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Spot–perp basis
The gap between an asset's spot price and its perp price.
When an asset trades both as a spot pair and as a perp, the two prices can drift apart. The basis is the perp price minus the spot price, as a share of the spot price, in basis points.
Funding ties a perp to its oracle price, not to Hyperliquid's own spot pair, so the two can differ.
Markets count as the same asset when they share a name and their prices are within 2%. On 2026-10-04 that matched 7 spot–perp pairs, HYPE three times (against USDC, USDT0 and USDE); four more shared a name but not an asset (TRUMP spot at $0.0006, the perp at $2.05). A real gap wider than 2% would be read as two assets: CRCL's spot and perp were 2.05% apart that day.
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Every asset on both spot and a perp, now: the perp against the spot price, in basis points.