Over 107 days of 20-level order-book snapshots, xyz:BX quoted a median spread of 8.19 bps in US regular hours with $132k resting within 25 bps of mid. A $25k market order paid about 6.95 bps in regular hours and 32.57 bps on weekends, when depth within 25 bps fell to $15k. Taker fee is 0.90 bps with growth mode on; funding averaged -2.44% annualised over the last 30 days.
spread · rth
8.19 bps
median · p90 17.17 bps
depth ±25bps · rth
$132k
median, both sides
$25k slip · rth
6.95 bps
fills 99%
$25k slip · wknd
32.57 bps
fills 41%
taker fee
0.90 bps
fee scale 1.0 · growth mode on
funding apr · 30d
-2.44%
longs pay when positive · 7d +4.62%
vol 24h · 30d avg
$178k
notional
open interest
$604k
both sides · 2026-10-02
by sessionNew York time · medians over 107 days
session
snaps
spread
p90
top
depth ±10
depth ±25
depth ±50
$5k
$25k
$100k
$100k fills
$250k fills
US regular 9:30–16:00
4,892
8.19
17.17
$6k
$56k
$132k
$259k
5.17
6.95
17.71
62%
1%
US extended 4–9:30, 16–20
7,226
9.75
21.00
$2k
$8k
$29k
$70k
9.19
21.54
49.41
9%
0%
Overnight 20–4
4,946
9.52
19.02
$2k
$7k
$23k
$48k
9.93
24.15
49.90
2%
0%
Weekend / holiday
9,159
11.44
21.99
$1k
$4k
$15k
$38k
13.00
32.57
90.28
1%
0%
bps unless stated · RTH 9:30–16:00 · extended 4:00–9:30 and 16:00–20:00 · overnight 20:00–4:00 on weekdays · weekend runs Friday 20:00 to Monday 4:00 and includes NYSE holidays · slip = mean of the buy and sell side of a market order walking the visible 20 levels · fills = share of snapshots the size fits inside those levels · "—" = not fillable in the median snapshot
trade flowtaker side · 24 h to 2026-10-02 00:41 UTC · 30 d = last 30 complete UTC days · all markets
alert melarge orders in BX, $50k or more→ sign infree · by email · when the data is rebuilt
taker buy · 24h
$120k
30d $2.8M
taker sell · 24h
$161k
30d $2.4M
imbalance · 24h
-14.4%
of $281k · 30d +8.5% of $5.2M
trades · 24h
962
0 large orders · 30d 29,223
takers · 24h
79
48 makers · 98 addresses
takers · 30d
406
443 addresses incl. makers
top-10 share · 30d
59%
of $5.2M by 406 takers · 7 make half
concentration · 30d
0.057
Herfindahl over takers · 1 = one taker
daily net taker flow
USD per UTC day · taker buy − taker sell · up = net buying, down = net selling · 108 complete days · hover a day for its value · today (2026-10-02) is still open and not drawn: −$68 so far
by session · 30 d
session
taker buy
taker sell
net
imbalance
trades
share of notional
US regular 9:30–16:00
$1.7M
$1.3M
+$370k
+12.1%
12,262
58%
US extended 4–9:30, 16–20
$736k
$618k
+$118k
+8.7%
8,701
26%
Overnight 20–4
$199k
$297k
−$98k
-19.8%
5,284
9%
Weekend / holiday
$189k
$133k
+$56k
+17.5%
2,976
6%
sessions in New York time as in the liquidity table above · share = the session's taker notional over all four, $5.2M in 30 days
hour of week · taker notional
New York time · 30 days summed per hour · brighter = more volume · log scale between the 5th and 95th percentile · 168 of 168 hours with trades · hover a cell for USD and trades
large orders: fills grouped by transaction hash, taker and side, $50k or more per order; fills without a hash are not grouped · share = the address's taker notional over all $5.2M of 30-day taker notional (29,223 trades, 406 takers) · addresses are public on-chain data and link to the Hyperliquid explorer; an address can be a subaccount, vault, market maker or bot and is not labelled · taker notional is volume, not a change in open interest · rebuilt nightly and at 09:05 ET, not a live tape · raw: /api/xyz/flow/BX.json · definitions in methodology
alert meBX funding above or below a level I set→ sign infree · by email · when the data is rebuilt
last settlement
+29.67%
+0.3387 bps/h · 10-01 21:00 ET
next · estimate
+24.79%
+0.283 bps/h · as of 10-01 22:15 ET
apr · 24h
+24.02%
14 of 24 hours observed
apr · 7d
+4.62%
140 of 168 hours observed
apr · 30d
-2.44%
639 of 720 hours · stdev 33.70%
paid by a long · 30d
-17.83 bps
of notional, over 639 observed hours
hours above neutral · 30d
27%
at 27% · below 46% · negative 41%
range · 30d
+125%
highest hour · lowest -164%
daily funding apr
mean of the observed hourly rates per UTC day, annualised · up = longs paid, down = shorts paid · dashed = neutral 5.48% · 110 complete days · hover a day · today (2026-10-02) is still open and not drawn: +17.57% over 2 h so far
hour of week · mean funding apr
New York time · whole archive · the hour a settlement covers · 168 of 168 hours with data · hover a cell for its mean and n
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Mon
Tue
Wed
Thu
Fri
Sat
Sun
shorts paylongs pay · full shade = ±29.18% APR or more · empty = no settlements
funding by session
session
apr · 30d
hours · 30d
above neutral · 30d
apr · all
hours · all
above neutral · all
US regular 9:30–16:00
-4.38%
108
12%
-5.55%
424
8%
US extended 4–9:30, 16–20
+0.67%
184
35%
-7.83%
710
30%
Overnight 20–4
+0.62%
131
37%
+2.93%
473
35%
Weekend / holiday
-5.98%
216
22%
+0.49%
864
33%
mean of the hourly rates settled in each session, annualised · 30d = the 720 hours ending at the last settlement, all = since 2026-06-14 · above neutral = share of those hours settled above 5.48% APR
largest settlements · 30 d
settled · ET
session
rate bps/h
APR
09-15 04:0009-15 08:00 UTC
overnight
-1.868
-164%
09-14 05:0009-14 09:00 UTC
US extended
-1.845
-162%
09-02 00:0009-02 04:00 UTC
overnight
-1.548
-136%
09-17 17:0009-17 21:00 UTC
US extended
+1.425
+125%
09-14 09:0009-14 13:00 UTC
US extended
-1.418
-124%
09-14 08:0009-14 12:00 UTC
US extended
-1.279
-112%
09-24 21:0009-25 01:00 UTC
overnight
+1.256
+110%
09-17 04:0009-17 08:00 UTC
overnight
+1.239
+109%
09-12 01:0009-12 05:00 UTC
weekend / holiday
-1.191
-104%
09-10 21:0009-11 01:00 UTC
overnight
+1.17
+102%
positive = longs pay shorts · the neutral rate is the deployer's carry (base interest 0.01% per 8 h × funding multiplier 0.5), not crowd positioning · every mean is over observed hours; collector gaps are not filled · rebuilt nightly and at 09:05 ET, not live · raw: /api/xyz/funding/BX.json · definitions in methodology
slippage curve
median bps over mid vs order size · a line ends where the size stops filling in the median snapshot
hour of week
New York time · median per cell over 107 days · brighter = better · the breathing cell is now
weekly · spread
median bps, all sessions
weekly · depth ±25 bps
median USD both sides, all sessions
cost calculator
per round trip = 2 × median slippage + 2 × taker fee · funding uses the 30-day mean hourly rate, annualised, charged for a position held all day · slippage between tested sizes is interpolated on a log scale · ignores maker rebates, impact that persists after your fill, and fee tiers