Over 107 days of 20-level order-book snapshots, xyz:COPPER quoted a median spread of 1.49 bps in US regular hours with $136k resting within 25 bps of mid. A $25k market order paid about 2.50 bps in regular hours and 3.75 bps on weekends, when depth within 25 bps fell to $69k. Taker fee is 0.90 bps with growth mode on; funding averaged +5.46% annualised over the last 30 days.
spread · rth
1.49 bps
median · p90 2.68 bps
depth ±25bps · rth
$136k
median, both sides
$25k slip · rth
2.50 bps
fills 94%
$25k slip · wknd
3.75 bps
fills 43%
taker fee
0.90 bps
fee scale 1.0 · growth mode on
funding apr · 30d
+5.46%
longs pay when positive · 7d +12.47%
vol 24h · 30d avg
$4.9M
notional
open interest
$13.7M
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
4,913
1.49
2.68
$2k
$126k
$136k
$136k
1.36
2.50
3.78
6%
0%
US extended 4–9:30, 16–20
7,226
1.42
2.60
$2k
$116k
$125k
$125k
1.39
2.55
3.67
6%
0%
Overnight 20–4
4,948
1.39
2.56
$2k
$123k
$131k
$131k
1.34
2.48
3.61
6%
0%
Weekend / holiday
9,148
1.36
3.04
$2k
$44k
$69k
$69k
2.10
3.75
5.01
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 COPPER, $50k or more→ sign infree · by email · when the data is rebuilt
taker buy · 24h
$4.0M
30d $67.1M
taker sell · 24h
$3.7M
30d $71.7M
imbalance · 24h
+3.9%
of $7.8M · 30d -3.3% of $138.8M
trades · 24h
10,431
11 large orders · 30d 204,962
takers · 24h
258
91 makers · 310 addresses
takers · 30d
2,376
2,493 addresses incl. makers
top-10 share · 30d
49%
of $138.8M by 2,376 takers · 11 make half
concentration · 30d
0.129
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: −$24k so far
by session · 30 d
session
taker buy
taker sell
net
imbalance
trades
share of notional
US regular 9:30–16:00
$20.6M
$19.1M
+$1.4M
+3.6%
48,760
29%
US extended 4–9:30, 16–20
$22.5M
$24.1M
−$1.6M
-3.5%
68,431
34%
Overnight 20–4
$11.9M
$13.8M
−$1.9M
-7.2%
35,936
19%
Weekend / holiday
$12.2M
$14.7M
−$2.5M
-9.4%
51,835
19%
sessions in New York time as in the liquidity table above · share = the session's taker notional over all four, $138.8M 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 $138.8M of 30-day taker notional (204,962 trades, 2,376 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/COPPER.json · definitions in methodology
alert meCOPPER funding above or below a level I set→ sign infree · by email · when the data is rebuilt
last settlement
+5.48%
+0.0625 bps/h · 10-01 19:00 ET
next · estimate
+25.40%
+0.29 bps/h · as of 10-01 22:15 ET
apr · 24h
+13.72%
13 of 24 hours observed
apr · 7d
+12.48%
135 of 168 hours observed
apr · 30d
+5.46%
656 of 720 hours · stdev 13.60%
paid by a long · 30d
40.88 bps
of notional, over 656 observed hours
hours above neutral · 30d
33%
at 40% · below 28% · negative 21%
range · 30d
+55.26%
highest hour · lowest -64.70%
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: — over 0 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 = ±20.61% 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
+6.79%
117
50%
+14.35%
430
54%
US extended 4–9:30, 16–20
+4.64%
191
36%
+14.19%
717
54%
Overnight 20–4
+8.72%
136
43%
+13.72%
478
59%
Weekend / holiday
+3.37%
212
14%
+6.04%
860
25%
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
09-11 19:0009-11 23:00 UTC
US extended
-0.7386
-64.70%
09-13 20:0009-14 00:00 UTC
weekend / holiday
-0.7097
-62.17%
09-29 22:0009-30 02:00 UTC
overnight
+0.6309
+55.26%
09-13 19:0009-13 23:00 UTC
weekend / holiday
-0.6087
-53.33%
09-11 20:0009-12 00:00 UTC
US extended
-0.5953
-52.15%
09-06 14:0009-06 18:00 UTC
weekend / holiday
+0.5302
+46.45%
09-19 13:0009-19 17:00 UTC
weekend / holiday
-0.4728
-41.42%
09-23 17:0009-23 21:00 UTC
US extended
+0.4584
+40.16%
09-08 18:0009-08 22:00 UTC
US extended
+0.4544
+39.81%
10-01 18:0010-01 22:00 UTC
US extended
+0.439
+38.45%
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/COPPER.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