PAPER Perp on Hyperliquid (HIP-3)
PAPER perpetual futures on Hyperliquid's HIP-3 dexes (Other): live mark vs oracle, hourly funding, open interest against the deployer's cap, and volume spikes.
PAPER trades on 1 HIP-3 dex; on Paragon the mark is 0.02650 against an oracle of 0.02669, a basis of -72.7 bps. Funding is -0.00317% per hour (-27.7% APR), so shorts pay longs. Open interest is $1.44M, with Paragon at 29% of its $10.00M cap, and $6.11M traded in 24 hours.
Market health
no active flags- ✓No flagsAvailable data: No PAPER market is more than 1% from its oracle while the underlying is closed, and none is at 90% or more of its open interest cap. Unreported oracle and cap values are shown as —.
Funding configuration
ParagonFunding multiplier ×0.01. Paragon applies a funding multiplier of ×0.01 to para:PAPER, scaling the rate Hyperliquid's funding formula would otherwise give.
PAPER perp markets on Hyperliquid
Other · by open interest| Dex | Mark | Oracle | Basis | 24h | Funding /h | APR | Funding × | OI | OI cap | Cap use | 24h vol | Max lev. | Trade |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Paragon para:PAPER | 0.02650 | 0.02669 | -72.7 bps | +120.83% | -0.00317% | -27.7% | ×0.01 | $1.44M | $10.00M | 29% | $6.11M | 3× | Trade |
Funding is Hyperliquid's hourly rate (APR = hourly × 24 × 365). Basis is the mark against the deployer's oracle. Trade links go to the exchange and may be referral links.
PAPER contract history
History for para:PAPER only. Funding shows quoted rate history, not settled payments: Hyperliquid settles hourly; the chart uses normalized 8h rates (hourly × 8), displayed as percentages. Gaps are not recorded data.
Open interest history
para:PAPERLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
Quoted funding rate history
Normalized 8h · hourly × 8Loading chart…
Not recorded Chart: TradingView Lightweight Charts™
PAPER volume spikes
PAPER across exchanges →| When | Dex | Side | $ in 1m | × normal | +5m | +15m | +1h |
|---|---|---|---|---|---|---|---|
| 43m ago | para:PAPER | SELL | $244K | 4.1× | +9.73% | +16.93% | — |
| 52m ago | para:PAPER | BUY | $218K | 12.6× | -8.69% | -1.77% | — |
| 59m ago | para:PAPER | BUY | $324K | 661.2× | -5.35% | -14.33% | — |
| 60m ago | para:PAPER | BUY | $79K | 176.3× | +1.37% | -10.14% | -6.30% |
| 65m ago | para:PAPER | SELL | $520K | 1774.6× | -7.74% | -7.76% | -12.52% |
| 71m ago | para:PAPER | BUY | $150K | 785.9× | +18.27% | -0.66% | -6.62% |
Newest first, up to 30. The +5m / +15m / +1h columns show what price did afterwards; they describe the past, not a prediction.
PAPER perp FAQ
What is the PAPER funding rate on Hyperliquid?
-0.00317% per hour on Paragon right now (-27.7% 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 (-0.0253% per 8h).
How closely does the PAPER perp track the underlying?
The Paragon mark is 0.02650 against an oracle of 0.02669, a basis of -72.7 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).
What is the PAPER open interest cap?
Paragon caps para:PAPER open interest at $10.00M, measured the way Hyperliquid counts it (long and short sides together); 29% of the cap is in use right now. When a market reaches its cap, orders that would add open interest are rejected until it falls.