Strategy (MSTR) Perp on Hyperliquid (HIP-3)
Strategy (MSTR) 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.
MSTR trades on 1 HIP-3 dex; on trade.xyz the mark is 119.91 against an oracle of 119.84, a basis of +5.8 bps. Funding is 0.00166% per hour (14.6% APR), so longs pay shorts. Open interest is $19.61M, with trade.xyz at 26% of its $150.00M cap, and $22.78M traded in 24 hours. The US market is closed (after hours) until Thu 09:30 ET, so the deployer maintains the oracle and the basis is not a live arbitrage reference until then.
Market health
no active flags- ✓No flagsAvailable data: No MSTR 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:MSTR, scaling the rate Hyperliquid's funding formula would otherwise give.
MSTR perp markets on Hyperliquid
US stocks · 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:MSTR | 119.91 | 119.84 | +5.8 bps | -2.15% | 0.00166% | 14.6% | ×0.5 | $19.61M | $150.00M | 26% | $22.78M | 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.
MSTR perps elsewhere
same ticker on other venues| Market | Price | Funding /h | APR | OI | 24h vol | Trade |
|---|---|---|---|---|---|---|
| Bybit MSTRUSDT | 120.05 | 0.00072% | 6.3% | $12.11M | $31.04M | Trade |
MSTR contract history
History for xyz:MSTR 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:MSTRLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
Quoted funding rate history
Normalized 8h · hourly × 8Loading chart…
Not recorded Chart: TradingView Lightweight Charts™
xyz:MSTR observed funding: last seven completed UTC days
| UTC date | Mean quoted /h | 8h equivalent | Observed hours |
|---|---|---|---|
| 0.00146% | 0.0117% | 24/24 | |
| 0.00198% | 0.0158% | 24/24 | |
| 0.00097% | 0.0077% | 24/24 | |
| -0.00180% | -0.0144% | 24/24 | |
| -0.00095% | -0.0076% | 24/24 | |
| 0.00146% | 0.0117% | 24/24 | |
| 0.00248% | 0.0199% | 24/24 |
Only xyz:MSTR: 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.
MSTR volume spikes
MSTR across exchanges →| When | Dex | Side | $ in 1m | × normal | +5m | +15m | +1h |
|---|---|---|---|---|---|---|---|
| 3m ago | xyz:MSTR | SELL | $181K | 45.7× | — | — | — |
| 25m ago | xyz:MSTR | SELL | $255K | 64.9× | +0.09% | -0.22% | — |
| 3h ago | xyz:MSTR | SELL | $143K | 6.9× | -0.44% | -0.38% | -0.94% |
| 4h ago | xyz:MSTR | BUY | $817K | 28.7× | +0.09% | +0.28% | +0.45% |
| 4h ago | xyz:MSTR | BUY | $200K | 5.8× | -0.20% | +0.89% | +1.28% |
| 4h ago | xyz:MSTR | MIXED | $702K | 14.6× | -0.04% | -0.94% | +0.59% |
Newest first, up to 30. The +5m / +15m / +1h columns show what price did afterwards; they describe the past, not a prediction.
MSTR perp FAQ
What is the MSTR price on Hyperliquid?
The MSTR perp mark is 119.91 on trade.xyz, against an oracle of 119.84. 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 MSTR funding rate on Hyperliquid?
0.00166% per hour on trade.xyz right now (14.6% 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 (0.0133% per 8h).
How closely does the MSTR perp track the underlying?
The trade.xyz mark is 119.91 against an oracle of 119.84, a basis of +5.8 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.
Can I trade MSTR 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 · after hours.