USO perpetual
What the USO book looks like right now: price, open interest, turnover and the hourly funding, read straight from the venue.
Metal without the vault
This contract follows the price of United States Oil Fund with none of the storage, delivery or expiry that comes with the real thing.
It runs around the clock on the same book as crypto and equities, under one margin balance, so a hedge does not need a second account somewhere else.
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 $319.0K changed hands against $392.8K of open interest, so the market turns over less than once a day: the open interest here is patient money, not flow. Across 560 trades that averages $569.63 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.