Data methodology
A plain-English reference for the live market fields and HypeBasis heuristics shown across markets, funding, watchlists, portfolio, and calculators.
HypeBasis uses public Hyperliquid data to organize trader context: price, funding, open interest, volume, spread, liquidity, and setup heuristics. The fields below explain what each number means, why it matters, and where it can mislead.
Market Price
The reference price HypeBasis shows for a perp market from the public Hyperliquid market context.
It is the starting point for market scans, detail pages, and calculator prefill ideas.
A displayed mark is not guaranteed executable. Always compare it with order-book depth and spread before assuming you can trade at that level.
Market Price
An external reference price used by the venue for derivatives mechanics such as marks, funding context, or liquidation-related calculations.
Oracle quality matters when a derivative references a market that can move differently from the visible order book.
Oracle behavior can differ by product and market. Thin or synthetic markets deserve extra caution around stale or disputed reference data.
Market Price
The midpoint between the best bid and best ask when order-book quotes are available.
Mid price helps estimate the center of the quoted market and the spread around it.
Mid price is not a fill price. A market can show a reasonable mid while meaningful size trades through multiple price levels.
Participation
The outstanding active position size in a perp market, shown by HypeBasis as estimated notional context.
High open interest can show where trader positioning and liquidity are concentrated.
High OI can mean healthy participation or crowded leverage. Compare it with funding, volume, and spread before drawing conclusions.
Participation
The trailing 24-hour trading activity reported in public market data and displayed as notional context.
Volume helps identify active markets and can make execution easier when it is paired with tight spreads and depth.
Volume can spike during stress. High activity is not the same thing as low risk or good liquidity at your order size.
Participation
A HypeBasis ratio comparing recent 24-hour volume with open interest.
It can separate markets with static positioning from markets where positions are actively turning over.
The ratio is a heuristic. It can look high because volume surged, OI fell, or both happened at once.
Cost
The periodic perp payment rate between longs and shorts. Positive funding generally means longs pay shorts; negative funding generally means shorts pay longs.
Funding turns a flat price path into a cost or income stream for traders holding positions through funding events.
A high rate can signal crowding, but it is not a reversal signal by itself. Funding can stay extreme longer than expected.
Cost
A display conversion that scales the current periodic funding rate into a rough annualized number.
Annualized funding makes carry pressure easier to compare across markets.
It is not a forecast. It assumes the current rate persists, which often fails during volatile or crowded periods.
Liquidity
The gap between the best bid and best ask in an order book, usually shown as basis points on HypeBasis.
Spread is a direct trading friction. Wider spreads can make a trade lose value immediately after entry.
A narrow top-of-book spread can still hide thin depth. Check order-book size before trading meaningful notional.
Liquidity
An estimate of how far price may move when a specific order size consumes visible book liquidity.
Impact helps translate liquidity from a generic label into an order-size problem.
Visible depth can change quickly. Impact estimates can understate slippage during volatile markets or API delays.
Liquidity
A HypeBasis label that summarizes spread, depth, volume, and participation context for quick scanning.
It helps prioritize which markets deserve deeper order-book review before opening a detail page.
The label is not a guarantee of execution quality. Treat it as a triage aid, not a venue promise.
Signals
A HypeBasis watchlist heuristic that scores Coiling, Momentum, and Reversion/Dip conditions from public market data.
Scores organize research queues so traders can compare price, volume, funding, and trend context faster.
A setup score is not a signal, prediction, recommendation, or probability estimate.
Freshness
A state where HypeBasis cannot show a fresh upstream snapshot and either keeps the last good data briefly or labels fallback sample data.
Data freshness changes how much confidence a trader should place in rankings, heatmaps, and calculator context.
Do not treat stale, fallback, or delayed data as live trading context. Refresh and verify against the venue before acting.
Use the dictionary while scanning live funding, OI, volume, spreads, and setup context.
See the formulas behind Coiling, Momentum, and Reversion/Dip scores.
Compare positive and negative funding pressure with cost context.
Review liquidation, funding, slippage, oracle, liquidity, and protocol risks.