HOOD perpetual
What the HOOD book looks like right now: price, open interest, turnover and the hourly funding, read straight from the venue.
A share you can hold at three in the morning
This contract follows the price of Robinhood Markets without ever touching the share itself. There is no expiry to roll and no settlement date to plan around: a position stays open until you close it.
Because it settles against a price feed rather than the stock exchange, it keeps trading through the night and the weekend, when the share itself is frozen.
HOOD shares stop when the exchange closes; this contract does not. News landing after the closing bell is priced here immediately, while the share itself waits for the next open. The book is thinner overnight, so spreads widen and the venue asks for more margin.
What the funding costs here
The hourly rate is +0.0005%, so a position held for a day pays or collects +0.0121%, and a week works out to +0.085%. Annualised at the current rate that is +4.43% — it costs the long side 4.43% 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 long side is crowded and pays the short 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 $3.73M changed hands against $1.65M of open interest, so the market turns over about once a day, which is the profile of a book people hold rather than trade. Across 8,753 trades that averages $426.62 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.