S&P 500 (SP500) Perp on Hyperliquid (HIP-3)
S&P 500 (SP500) perpetual futures on Hyperliquid's HIP-3 dexes (US indices): live mark vs oracle, hourly funding, open interest against the deployer's cap, and volume spikes.
SP500 trades on 1 HIP-3 dex; on trade.xyz the mark is 7,563.1 against an oracle of 7,566, a basis of -3.8 bps. Funding is -0.00071% per hour (-6.3% APR), so shorts pay longs. Open interest is $226.73M, with trade.xyz at 36% of its $1.25B cap, and $353.30M traded in 24 hours. The US market is closed (pre-market) 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 SP500 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:SP500, scaling the rate Hyperliquid's funding formula would otherwise give.
SP500 perp markets on Hyperliquid
US indices · 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:SP500growth | 7,563.1 | 7,566 | -3.8 bps | -0.36% | -0.00071% | -6.3% | ×0.5 | $226.73M | $1.25B | 36% | $353.30M | 50× | 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.
SP500 contract history
History for xyz:SP500 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:SP500Loading chart…
Not recorded Chart: TradingView Lightweight Charts™
Quoted funding rate history
Normalized 8h · hourly × 8Loading chart…
Not recorded Chart: TradingView Lightweight Charts™
xyz:SP500 observed funding: last seven completed UTC days
| UTC date | Mean quoted /h | 8h equivalent | Observed hours |
|---|---|---|---|
| 0.00043% | 0.0034% | 24/24 | |
| 0.00013% | 0.0010% | 24/24 | |
| 0.00050% | 0.0040% | 24/24 | |
| 0.00010% | 0.0008% | 24/24 | |
| 0.00051% | 0.0041% | 24/24 | |
| 0.00085% | 0.0068% | 24/24 | |
| 0.00080% | 0.0064% | 24/24 |
Only xyz:SP500: 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.
SP500 volume spikes
SP500 across exchanges →| When | Dex | Side | $ in 1m | × normal | +5m | +15m | +1h |
|---|---|---|---|---|---|---|---|
| 6m ago | xyz:SP500 | MIXED | $778K | 12.7× | +0.11% | — | — |
| 16m ago | xyz:SP500 | BUY | $518K | 8.5× | +0.01% | +0.09% | — |
| 22m ago | xyz:SP500 | MIXED | $438K | 7.3× | -0.05% | -0.02% | — |
| 28m ago | xyz:SP500 | BUY | $2.54M | 43.2× | -0.27% | -0.18% | — |
| 29m ago | xyz:SP500 | SELL | $248K | 4.3× | -0.26% | -0.18% | — |
| 45m ago | xyz:SP500 | SELL | $572K | 9.8× | -0.02% | -0.09% | — |
| 77m ago | xyz:SP500 | BUY | $269K | 4.6× | -0.08% | -0.15% | -0.51% |
| 87m ago | xyz:SP500 | SELL | $809K | 13.9× | +0.09% | +0.06% | -0.16% |
| 89m ago | xyz:SP500 | SELL | $263K | 4.5× | +0.09% | +0.08% | -0.09% |
| 2h ago | xyz:SP500 | SELL | $269K | 4.6× | -0.01% | -0.08% | -0.02% |
Newest first, up to 30. The +5m / +15m / +1h columns show what price did afterwards; they describe the past, not a prediction.
SP500 perp FAQ
What is the SP500 price on Hyperliquid?
The SP500 perp mark is 7,563.1 on trade.xyz, against an oracle of 7,566. 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 SP500 funding rate on Hyperliquid?
-0.00071% per hour on trade.xyz right now (-6.3% 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 (-0.0057% per 8h).
How closely does the SP500 perp track the underlying?
The trade.xyz mark is 7,563.1 against an oracle of 7,566, a basis of -3.8 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 SP500 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 · pre-market.