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The terms behind the numbers on this site, explained in plain words, each with a live chart of the market as it is now. Exact definitions of every figure are in the methodology.

• Funding rate: The hourly payment between longs and shorts that keeps a perp's price near its oracle price.
• Premium: How far a perp trades from its oracle price: the input that moves funding.
• Impact price and impact spread: What buying or selling a set size at once costs, published by Hyperliquid for every perp.
• Mark price and oracle price: The price a perp trades at on Hyperliquid, and the outside reference it is held to.
• Open interest: The value of the contracts still open on a perp.
• Open-interest caps: Limits on how much may be held open in one market, or on one exchange.
• Builder exchanges (HIP-3): Perp exchanges that others deploy on Hyperliquid, with their own markets and rules.
• Spot–perp basis: The gap between an asset's spot price and its perp price.
• Book depth and cost to trade: How much is resting near the price, and what a larger order would pay.
• Lending rates and utilization: How Hyperliquid's lending market sets what borrowers pay and lenders earn.
• Maker and taker fees: What each fill costs, who pays more, and how the rate comes down.
• Builder codes: How the app you trade through can add its own fee, and how much at most.
• TWAP orders: Buying or selling a set size spread over time, in small pieces, instead of all at once.