PARA:2Y perps

Perp · Hyperliquid · #889 by volume

4.868

Hyperliquid para USDC · 24h 4.857 – 4.950

24h volume: $29.0K; #889 of 904
Open interest: $1.0M; −1.7% contracts · 24h
Spread: 9.22 bps; median · 24h
Size at best price: $1.0K; mean · 24h
Net taker flow: +$3.2K; every contract · 24h
Funding: +0.0001%; per period · HL

Aperiodic metrics · PARA:2Y · 24 h

Every metric on PARA:2Y, bar by bar →

Are takers buying or selling PARA:2Y?

Flow

Takers bought $3.2K more than they sold on Hyperliquid para USDC over 24 h; the heaviest hour, 15:50 UTC, saw $5.1K.

+$5.1K0−$5.1K

05:50 UTCnow

flow.volume_delta_notionalbusiest contract · hourly · 24 h

What does it cost to cross PARA:2Y's spread?

L1 liquidity

9.22 bps median on Hyperliquid para USDC, wider than 96% of the 200 most traded perps.

#1BTC0.015 bps
#2ETH0.052 bps
#3SOXL1.76 bps
#5ZEC0.11 bps
#10HYPE0.14 bps
#25SP5000.13 bps
#50MUU5.99 bps
#100INTW1.74 bps
#200IMX9.15 bps
#889PARA:2Y9.22 bps

l1_liquidity.spread_bpsbusiest contract · median · 24 h

How much size waits at PARA:2Y's best price?

L1 liquidity

$1.0K at the best bid and ask on Hyperliquid para USDC, on average, thinner than 67% of the 200 most traded perps.

#1BTC$656.0K
#2ETH$265.5K
#3SOXL$84.8K
#5ZEC$8.1K
#10HYPE$9.5K
#25SP500$237.0K
#50MUU$22.6K
#100INTW$1.4K
#200IMX$3.8K
#889PARA:2Y$1.0K

l1_liquidity.total_dollar_depthbusiest contract · mean · 24 h

Which way is PARA:2Y's book leaning?

L2 imbalance

Leaned to the ask in 15 of 24 hours on Hyperliquid para USDC; 50% bids over the day.

80% bid020% bid

05:50 UTCnow

l2_imbalance.imbalance_ratio_10Hyperliquid para USDC · top 10 levels · hourly

Does PARA:2Y trade away from its index?

Basis

8.23 bps above its index on Hyperliquid para USDC now; 3.39 bps below to 65.9 bps above over 24 h.

+65.9 bps0−65.9 bps

05:50 UTCnow

basis.basis_bpsHyperliquid para USDC · hourly

Is leverage building in PARA:2Y?

Open interest

$1.0M open across 1 contract: −1.7% in contracts, −2.1% in dollars over 24 h.

$1.0M$1.0M

05:50 UTCnow

open_interest.open_interestbusiest contract · hourly

Who pays funding on PARA:2Y?

Funding

Longs pay +0.0001% a period on Hyperliquid para USDC; between +0.0001% and +0.0055% over 24 h.

+0.0055%0−0.0055%

05:50 UTCnow

funding.funding_rateHyperliquid para USDC · hourly

PARA:2Y's contract · now

Named by Atlas →

Contract	Price	24h	Volume 24h	Open interest	Funding	Spread	Charts
Hyperliquid para USDCperpetual-PARA:2Y-USDC:USDC	4.868	—	$29.0K	$1.0M	+0.0001%	9.22	Charts →

History · a year of 5m bars per series · busiest contract

Every chart for PARA:2Y →

Python

import os
from datetime import date

from aperiodic import get_derivative_metrics, get_metrics

# aperiodic.io/markets: PARA:2Y on Hyperliquid
# 5m bars, 2025-11-13 to 2026-11-13. Install: pip install "aperiodic[polars]"
# Needs an API key (https://aperiodic.io/home/api) on a plan with flow, basis, open_interest, funding (Pro) and l1_liquidity, l2_imbalance (Prime).
API_KEY = os.environ["APERIODIC_API_KEY"]
# timestamp="true" keys bars on capture time, as on the page; "exchange" keys them on exchange time.
PERIOD = dict(
    interval="5m",
    timestamp="true",
    start_date=date(2025, 11, 13),
    end_date=date(2026, 11, 13),
)

flow = get_metrics(
    api_key=API_KEY,
    metric="flow",
    exchange="hyperliquid-perps",
    symbol="perpetual-PARA:2Y-USDC:USDC",
    **PERIOD,
)

l1_liquidity = get_metrics(
    api_key=API_KEY,
    metric="l1_liquidity",
    exchange="hyperliquid-perps",
    symbol="perpetual-PARA:2Y-USDC:USDC",
    **PERIOD,
)

l2_imbalance = get_metrics(
    api_key=API_KEY,
    metric="l2_imbalance",
    exchange="hyperliquid-perps",
    symbol="perpetual-PARA:2Y-USDC:USDC",
    **PERIOD,
)

basis = get_derivative_metrics(
    api_key=API_KEY,
    metric="basis",
    exchange="hyperliquid-perps",
    symbol="perpetual-PARA:2Y-USDC:USDC",
    **PERIOD,
)

open_interest = get_derivative_metrics(
    api_key=API_KEY,
    metric="open_interest",
    exchange="hyperliquid-perps",
    symbol="perpetual-PARA:2Y-USDC:USDC",
    **PERIOD,
)

funding = get_derivative_metrics(
    api_key=API_KEY,
    metric="funding",
    exchange="hyperliquid-perps",
    symbol="perpetual-PARA:2Y-USDC:USDC",
    **PERIOD,
)

Every number is from Aperiodic's own 5-minute bars, 15 minutes behind.

Contract

Price

24h

Volume 24h

Open interest

Funding

Spread

Hyperliquid para USDCperpetual-PARA:2Y-USDC:USDC

4.868

—

$29.0K

$1.0M

+0.0001%

9.22

Charts →

import os from datetime import date from aperiodic import get_derivative_metrics, get_metrics # aperiodic.io/markets: PARA:2Y on Hyperliquid # 5m bars, 2025-11-13 to 2026-11-13. Install: pip install "aperiodic[polars]" # Needs an API key (https://aperiodic.io/home/api) on a plan with flow, basis, open_interest, funding (Pro) and l1_liquidity, l2_imbalance (Prime). API_KEY = os.environ["APERIODIC_API_KEY"] # timestamp="true" keys bars on capture time, as on the page; "exchange" keys them on exchange time. PERIOD = dict( interval="5m", timestamp="true", start_date=date(2025, 11, 13), end_date=date(2026, 11, 13), ) flow = get_metrics( api_key=API_KEY, metric="flow", exchange="hyperliquid-perps", symbol="perpetual-PARA:2Y-USDC:USDC", **PERIOD, ) l1_liquidity = get_metrics( api_key=API_KEY, metric="l1_liquidity", exchange="hyperliquid-perps", symbol="perpetual-PARA:2Y-USDC:USDC", **PERIOD, ) l2_imbalance = get_metrics( api_key=API_KEY, metric="l2_imbalance", exchange="hyperliquid-perps", symbol="perpetual-PARA:2Y-USDC:USDC", **PERIOD, ) basis = get_derivative_metrics( api_key=API_KEY, metric="basis", exchange="hyperliquid-perps", symbol="perpetual-PARA:2Y-USDC:USDC", **PERIOD, ) open_interest = get_derivative_metrics( api_key=API_KEY, metric="open_interest", exchange="hyperliquid-perps", symbol="perpetual-PARA:2Y-USDC:USDC", **PERIOD, ) funding = get_derivative_metrics( api_key=API_KEY, metric="funding", exchange="hyperliquid-perps", symbol="perpetual-PARA:2Y-USDC:USDC", **PERIOD, )