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MU Perp on Hyperliquid (HIP-3)

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

MU trades on 1 HIP-3 dex; on trade.xyz the mark is 1,097.7 against an oracle of 1,097.9, a basis of -1.8 bps. Funding is -0.00062% per hour (-5.5% APR), so shorts pay longs. Open interest is $160.22M, with trade.xyz at 32% of its $500.00M cap, and $16.31M 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 19:12 UTC

Marktrade.xyz
1,097.7
Oracle 1,097.9-1.8 bps
Funding per hour
-0.00062%
-5.5% APRshorts pay longs
Open interest
$160.22M
32% of $500.00M cap
24h volumeUS closed
$16.31M
+1.26% 24hopens Mon 09:30 ET

MU perp markets on Hyperliquid

US stocks · by open interest
Dex Mark Oracle Basis 24h Funding /h APR OI OI cap Cap use 24h vol Max lev. Trade
trade.xyz xyz:MUgrowth 1,097.7 1,097.9 -1.8 bps +1.26% -0.00062% -5.5% $160.22M $500.00M 32% $16.31M 10× 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.

MU perps elsewhere

same ticker on other venues
MarketPriceFunding /hAPROI24h volTrade
Bybit MUUSDT 1,097.6 0.00000% 0.0% $9.56M $3.95M Trade
HTX MU-USDT 1,097.2 0.00000% 0.0% $89K $118K Trade

MU volume spikes

MU across exchanges →
Buy-side: 5 · +15m avg +0.01% (60% of 5 went up)Sell-side: 3 · +15m avg -0.01% (50% of 2 went down)
WhenDexSide$ in 1m× normal+5m+15m+1h
4m ago xyz:MU SELL $112K 16.7× — — —
28m ago xyz:MU SELL $168K 13.3× +0.04% +0.04% —
40m ago xyz:MU SELL $86K 7.3× -0.07% -0.06% —
52m ago xyz:MU BUY $117K 10.5× 0.00% -0.11% —
61m ago xyz:MU BUY $208K 26.2× -0.05% -0.09% -0.21%
2h ago xyz:MU BUY $96K 23.8× +0.05% +0.20% -0.11%
2h ago xyz:MU BUY $210K 36.2× +0.03% +0.02% +0.29%
3h ago xyz:MU BUY $202K 81.5× +0.12% +0.05% +0.23%

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

MU perp FAQ

What is the MU funding rate on Hyperliquid?

-0.00062% per hour on trade.xyz right now (-5.5% APR), so shorts pay longs. Hyperliquid settles funding every hour, so multiply by 8 to compare with an 8-hour rate on Binance or Bybit (-0.0050% per 8h).

How closely does the MU perp track the underlying?

The trade.xyz mark is 1,097.7 against an oracle of 1,097.9, a basis of -1.8 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 MU open interest cap?

trade.xyz caps xyz:MU open interest at $500.00M; $160.22M is in use right now (32%). When a market reaches its cap, orders that would add open interest are rejected until it falls.

Can I trade MU 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.