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SMH Perp on Hyperliquid (HIP-3)

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

SMH trades on 1 HIP-3 dex; on trade.xyz the mark is 611.78 against an oracle of 612.37, a basis of -9.6 bps. Funding is -0.00478% per hour (-41.8% APR), so shorts pay longs. Open interest is $3.31M, with trade.xyz at 13% of its $25.00M cap, and $51K 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 17:43 UTC

Marktrade.xyz
611.78
Oracle 612.37-9.6 bps
Funding per hour
-0.00478%
-41.8% APRshorts pay longs
Open interest
$3.31M
13% of $25.00M cap
24h volumeUS closed
$51K
+0.40% 24hopens Mon 09:30 ET

SMH perp markets on Hyperliquid

ETFs · by open interest
Dex Mark Oracle Basis 24h Funding /h APR OI OI cap Cap use 24h vol Max lev. Trade
trade.xyz xyz:SMHgrowth 611.78 612.37 -9.6 bps +0.40% -0.00478% -41.8% $3.31M $25.00M 13% $51K 20× 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.

SMH perps elsewhere

same ticker on other venues
MarketPriceFunding /hAPROI24h volTrade
Bybit SMHUSDT 611.17 0.00000% 0.0% $156K $8,641 Trade
HTX SMH-USDT 610.59 0.00125% 11.0% $6,704 $60K Trade

SMH volume spikes

SMH across exchanges →

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

SMH perp FAQ

What is the SMH funding rate on Hyperliquid?

-0.00478% per hour on trade.xyz right now (-41.8% 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 (-0.0382% per 8h).

How closely does the SMH perp track the underlying?

The trade.xyz mark is 611.78 against an oracle of 612.37, a basis of -9.6 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 SMH open interest cap?

trade.xyz caps xyz:SMH open interest at $25.00M; $3.31M is in use right now (13%). When a market reaches its cap, orders that would add open interest are rejected until it falls.

Can I trade SMH 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.