Over 107 days of 20-level order-book snapshots, xyz:SP500 quoted a median spread of 0.13 bps in US regular hours with $3.5M resting within 25 bps of mid. A $25k market order paid about 0.13 bps in regular hours and 0.45 bps on weekends, when depth within 25 bps fell to $1.1M. Taker fee is 0.90 bps with growth mode on; funding averaged +3.12% annualised over the last 30 days.
spread · rth
0.13 bps
median · p90 0.27 bps
depth ±25bps · rth
$3.5M
median, both sides
$25k slip · rth
0.13 bps
fills 100%
$25k slip · wknd
0.45 bps
fills 100%
taker fee
0.90 bps
fee scale 1.0 · growth mode on
funding apr · 30d
+3.12%
longs pay when positive · 7d +3.98%
vol 24h · 30d avg
$192.3M
notional
open interest
$364.0M
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
4,901
0.13
0.27
$159k
$3.5M
$3.5M
$3.5M
0.07
0.13
0.27
100%
100%
US extended 4–9:30, 16–20
7,200
0.13
0.27
$98k
$2.8M
$2.8M
$2.8M
0.07
0.14
0.32
100%
99%
Overnight 20–4
4,927
0.13
0.14
$104k
$3.1M
$3.1M
$3.1M
0.07
0.13
0.29
100%
100%
Weekend / holiday
9,143
0.14
1.05
$27k
$1.1M
$1.1M
$1.1M
0.27
0.45
0.83
98%
78%
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 SP500, $50k or more→ sign infree · by email · when the data is rebuilt
taker buy · 24h
$178.1M
30d $2.79B
taker sell · 24h
$172.1M
30d $2.73B
imbalance · 24h
+1.7%
of $350.2M · 30d +1.1% of $5.52B
trades · 24h
51,750
1,617 large orders · 30d 1,162,769
takers · 24h
2,232
504 makers · 2,431 addresses
takers · 30d
19,027
19,539 addresses incl. makers
top-10 share · 30d
47%
of $5.52B by 19,027 takers · 12 make half
concentration · 30d
0.071
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: −$529k so far
by session · 30 d
session
taker buy
taker sell
net
imbalance
trades
share of notional
US regular 9:30–16:00
$1.27B
$1.32B
−$51.9M
-2.0%
395,387
47%
US extended 4–9:30, 16–20
$790.6M
$728.1M
+$62.5M
+4.1%
318,235
28%
Overnight 20–4
$383.7M
$351.5M
+$32.1M
+4.4%
177,267
13%
Weekend / holiday
$347.0M
$328.8M
+$18.2M
+2.7%
271,880
12%
sessions in New York time as in the liquidity table above · share = the session's taker notional over all four, $5.52B 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 $5.52B of 30-day taker notional (1,162,769 trades, 19,027 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/SP500.json · definitions in methodology
alert meSP500 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%
24 of 24 hours observed
apr · 7d
+3.98%
168 of 168 hours observed
apr · 30d
+3.12%
599 of 720 hours · stdev 4.82%
paid by a long · 30d
21.35 bps
of notional, over 599 observed hours
hours above neutral · 30d
1%
at 65% · below 35% · negative 17%
range · 30d
+13.06%
highest hour · lowest -37.60%
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 = ±5.99% 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
+2.55%
100
0%
-1.86%
424
1%
US extended 4–9:30, 16–20
+3.34%
171
0%
-0.08%
712
1%
Overnight 20–4
+2.65%
114
0%
-0.25%
466
1%
Weekend / holiday
+3.47%
214
2%
+2.81%
884
4%
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
09-25 21:0009-26 01:00 UTC
weekend / holiday
-0.4293
-37.60%
09-13 05:0009-13 09:00 UTC
weekend / holiday
-0.243
-21.29%
09-14 03:0009-14 07:00 UTC
weekend / holiday
-0.1872
-16.40%
09-13 23:0009-14 03:00 UTC
weekend / holiday
-0.1801
-15.78%
09-17 21:0009-18 01:00 UTC
overnight
-0.1751
-15.34%
09-27 20:0009-28 00:00 UTC
weekend / holiday
-0.1583
-13.87%
09-13 18:0009-13 22:00 UTC
weekend / holiday
+0.1491
+13.06%
09-14 01:0009-14 05:00 UTC
weekend / holiday
-0.148
-12.97%
09-22 23:0009-23 03:00 UTC
overnight
-0.1461
-12.80%
09-14 02:0009-14 06:00 UTC
weekend / holiday
-0.1432
-12.55%
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/SP500.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
history1 market change to xyz:SP500 observed in the changelog · newest first
2026-08-03 23:52OI cap$1.00B↑$1.25BoiCap observed changing from $1B to $1.25B
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