (US stocks): live mark vs oracle, hourly funding, open interest against the deployer's cap, and volume spikes.

IREN trades on 2 HIP-3 dexes; on trade.xyz the mark is 44.594 against an oracle of 44.489, a basis of +23.6 bps. Funding is 0.00504% per hour (44.1% APR), so longs pay shorts. Open interest is $5.19M, with trade.xyz at 19% of its $25.00M cap, and $125K traded in 24 hours. The US market is closed (weekend) until Mon 09:30 ET, so the deployer maintains the oracle and the basis is not a live arbitrage reference until then.

US market closed · weekendAs of 16:54 UTC

Marktrade.xyz
44.594
Oracle 44.489+23.6 bps
Funding per hour
0.00504%
44.1% APRlongs pay shorts
Open interest2 dexes
$5.19M
19% of $25.00M cap
24h volumeUS closed
$125K
+0.94% 24hopens Mon 09:30 ET

IREN perp markets on Hyperliquid

US stocks · by open interest
Dex Mark Oracle Basis 24h Funding /h APR OI OI cap Cap use 24h vol Max lev. Trade
trade.xyz xyz:IRENgrowth 44.594 44.489 +23.6 bps +0.94% 0.00504% 44.1% $4.65M $25.00M 19% $122K 10× Trade
Paragon para:IRENgrowth 44.463 44.427 +8.2 bps +0.45% 0.01418% 124.2% $539K $25.00M 2% $2,771 10× Trade

Funding is Hyperliquid's hourly rate (APR = hourly × 24 × 365). Basis is the mark against the deployer's oracle; while the US market is closed the oracle is maintained by the deployer, not a live exchange price. Trade links go to the exchange and may be referral links.

IREN perps elsewhere

same ticker on other venues
MarketPriceFunding /hAPROI24h volTrade
Bybit IRENUSDT 44.620 0.00602% 52.7% $671K $48K Trade
HTX IREN-USDT 44.600 0.00000% 0.0% $8,604 $810 Trade

IREN volume spikes

IREN across exchanges →

No IREN volume spikes recorded since the server started. Spikes on every Hyperliquid market show on the Hyperliquid pump scanner.

IREN perp FAQ

What is the IREN funding rate on Hyperliquid?

0.00504% per hour on trade.xyz right now (44.1% APR), so longs pay shorts. Hyperliquid settles funding every hour, so multiply by 8 to compare with an 8-hour rate on Binance or Bybit (0.0403% per 8h).

How closely does the IREN perp track the underlying?

The trade.xyz mark is 44.594 against an oracle of 44.489, a basis of +23.6 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). The US market is closed right now, so the deployer maintains the oracle until the open.

What is the IREN open interest cap?

trade.xyz caps xyz:IREN open interest at $25.00M; $4.65M is in use right now (19%). When a market reaches its cap, orders that would add open interest are rejected until it falls.

Can I trade IREN when the US market is closed?

Yes. The perp trades 24/7 on Hyperliquid, but the US session runs 09:30 to 16:00 New York time on trading days; outside it the oracle is set by the deployer and prices can gap at the open. Status now: US market closed · weekend.