DYDX perpetual
What the DYDX book looks like right now: price, open interest, turnover and the hourly funding, read straight from the venue.
A position with no expiry date
This contract tracks dYdX and never settles. You hold it as long as you like, and the hourly funding payment is what keeps its price tied to the underlying.
Both sides of the book are quoted continuously, and everything on this page is measured from that book rather than estimated.
What the funding costs here
The hourly rate is -0.0041%, so a position held for a day pays or collects -0.0985%, and a week works out to -0.689%. Annualised at the current rate that is -35.95% — it costs the short side -35.95% a year at the current rate. The rate is recomputed continuously, so this is what today looks like, not a promise about next week.
Funding is what keeps the contract tethered to the underlying price. When it is positive the short side is crowded and pays the long side; when it flips, so does the payment. A rate that stays on one side for days is worth more attention than a large rate that lasts an hour.
How busy this book is
Over the last day $18.7K changed hands against $22.0K of open interest, so the market turns over less than once a day: the open interest here is patient money, not flow. Across 253 trades that averages $73.82 per trade.
The ratio matters more than either number alone: turnover tells you how easily you can get in and out, open interest tells you how much conviction is sitting there. A book with high turnover and low open interest is liquid but shallow — easy to enter, and nobody holding the other side of your view.