Live market
HYPE perpetual price
The HYPE perpetual price on this page is read directly from the exchange order book each time the page is served, along with the current spread, funding rate and open interest.
A market most price pages ignore. Everything here comes from the perpetual book as this page rendered.
Read from the Pacifica perpetual book at 2026-09-06 17:30 UTC, through our own keyless relay, and refreshed at most every five minutes. Any figure quoted from this page is accurate as of that time and not afterwards.
A smaller book, and what that changes
HYPE is a smaller market than bitcoin or ether, and everything on this page should be read with that in mind. A wider spread, a larger gap between mark and oracle, and sharper funding swings are all normal in a thinner book. The size that fills instantly in a deep market can move the price in a shallow one, so the spread figure matters more here than it does above.
What the funding rate is telling you
Funding is how a perpetual contract, which never expires, is kept close to the spot price. At each interval one side pays the other: when the perpetual trades above spot, longs pay shorts, and when it trades below, shorts pay longs. A positive rate on this page means holding a long costs you money every interval, whether or not the price moves. Over a long hold that cost can exceed the move you were right about, which is why funding is better understood as a cost of time than as a trading fee.
What the spread costs you
The spread is the distance between the best bid and the best ask, shown here in dollars and in basis points. It is the immediate cost of entering and leaving a position at market: cross it twice and you have paid it twice before the price has moved at all. A spread of one basis point on a large position is a rounding error; ten basis points on a small one can be most of the trade. This is the number that decides whether a strategy which looks profitable on paper survives contact with the book.
Why the mark and oracle prices differ
The oracle price is an external reference, aggregated from other venues, and it is what liquidations are measured against. The mark price is what this venue uses for unrealised profit and loss. They track each other closely and diverge slightly when this book moves ahead of or behind the wider market. A large gap between them is worth noticing: it usually means this venue is thin, or something is happening faster here than elsewhere.
Open interest, and what it does not tell you
Open interest is the total size of positions currently held, counted once rather than twice. Rising open interest alongside a rising price generally means new money entering; rising open interest on a falling price means positions are being built into the decline. What it does not tell you is direction, because every long is matched by a short. It measures how much is at stake, not which way.
Rather than read this page, run the thing that reads it.
Browse the templates each reads a live book rather than describing one.