JPY Perp on Hyperliquid (HIP-3)
JPY perpetual futures on Hyperliquid's HIP-3 dexes (FX): live mark vs oracle, hourly funding, open interest against the deployer's cap, and volume spikes.
JPY trades on 1 HIP-3 dex; on trade.xyz the mark is 159.66 against an oracle of 159.74, a basis of -5.0 bps. Funding is -0.00228% per hour (-20.0% APR), so shorts pay longs. Open interest is $16.95M, with trade.xyz at 34% of its $100.00M cap, and $4.32M traded in 24 hours.
Market health
no active flags- ✓No flagsAvailable data: No JPY 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. Unreported oracle and cap values are shown as —.
Funding configuration
trade.xyzFunding multiplier ×0.5. trade.xyz applies a funding multiplier of ×0.5 to xyz:JPY, scaling the rate Hyperliquid's funding formula would otherwise give.
JPY perp markets on Hyperliquid
FX · 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:JPYgrowth | 159.66 | 159.74 | -5.0 bps | +0.54% | -0.00228% | -20.0% | ×0.5 | $16.95M | $100.00M | 34% | $4.32M | 50× | 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.
JPY contract history
History for xyz:JPY only. Funding shows quoted rate history, not settled payments: Hyperliquid settles hourly; the chart uses normalized 8h rates (hourly × 8), displayed as percentages. Gaps are not recorded data.
Open interest history
xyz:JPYLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
Quoted funding rate history
Normalized 8h · hourly × 8Loading chart…
Not recorded Chart: TradingView Lightweight Charts™
xyz:JPY observed funding: last seven completed UTC days
| UTC date | Mean quoted /h | 8h equivalent | Observed hours |
|---|---|---|---|
| -0.00164% | -0.0131% | 24/24 | |
| -0.00108% | -0.0086% | 24/24 | |
| -0.00086% | -0.0069% | 24/24 | |
| 0.00001% | 0.0001% | 24/24 | |
| -0.00030% | -0.0024% | 24/24 | |
| -0.00100% | -0.0080% | 24/24 | |
| -0.00107% | -0.0085% | 24/24 |
Only xyz:JPY: means of recorded hourly quoted funding, not settled payments or realised returns. Hourly means divide the normalized 8h quotes by eight. Coverage counts observed hours out of 24; missing hours are excluded, not treated as zero. Missing dates remain unavailable. The current UTC day is excluded. Annualised projections assume a rate continues and are not historical earnings.
JPY volume spikes
| When | Dex | Side | $ in 1m | × normal | +5m | +15m | +1h |
|---|---|---|---|---|---|---|---|
| 4h ago | xyz:JPY | BUY | $431K | 518.2× | -0.01% | +0.04% | -0.03% |
Newest first, up to 30. The +5m / +15m / +1h columns show what price did afterwards; they describe the past, not a prediction.
JPY perp FAQ
What is the JPY price on Hyperliquid?
The JPY perp mark is 159.66 on trade.xyz, against an oracle of 159.74. The perp mark is not the exchange-listed underlying price: it is the price of the perpetual contract, and can differ from the underlying. Missing values appear as a dash.
What is the JPY funding rate on Hyperliquid?
-0.00228% per hour on trade.xyz right now (-20.0% 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 (-0.0183% per 8h).
How closely does the JPY perp track the underlying?
The trade.xyz mark is 159.66 against an oracle of 159.74, a basis of -5.0 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 JPY open interest cap?
trade.xyz caps xyz:JPY open interest at $100.00M, measured the way Hyperliquid counts it (long and short sides together); 34% 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.