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SHEIN Perp on Hyperliquid (HIP-3)

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

SHEIN trades on 1 HIP-3 dex; on trade.xyz the mark is 4.551 against an oracle of 4.551, a basis of -0.7 bps. Funding is -0.00339% per hour (-29.7% APR), so shorts pay longs. Open interest is $644K, with trade.xyz at 3% of its $25.00M cap, and $192K traded in 24 hours. On Bybit the SHEINUSDT perp funds at 0.00000% per hour (0.0% APR).

As of 16:17 UTC

Marktrade.xyz
4.551
Oracle 4.551-0.7 bps
Funding per hour
-0.00339%
-29.7% APRshorts pay longs
Open interest
$644K
3% of $25.00M cap
24h volume
$192K
+0.02% 24h

SHEIN perp markets on Hyperliquid

Pre-IPO · by open interest
Dex Mark Oracle Basis 24h Funding /h APR OI OI cap Cap use 24h vol Max lev. Trade
trade.xyz xyz:SHEINgrowth 4.551 4.551 -0.7 bps +0.02% -0.00339% -29.7% $644K $25.00M 3% $192K 10× 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.

SHEIN perps elsewhere

same ticker on other venues
MarketPriceFunding /hAPROI24h volTrade
Bybit SHEINUSDT 4.570 0.00000% 0.0% $184K $55K Trade
Htx SHEIN-USDT 4.557 0.00000% 0.0% $6,880 $179K Trade

SHEIN volume spikes

SHEIN across exchanges →

No SHEIN volume spikes recorded since the server started. Spikes on every Hyperliquid market show on the Hyperliquid pump scanner.

SHEIN perp FAQ

What is the SHEIN funding rate on Hyperliquid?

-0.00339% per hour on trade.xyz right now (-29.7% 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 (-0.0271% per 8h).

How closely does the SHEIN perp track the underlying?

The trade.xyz mark is 4.551 against an oracle of 4.551, a basis of -0.7 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 SHEIN open interest cap?

trade.xyz caps xyz:SHEIN open interest at $25.00M; $644K is in use right now (3%). When a market reaches its cap, orders that would add open interest are rejected until it falls.