Over 107 days of 20-level order-book snapshots, xyz:META quoted a median spread of 1.49 bps in US regular hours with $493k resting within 25 bps of mid. A $25k market order paid about 1.60 bps in regular hours and 2.29 bps on weekends, when depth within 25 bps fell to $185k. Taker fee is 0.90 bps with growth mode on; funding averaged +7.43% annualised over the last 30 days.
spread · rth
1.49 bps
median · p90 3.26 bps
depth ±25bps · rth
$493k
median, both sides
$25k slip · rth
1.60 bps
fills 100%
$25k slip · wknd
2.29 bps
fills 97%
taker fee
0.90 bps
fee scale 1.0 · growth mode on
funding apr · 30d
+7.43%
longs pay when positive · 7d +7.48%
vol 24h · 30d avg
$44.4M
notional
open interest
$70.7M
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
4,890
1.49
3.26
$6k
$477k
$493k
$494k
1.02
1.60
2.64
98%
24%
US extended 4–9:30, 16–20
7,191
1.24
3.09
$4k
$293k
$311k
$311k
1.04
1.78
3.15
77%
1%
Overnight 20–4
4,974
1.17
3.03
$3k
$268k
$285k
$285k
1.01
1.81
3.34
66%
0%
Weekend / holiday
9,153
1.18
3.56
$2k
$170k
$185k
$185k
1.23
2.29
4.59
24%
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 META, $50k or more→ sign infree · by email · when the data is rebuilt
taker buy · 24h
$13.7M
30d $654.7M
taker sell · 24h
$13.1M
30d $666.1M
imbalance · 24h
+2.5%
of $26.8M · 30d -0.9% of $1.32B
trades · 24h
19,825
54 large orders · 30d 712,334
takers · 24h
652
187 makers · 744 addresses
takers · 30d
10,463
10,804 addresses incl. makers
top-10 share · 30d
42%
of $1.32B by 10,463 takers · 17 make half
concentration · 30d
0.038
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: −$100k so far
by session · 30 d
session
taker buy
taker sell
net
imbalance
trades
share of notional
US regular 9:30–16:00
$388.6M
$405.6M
−$17.0M
-2.1%
303,525
60%
US extended 4–9:30, 16–20
$163.5M
$160.2M
+$3.3M
+1.0%
206,199
25%
Overnight 20–4
$47.6M
$47.7M
−$85k
-0.1%
83,959
7%
Weekend / holiday
$54.9M
$52.6M
+$2.3M
+2.1%
118,651
8%
sessions in New York time as in the liquidity table above · share = the session's taker notional over all four, $1.32B 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 $1.32B of 30-day taker notional (712,334 trades, 10,463 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/META.json · definitions in methodology
alert meMETA 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 21:00 ET
next · estimate
+5.48%
+0.0625 bps/h · as of 10-01 22:15 ET
apr · 24h
+5.48%
13 of 24 hours observed
apr · 7d
+7.48%
157 of 168 hours observed
apr · 30d
+7.43%
530 of 720 hours · stdev 11.82%
paid by a long · 30d
44.97 bps
of notional, over 530 observed hours
hours above neutral · 30d
26%
at 62% · below 12% · negative 8%
range · 30d
+65.53%
highest hour · lowest -73.67%
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: +5.48% 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 = ±14.28% 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
+7.36%
80
32%
+9.41%
392
42%
US extended 4–9:30, 16–20
+8.30%
157
29%
+10.89%
676
43%
Overnight 20–4
+9.97%
103
29%
+10.43%
447
40%
Weekend / holiday
+5.37%
190
19%
+4.87%
837
24%
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
09-04 21:0009-05 01:00 UTC
weekend / holiday
-0.841
-73.67%
09-20 09:0009-20 13:00 UTC
weekend / holiday
+0.748
+65.53%
09-22 04:0009-22 08:00 UTC
overnight
+0.704
+61.67%
09-27 05:0009-27 09:00 UTC
weekend / holiday
+0.6696
+58.65%
09-13 18:0009-13 22:00 UTC
weekend / holiday
+0.654
+57.29%
09-27 10:0009-27 14:00 UTC
weekend / holiday
-0.6492
-56.87%
09-21 04:0009-21 08:00 UTC
weekend / holiday
+0.637
+55.80%
09-22 03:0009-22 07:00 UTC
overnight
+0.618
+54.13%
09-27 15:0009-27 19:00 UTC
weekend / holiday
+0.5886
+51.56%
09-13 19:0009-13 23:00 UTC
weekend / holiday
-0.5752
-50.39%
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/META.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
history2 market changes to xyz:META observed in the changelog · newest first
2026-09-22 14:28OI cap$150.0M↑$200.0MoiCap observed changing from $150M to $200M
2026-07-10 14:20OI cap$100.0M↑$150.0MoiCap observed changing from $100M to $150M
observed = first collector snapshot showing the new value, UTC; the change happened between the previous snapshot and that one · announced = the market appeared with trading disabled; listed = trading enabled; trading halt = off and back within 48 h, before → after = mark either side · full changelog · atom feed