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DRAM Perp on Hyperliquid (HIP-3)

DRAM perpetual futures on Hyperliquid's HIP-3 dexes (ETFs): live mark vs oracle, hourly funding, open interest against the deployer's cap, and volume spikes.

DRAM trades on 2 HIP-3 dexes; on trade.xyz the mark is 63.200 against an oracle of 63.159, a basis of +6.5 bps. Funding is 0.00246% per hour (21.5% APR), so longs pay shorts. Open interest is $115.29M, with trade.xyz at 46% of its $250.00M cap, and $37.08M traded in 24 hours. The US market is closed (weekend) until Mon 09:30 ET, so the deployer maintains the oracle and the basis is not a live arbitrage reference until then.

US market closed · weekendAs of 16:49 UTC

Marktrade.xyz
63.200
Oracle 63.159+6.5 bps
Funding per hour
0.00246%
21.5% APRlongs pay shorts
Open interest2 dexes
$115.29M
46% of $250.00M cap
24h volumeUS closed
$37.08M
+1.00% 24hopens Mon 09:30 ET

DRAM perp markets on Hyperliquid

ETFs · by open interest
Dex Mark Oracle Basis 24h Funding /h APR OI OI cap Cap use 24h vol Max lev. Trade
trade.xyz xyz:DRAMgrowth 63.200 63.159 +6.5 bps +1.00% 0.00246% 21.5% $114.99M $250.00M 46% $36.76M 20× Trade
EntropyIO io:DRAMgrowth 63.139 63.070 +10.9 bps +0.97% 0.00204% 17.9% $300K $5.00M 6% $321K 25× Trade

Funding is Hyperliquid's hourly rate (APR = hourly × 24 × 365). Basis is the mark against the deployer's oracle; while the US market is closed the oracle is maintained by the deployer, not a live exchange price. Trade links go to the exchange and may be referral links.

DRAM perps elsewhere

same ticker on other venues
MarketPriceFunding /hAPROI24h volTrade
Bybit DRAMUSDT 63.240 0.00000% 0.0% $4.59M $3.44M Trade
HTX DRAM-USDT 63.250 0.00000% 0.0% $20K $2,890 Trade

DRAM volume spikes

DRAM across exchanges →
Buy-side: 1 · +15m avg +0.01% (100% of 1 went up)Sell-side: 4 · +15m avg +0.05% (25% of 4 went down)
WhenDexSide$ in 1m× normal+5m+15m+1h
24m ago xyz:DRAM SELL $96K 6.5× +0.06% +0.13% —
38m ago xyz:DRAM SELL $91K 6.1× -0.02% -0.03% —
2h ago xyz:DRAM SELL $138K 8.0× -0.05% +0.04% +0.08%
3h ago xyz:DRAM SELL $215K 8.1× +0.04% +0.05% -0.18%
3h ago xyz:DRAM BUY $1.16M 49.5× -0.00% +0.01% -0.10%

Newest first, up to 30. The +5m / +15m / +1h columns show what price did afterwards; they describe the past, not a prediction.

DRAM perp FAQ

What is the DRAM funding rate on Hyperliquid?

0.00246% per hour on trade.xyz right now (21.5% APR), so longs pay shorts. Hyperliquid settles funding every hour, so multiply by 8 to compare with an 8-hour rate on Binance or Bybit (0.0197% per 8h).

How closely does the DRAM perp track the underlying?

The trade.xyz mark is 63.200 against an oracle of 63.159, a basis of +6.5 bps. Hyperliquid Guide measured 30-day tracking error (the standard deviation of the basis) across 101 HIP-3 markets: from 2.0 bps (SP500) to 43.3 bps (BIRD), with a median of 7.6 bps (source). The US market is closed right now, so the deployer maintains the oracle until the open.

What is the DRAM open interest cap?

trade.xyz caps xyz:DRAM open interest at $250.00M; $114.99M is in use right now (46%). When a market reaches its cap, orders that would add open interest are rejected until it falls.

Can I trade DRAM when the US market is closed?

Yes. The perp trades 24/7 on Hyperliquid, but the US session runs 09:30 to 16:00 New York time on trading days; outside it the oracle is set by the deployer and prices can gap at the open. Status now: US market closed · weekend.