Rates perps on Hyperliquid

Snapshot Tue, 20 Oct 2026 22:07:09 UTC · HIP-3 · 3 markets · deployers Paragon

Perpetuals on US Treasury yields. 3 markets, $3.0M open interest, $68K traded in 24h, leverage 20× to 20×.

Open interest

$3.0M

0.1% of all HIP-3

24h volume

$68K

notional

Longs paying

100%

of 3 markets with open interest

Largest

$1.3M open interest

Markets

Market	Deployer	Funding 8h	APR	Mark	Open interest	24h volume	Max lev.	Also on
10Y US 10-year Treasury yield	Paragon	0.0010%	1.1%	$5.12	$1.3M	$27K	20×	Lighter
2Y US 2-year Treasury yield	Paragon	0.0010%	1.1%	$4.81	$1.2M	$26K	20×	—
30Y US 30-year Treasury yield	Paragon	0.0010%	1.1%	$5.42	$505K	$15K	20×	—

Positive funding: longs pay shorts; hourly rate × 8. Markets without a link are below the $1M open-interest and volume gate.

How do rates perps work on Hyperliquid?: They are HIP-3 markets: a builder stakes 500,000 HYPE, deploys its own dex on Hyperliquid, defines the contracts and publishes the oracle prices. Positions are cash-settled in USDC and funding is paid every hour, like any Hyperliquid perp.
Which deployers list them?: Paragon. 1 of these assets are also listed on Lighter.
What leverage is available?: 20× to 20× depending on the market; the deployer sets the cap and whether cross margin is allowed.