What is the S&P 500 perp on Hyperliquid?

A perpetual contract on S&P 500 deployed by XYZ under Hyperliquid's HIP-3, cash-settled in USDC, with the oracle price published by the deployer.

Who pays funding on SP500 right now?

longs pay shorts: 0.0050% per 8h, 5.5% annualised, as of Tue, 20 Oct 2026 22:07:09 UTC.

S&P 500 perp on Hyperliquid: funding, open interest, leverage

Snapshot Tue, 20 Oct 2026 22:07:09 UTC · Index perps · on 2 venues · CSV

S&P 500 (SP500) trades as a perpetual on XYZ, Lighter. Funding on XYZ is 0.0050% per 8h (longs pay shorts), open interest $382.7M, 24h volume $361.9M, leverage up to 50×.

Mark price · 24h · XYZ

$7,743+0.58%

oracle $7,744 · premium -0.0089%

Open interest

$382.7M

9.6% of all HIP-3 open interest · Lighter $1.0M

Cost of holding $10k long · 7d · XYZ

paid $1.51

$0.22 a day on average · 168 hourly settlements

Leverage · margin

50×

cross or isolated · funding every hour

Where it trades

Venue	Market	Funding 8h	APR	7-day avg (8h)	Who pays	Mark	Oracle	Open interest	24h volume	Max lev.	Trade
XYZ Hyperliquid	`xyz:SP500`	0.0050%	5.5%	0.0007%	longs pay shorts	$7,743	$7,744	$382.7M	$361.9M	50×	Hyperliquid ↗
Lighter	`US500`	0.0032%	3.5%	—	longs pay shorts	$7,743	—	$1.0M	$28.1M	—	Lighter ↗

Funding is the venue's hourly rate × 8; positive means longs pay shorts. Oracle and mark are the deployer's prices.

Funding on XYZ, last 7 days

168 hourly settlements · range -0.0418% to 0.0050% per 8h · hover for the exact hour

Same asset, two venues

Funding gap · gross

2.0% APR

0.0018% per 8h between the two rates

Long where funding is lowest

Lighter

0.0032% per 8h

Short where it is highest

XYZ

0.0050% per 8h

Gross of fees and before the oracles diverge: each venue prices S&P 500 from its own oracle, so mark prices can differ. For crypto pairs with fee-adjusted maths see the arbitrage table.

About this market

Deployer: XYZ · dex xyz · address 0x88806a71d74ad0a510b350545c9ae490912f0888
Settlement: Cash-settled perpetual on Hyperliquid, HIP-3 framework; the deployer publishes the oracle price and can halt and settle the market.
Funding: Paid every hour between longs and shorts, as on every Hyperliquid perp. Shown here on an 8h basis; APR = hourly × 8,760.
Leverage: Up to 50× on XYZ.

Questions

What is the S&P 500 perp on Hyperliquid?: A perpetual contract on S&P 500 deployed by XYZ under Hyperliquid's HIP-3, cash-settled in USDC, with the oracle price published by the deployer.
Who pays funding on SP500 right now?: longs pay shorts: 0.0050% per 8h, 5.5% annualised, as of Tue, 20 Oct 2026 22:07:09 UTC.
What leverage does SP500 allow?: Up to 50× on XYZ.

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