Hyperliquid markets: perps, spot and HIP-3

The oracle price is an external spot reference published by Hyperliquid validators. The mark price is used for margin, unrealized PnL and liquidation. They are usually close but can diverge in fast markets.

Funding is exchanged every hour between long and short positions. A positive rate means longs pay shorts; a negative rate means shorts pay longs.

No. They are indicative snapshots labeled with their fetch time. Check the trading screen for the current quote before placing an order.

Open interest is the total size of all open positions in a market. Hyperliquid reports it in units of the asset; Perpex multiplies it by the mark price to show it in US dollars. Rising open interest means more capital is committed to the market.

Funding combines a premium component, which measures how far the perpetual trades from the oracle price, with a fixed interest component of 0.01% per eight hours. It is paid every hour at one eighth of the eight-hour rate and is capped at 4% per hour. That is why many quiet markets show the same small positive rate of about 0.00125% per hour.

Maximum leverage is set per market by Hyperliquid and is shown next to each market in the table. Major markets allow more leverage than smaller ones, and higher leverage moves the liquidation price closer to the entry price.

HIP-3 markets are perpetuals deployed on Hyperliquid by independent builders, covering assets such as stocks, indices and commodities. Each builder sets its own oracle and market parameters, and the markets trade from the same Hyperliquid account.

A spot trade buys or sells the token itself, with no leverage and no funding. A perpetual is a contract that tracks the price with no expiry: it can use leverage, pays or receives hourly funding and can be liquidated if margin runs out.