Stocks, gold and oil on crypto venues
Crypto venues now list perpetual contracts on shares, funds, commodities and currencies, and those contracts keep trading when the exchanges behind them are shut. CryptoKeyhole reads every one of them each hour from the venues’ public data.
What it costs to hold
Funding is what one side pays the other each hour, shown here as a yearly rate. The list runs from the contracts where longs pay the most to those where shorts do.
Who lists them
Open interest by venue. A venue whose volume is many times its open interest is turning positions over quickly.
| Underlying | Class | Open interest | 24h | 24h volume | Vol / OI | Funding, yearly | Perp price | Venues |
|---|---|---|---|---|---|---|---|---|
How it is built
For every TradFi perpetual on the venues we collect, one hourly reading of its mark price, its funding rate, its open interest in USD (one side, the total long) and the 24-hour volume in USD the venue reports. These come from the same public market data we read for coin perpetuals, and they are kept apart from every coin product.
Each underlying has one class. The venues’ labels vote, a pre-IPO label on any venue makes it pre-IPO, and a contract with no label counts only when its price agrees with the labelled contracts of its underlying. Funding is the contract’s rate per hour, weighted by open interest and multiplied by 8,760.
An hour is shown only when every venue has a counted reading, so a total never falls because one venue’s data did not arrive. Volume is as each venue reports it. Open interest and volume cover only the venues we collect, and our history starts when our readings began.
Questions
What is a TradFi perpetual?
A perpetual contract that tracks a share, a fund, a commodity, an index or a currency instead of a coin. It has no expiry: funding payments between its longs and shorts keep its price near the underlying market. Crypto venues list these contracts and most trade around the clock, including when the exchange behind them is shut.
Are these real share prices or index levels?
No. Every price on this page is a venue’s own mark price for its contract, a proxy for the underlying market. It is not an exchange close, a fund’s net asset value or an index level, and it can drift from them, most of all while the underlying exchange is closed. We read no index level from any source.
Why is funding so large on some contracts?
Funding is set by each venue’s own formula and pulled up or down when a contract trades away from its underlying. The figures here are annualised, so a rate that lasts only a few hours can look very large. It is what one side was paying the other at this hour, not a promised return.
Which venues and contracts are included?
Every TradFi perpetual listed by the venues we collect, including Hyperliquid’s builder-deployed markets. Venues we do not collect are not included, and Coinbase lists its contracts only while their session is open. Crypto pre-market tokens are left out, and coins that happen to share a stock ticker are kept out by checking the price.
How are the classes decided?
Each underlying gets one class from the venues’ own labels: the majority when they differ, pre-IPO when any venue lists it so. A venue that only says “real-world asset” takes the class the others give the same underlying; one we cannot place is shown as not classified.
How often does it update?
Every hour. A venue’s hour counts when at least 90% of the contracts it listed in the past day have a reading, and an hour is shown only when every venue we read has one. History by class and by venue is in the charts linked above, which are included with Plus.