Over 107 days of 20-level order-book snapshots, xyz:NOW quoted a median spread of 7.78 bps in US regular hours with $191k resting within 25 bps of mid. A $25k market order paid about 6.12 bps in regular hours and 23.48 bps on weekends, when depth within 25 bps fell to $17k. Taker fee is 0.90 bps with growth mode on; funding averaged +11.78% annualised over the last 30 days.
spread · rth
7.78 bps
median · p90 17.80 bps
depth ±25bps · rth
$191k
median, both sides
$25k slip · rth
6.12 bps
fills 99%
$25k slip · wknd
23.48 bps
fills 43%
taker fee
0.90 bps
fee scale 1.0 · growth mode on
funding apr · 30d
+11.78%
longs pay when positive · 7d +11.45%
vol 24h · 30d avg
$298k
notional
open interest
$1.5M
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
4,888
7.78
17.80
$18k
$68k
$191k
$276k
4.92
6.12
12.41
57%
6%
US extended 4–9:30, 16–20
7,181
9.52
19.26
$4k
$14k
$69k
$140k
8.23
13.32
25.59
27%
0%
Overnight 20–4
4,954
9.46
19.06
$3k
$13k
$66k
$135k
8.17
13.57
25.44
27%
0%
Weekend / holiday
9,132
12.40
23.28
$1k
$3k
$17k
$40k
14.62
23.48
36.34
4%
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 NOW, $50k or more→ sign infree · by email · when the data is rebuilt
taker buy · 24h
$274k
30d $4.2M
taker sell · 24h
$255k
30d $4.9M
imbalance · 24h
+3.7%
of $530k · 30d -8.0% of $9.0M
trades · 24h
1,955
0 large orders · 30d 28,363
takers · 24h
126
55 makers · 147 addresses
takers · 30d
703
750 addresses incl. makers
top-10 share · 30d
49%
of $9.0M by 703 takers · 11 make half
concentration · 30d
0.034
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: +$37 so far
by session · 30 d
session
taker buy
taker sell
net
imbalance
trades
share of notional
US regular 9:30–16:00
$2.5M
$2.7M
−$206k
-3.9%
14,662
58%
US extended 4–9:30, 16–20
$1.1M
$1.3M
−$158k
-6.7%
7,945
26%
Overnight 20–4
$290k
$556k
−$266k
-31.5%
2,407
9%
Weekend / holiday
$251k
$341k
−$90k
-15.2%
3,349
7%
sessions in New York time as in the liquidity table above · share = the session's taker notional over all four, $9.0M 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 $9.0M of 30-day taker notional (28,363 trades, 703 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/NOW.json · definitions in methodology
alert meNOW funding above or below a level I set→ sign infree · by email · when the data is rebuilt
last settlement
+8.56%
+0.09771 bps/h · 10-01 21:00 ET
next · estimate
+5.48%
+0.0625 bps/h · as of 10-01 22:15 ET
apr · 24h
+7.81%
23 of 24 hours observed
apr · 7d
+11.45%
147 of 168 hours observed
apr · 30d
+11.78%
647 of 720 hours · stdev 25.66%
paid by a long · 30d
86.96 bps
of notional, over 647 observed hours
hours above neutral · 30d
62%
at 23% · below 15% · negative 13%
range · 30d
+140%
highest hour · lowest -201%
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: +7.02% 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 = ±30.97% 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
+16.18%
103
84%
+16.90%
418
83%
US extended 4–9:30, 16–20
+18.46%
192
72%
+18.86%
718
66%
Overnight 20–4
+15.86%
133
66%
+15.85%
475
61%
Weekend / holiday
+1.36%
219
40%
+6.59%
868
43%
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
09-07 04:0009-07 08:00 UTC
weekend / holiday
-2.289
-201%
09-07 14:0009-07 18:00 UTC
weekend / holiday
+1.593
+140%
09-07 12:0009-07 16:00 UTC
weekend / holiday
-1.578
-138%
09-05 06:0009-05 10:00 UTC
weekend / holiday
+1.178
+103%
09-13 00:0009-13 04:00 UTC
weekend / holiday
-1.104
-96.70%
09-07 11:0009-07 15:00 UTC
weekend / holiday
-1.074
-94.04%
09-12 22:0009-13 02:00 UTC
weekend / holiday
-1.007
-88.25%
09-12 23:0009-13 03:00 UTC
weekend / holiday
-1.005
-88.08%
09-05 00:0009-05 04:00 UTC
weekend / holiday
-0.9956
-87.21%
09-20 00:0009-20 04:00 UTC
weekend / holiday
-0.9667
-84.68%
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/NOW.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